If you’ve been reading along in this series, you will recall that in the first article, we introduced the stages of the Business Continuity Management (BCM) program life cycle and identified the benefits of following the time-tested steps in the program development process. Cutting corners may get you to the finish line more quickly, but the outcome will be an incomplete program and ineffective strategy, putting your organization at risk during an outage that will likely result in a costly recovery effort and more operational downtime than is necessary.
History has shown that the market acknowledges disasters will occur. Hurricanes, wildfires, and global pandemics are going to happen. What the market finds unacceptable are the ill-prepared financial institutions with unreliable member services. Fortunately, demonstrating your level of preparedness may be as simple as having a well-developed, documented, and test-validated Business Continuity Plan.
In part two of this series, we focused on the Business Impact Analysis (BIA) and Risk/Threat Assessment. In part three of this series, we discussed continuity and recovery strategies that enable us to continue serving our members during a disruptive event through the use of redundant components or alternate/workaround processes, and to respond in a prompt and effective manner to bring operations back to normal in an acceptable timeline.
In this article, we asked four key questions that are instrumental in our strategy to manage risk and develop our response plan. For a review, these questions are: