Every business faces major unknowns – the events of 11th September, 2001 were a drastic demonstration of possibly worst case scenario which could destroy or cripple your business. However, the same could be said for natural disasters, human or equipment failure, fires, floods and the like. Whilst your insurance portfolio should provide a financial safety net for many of these risks, developing a Business Continuity Plan (BCP) could well be the difference between your business surviving after an incident or “going under”. A good BCP goes beyond the insurance protection and re-starts the business immediately rather than waiting for a pay-out and this can preserve confidence and ensure that your business future remains secure.
• What is Business Continuity Management?
Business Continuity Management is the process of identifying and planning against the risks which could cause significant disruption to a business. It seeks to ensure that individuals and businesses are able to respond sensibly and effectively to an incident and to get the business back on line within an acceptable period. Planning for significant disruptions allows businesses to identify the risks that are most likely to affect their particular business area and so allows them to better identify problems and to plan against such serious disruptions.
• Does my business need a plan?
Historically, there are two good reasons why a business should develop a Business Continuity Plan (BCP) –
80% of businesses affected by a significant disruption close within 18-months of the event taking place because they had no plan.
90% of businesses that lose data from the result of a significant incident are forced to close within 2-years.
Various figures are available from different sources but the message is quite clear that many businesses fail following a major incident.
• Could it happen to my business?
Ask the companies based around the Buncefield Oil Depot or research statistics of major fires within the UK.
• How do I develop a BCP?
Capital & County will provide qualified Risk Management personnel to work with you to:
Analyse your risk
Create a Business Continuity Plan
Provide your staff with BCP training
Regularly audit your BCP and procedures
Get certified to standards such as BS25999
Whether you already believe in the concept of a BCP to protect your business or whether it is required to comply with your industry regulations, we can assist and we are pleased to offer the services of one of our consultants to meet with you for an initial broad discussion to explain in more detail how the process works, answer your questions and to obtain sufficient information in order for us to cost the exercise. This initial discussion will be free of charge for all serious enquiries.
Call your contact at Capital & County