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We write a lot about BIAs in our blog and ebooks, and no wonder: the business impactanalysis is the cornerstone of a sound business continuity program. It helps them prioritize which of their processes and systems they should protect the most and restore the fastest in order to minimize the impact of an outage on the organization.
It has greater governance, risk assessment, business impactanalysis, planning, testing, and maintenance requirements than any other standard. FFIEC’s requirements are very stringent due to the critical role financial institutions play in the economy.
Business continuity is associated with the recovery of the business processes and all of the requirements needed to keep those processes operational in a timeframe consistent with minimizing the impacts to stakeholders. The standard way of arriving at these targets is by conducting a BIA, or business impactanalysis.)
The scenario was, “A regional internet outage has occurred; you have no internet access to the outside world. It’s relevant for financial services, consumer businesses, manufacturing—everyone. Consult your business impactanalysis. Getting manually logged data into the system when the outage is over.
We already saw back in November 2020 the potential for large-scale failures when AWS had an outage that affected a number of well-known and widely used companies such as Adobe, Glassdoor, and Roku. This is where a business impactanalysis (BIA) and risk assessments can help. Get the Business Continuity Accountability Guide.
Regardless of the industry (non-profit organizations, professional services companies, manufacturing, public sector, etc.), The critical point a business needs to understand is that the program implementation and its maturity will require some time and effort across the organization.
Section 4 - Business ImpactAnalysis. 4 – Business ImpactAnalysis. 4 – Business ImpactAnalysis. 4 – Business ImpactAnalysis. Regardless of the industry (non-profit organizations, professional services companies, manufacturing, public sector, etc.), ARTICLE SECTIONS.
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