University:
Southern New Hampshire University
Course:
IT313 | Risk Management and Mitigation in System Design
Academic year:

2023
Views:

126

Pages:

4
Author:

Cameron T.

DO WE NEED A BUSINESS CONTINUITY PLAN? SNHU IT-313 8-2 Cameron Thistle 03/21/2023 Rationale: After certain disasters, insurance policies may provide financial assistance; however, processing these claims may take a significant amount of time. The steps an organization can take to resume normal operations as soon as possible are laid out in a business continuity plan. To keep the business operating in some capacity while the permanent fix is being implemented, this may include both workaround and backup strategies. The company would have to scramble to figure out how to resume production while the downtime increases if it does not have a BCP in place. For instance, in the event of a hurricane, production may be halted until an insurance claim is settled, which would take a significant amount of time given the volume of claims that the insurance company would be expected to process. After the claim is settled, purchasing or fixing equipment would take even more time. Components: The risk assessment is the first step. The organization will get a head start on identifying potential threats and developing a response strategy by conducting this analysis. This is finished in a manner that considers the dangers to be distinguished as per their probability and related costs. The BCP's framework development is informed by the information gleaned from this analysis to lessen the likelihood of business disruption. A business impact study is the next step after a comprehensive risk assessment to anticipate how a potential disruption to operations would affect the business. The services, functions, and personnel that are crucial to the organization's smooth operation and would be severely impacted in their absence can be identified with this analysis. A few instances of such basic components are data innovation (IT) foundation, actual areas, significant faculty, cycles, and providers. Planning for restoration or continued production might be made easier with the help of identifying the most important assets. Goals: The primary long-term objective of a business continuity plan is to ensure ongoing profitability in the event of any contingency. This means ensuring that normal operations can resume without compromising long-term effectiveness. It may take longer to resume normal production without a BCP, which will influence the bottom line by the end of the year. The BCP's primary short-term objective is to be able to resume business quickly and effectively. While it waits for the insurance disputes to be evaluated and compensated, the company might make use of the BCP to solve the issue at hand.