The Impact of Business Continuity Planning on Risk Management
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Meru University College of Science and Technology (MUCST) *
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Information Systems
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Nov 24, 2024
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docx
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Uploaded by kipketervictor40
The Impact of Business Continuity Planning on Risk Management
Business continuity planning (BCP) is a critical part of risk management. It is a process
that organizations use to ensure that the services and operations of the business are maintained in
the event of an unexpected disruption. By developing and implementing a business continuity
plan, organizations can minimize the impact of a disruption and minimize the financial and
reputational damage associated with such an event
(
Ansari Ibekwe, 2018). The primary purpose
of business continuity planning is to reduce the risk of disruption due to an unexpected event.
This can be done by identifying potential risks and developing mitigation strategies. For
example, a company may identify potential financial risks and develop a contingency plan to
maintain cash flow in the event of an unforeseen disruption. Additionally, a company may
identify potential operational risks and develop a plan to maintain operations during an
unexpected disruption. Organizations can significantly reduce the risk of a disruption and the
damage it can cause by identifying potential risks and developing plans to mitigate them.
Business continuity planning also helps ensure that an organization is prepared for any
disruption. This includes preparing for natural disasters, cyber-attacks, or other unexpected
events. By developing a business continuity plan, an organization can identify what resources are
available and how they can be used to mitigate the impact of a disruption. Additionally, a
business continuity plan can help identify which processes need to be changed or modified to
maintain operations
(
Gholami & Kianmehr, 2020). Finally, business continuity planning can help
reduce an organization's overall risk. By developing and implementing a plan, organizations can
identify potential risks and develop strategies to mitigate them. This can help to reduce the
financial and reputational damage associated with disruption. Additionally, by developing a
business continuity plan, organizations can ensure that their operations are maintained, and
services are not disrupted. This can help reduce the organization's overall risk and ensure that
operations remain running efficiently.
References
Ansari, A., & Ibekwe, U. (2018). A systematic review of business continuity planning:
Challenges, enablers and future research directions. International Journal of Production
Research, 56(18), 5985-6009.
Gholami, S., & Kianmehr, A. (2020). Business continuity planning in organizations: An
empirical study of the effects of organizational factors on the effectiveness of BCP.
International Journal of Production Economics, 218, 90-103.
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