Businesses are prone to a host of disasters that vary in degree from minor to catastrophic and BCPs are an important part of any business. BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.
Risk Identification: It is the process of determining risks that could potentially prevent the program, enterprise, or investment from achieving its objectives. It includes documenting and communicating the concern.
Risk Analysis: Risk Analysis involves examining how project outcomes and objectives might change due to the impact of the risk event. Once the risks are identified, they are analysed to identify the qualitative and quantitative impact of the risk on the project so that appropriate steps can be taken to mitigate them.
Risk Evaluation: Risk Evaluation is the process used to compare the estimated risk against the given risk criteria to determine the significance of the risk.
- To minimize interruptions to normal operations
- To limit the extent of disruption and damage
- To minimize the economic impact of the interruption
- To establish alternative means of operation in advance
- To train personnel with emergency procedures
- To provide for quick restoration of service