PRINCIPLES OF BCM STANDARD
The BCM Standard is a systematic approach which enable organizations to safeguard the value-creation and reputation of the business as well as demonstrating to their customers, prospective customers and other interested parties that they are adhering to good practice in BCM. The BCM standard is based on the Plan-Do-Check-Act methodology. The following principles form the basic framework of the BCM system:
- Risk Analysis and Review: Potential threats and risks to an organization can be uncovered through a risk analysis with review done to their internal operations and external operating environment.
- Business Impact Analysis (BIA): Through conducting a business impact analysis, potential impacts of risks that occur to organization can be obtained.
- Strategy: Organization can select the appropriate strategy or strategies (preventive or pre-emptive) to safeguard its interests.
- BC Plan: To be established so as to respond to risks which can occur and impact its business operation and service. This plan would need to define the resources required to build up the organization’s capability to risk occurrences.
- Tests and Exercises: To be done to verify the BC plan so as to ensure that the resources committed are available and adequate for undertaking the recovery efficiently and effectively.
- Program Management: Organization will need to demonstrate their commitment to maintain their plan through regular review of their risks and business impacts.
BCM Certification: The benefits of ISO 22301 certification
- Ability to detect the risk impacts of an operational disruption and minimize the impact on the organization
- Maintain continuous operation of business functions within the organization and set time limit for recovery
- Ensure business reputation and increase consumer confidence
- Increase level of reassurance towards internal and external stakeholders