Business Continuity Management Plans now have an ISO Standard
While researching my doctorate on business survival, I became acutely aware of the benefit of a business having a business continuity plan. The simple fact is businesses recover quicker and have a significantly greater chance of survival. Importantly, those charged with the recovery have a far less stressful time.
It was pleasing for me to see that the first international standard for business continuity management (“BCM”) was released by the International Organisation for Standardisation last month. The standard provides a best practice guide to assist businesses and other organisations, both large and small, manage their risk exposures. To be honest, the standard is a great way to assess any business decision within the company to ensure that a decision is made with all the available facts. It stops the act in haste, repent in leisure problems that management can suffer from, but this is a side benefit to the main game.
The new The ISO 22301: Societal Security—Business Continuity Management Systems is a incremental change from previous BCM standards. The new standard continues to emphasise the role risk management must play in business continuity management, bringing the two functions together around the end goal of business/corporate resilience. I believe this should then be taken to the next step of marrying the BCP with the business/organisations insurance program. To me, insurance is an important part of risk management; the part that allows the company or organisation to transfer risk to the insurer.
Following on from my own research I sought out one of Australasia’s foremost experts, John Worthington, who is currently the head of the Audit and Compliance Committee of the Business Continuity Institute and together with LMI’s IT department built a extremely low cost solution to build, safely store, maintain and above all exercise a business continuity management plan. The initial cost is under $1,000 with an annual subscription of $200. To learn more, please view the “Take a Tour” Section at www.continuitycoach.com.