Business continuity planning
Business Continuity Planning (pronunciation: biz-ness kuh n-tin-yoo-i-tee plan-ing) is a process that involves the creation of a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.
Etymology
The term "Business Continuity Planning" is derived from the concept of continuing business operations even in the face of adversity. The term was first used in the late 20th century as businesses began to recognize the need for planning for potential disasters and disruptions.
Definition
Business Continuity Planning (BCP) is a proactive planning process that ensures critical services or products are delivered during a disruption. A BCP may be developed for an entire organization or a specific department or function within an organization.
Components
Business Continuity Planning involves the assessment of potential risks and impacts, the development of recovery strategies and plans, and the testing and maintenance of these plans. Key components of a BCP include:
- Risk Assessment: Identifying potential threats and the impact they may have on business operations.
- Business Impact Analysis: Analyzing business functions and the effect that a disruption might have upon them.
- Recovery Strategies: Developing strategies to recover critical business functions.
- Plan Development: Documenting the recovery strategies in a plan.
- Testing and Maintenance: Regular testing and updating of the plan to ensure its effectiveness.
Related Terms
- Disaster Recovery: A subset of Business Continuity Planning that focuses on the IT or technology systems that support business functions.
- Crisis Management: The process by which an organization deals with a disruptive and unexpected event that threatens to harm the organization or its stakeholders.
- Risk Management: The identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events.
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