One of our key risk modules covers business continuity, something that is often referred to as ‘just common sense’. However, it’s hugely important to have the basics covered well before moving on to other aspects of risk that might affect specific departments within your company.
Our business continuity module gives you a clear step-by-step process of how to take responsibility for your business, enabling it to stay on course whatever the weather. By the end of the module, you’ll confidently be able to identify threats, design competent responses, and be able to communicate an efficient and effective plan to your team.
1. Define potential business risks
Potential risks to your business vary enormously. They could include:
· Flood or fire damage
· Fraud
· Cyber attacks
· Supply chain failure
· Staff resignations
· Changes in exchange rates
· Tarnished reputation
· Stretched budgets
· Unrealistic timescales
The list really can go on and on, and it will vary depending on your industry.
The main point is, being able to sit down and determine a list of possible risks is key to the success of your business. It’s important to look at the bigger picture, imagine worst case scenarios, and put controls in place to limit damage. We’ve all heard of the below phrase, and defining potential business risks is the first step to preparing for them.
Prior Preparation Prevents Poor Performance
2. Determine how these risks could affect operations
This is the tricky part. Identifying risks is easy, but really taking a close look at how they could impact your company is hard. It’s hugely important to consider every possible outcome, as only then will you be able to create plans to combat said risks.
3. Implement safeguards and procedures
Now you’ve recognised the scope of the risk and the consequences, it’s time to think of sensible solutions to limit their potential impact. Our experience can guide you here, we can work with you to create safeguards and procedures that will protect your business.
4. Test to make sure the procedures work
It’s all very well having a plan, but does it actually work? This step is perhaps the most important part – everything up to now has just been a theory. Part of this is to ensure every department knows their role to play, and that you have key individuals across your organisation who can confidently put your procedures into action. Communication is hugely important, as is the feedback you’ll no doubt receive to further develop your processes.
5. Review
Business continuity is an ongoing process and it will need to be regularly reviewed. Our module can let you know just what aspects you need to improve to be secure. As your business evolves, grows or changes direction, so will the risks it might face.
For more information on how the Risk Dashboard can work with you to develop your business continuity plan, visit our website, or contact Neil Campbell, Commercial Director, on neil.campbell@riskdashboard.co.uk or info@riskdashboard.co.uk.
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