Which of the following steps should be one of the first step performed in a Business Impact Analysis
A business impact analysis (BIA) predicts the consequences of disruption of a business function and process and gathers information needed to develop recovery strategies. Potential loss scenarios should be identified during a risk assessment. Operations may also be interrupted by the
failure of a supplier of goods or services or delayed deliveries. There are many possible scenarios which should be considered. Identifying and evaluating the impact of disasters on business provides the basis for investment in recovery strategies as well as investment in prevention and
mitigation strategies. The BIA should identify the operational and financial impacts resulting from the disruption of business functions and processes. Impacts to consider include: The point in time when a business function or process is disrupted can have a significant bearing on the loss sustained. A store damaged in the weeks prior to the holiday shopping season may lose a substantial amount of its yearly sales. A power outage lasting a few minutes would be a minor inconvenience for most businesses but one lasting
for hours could result in significant business losses. A short duration disruption of production may be overcome by shipping finished goods from a warehouse but disruption of a product in high demand could have a significant impact. Use a BIA questionnaire to survey managers and others within the business. Survey those with
detailed knowledge of how the business manufactures its products or provides its services. Ask them to identify the potential impacts if the business function or process that they are responsible for is interrupted. The BIA should also identify the critical business processes and resources needed for the business to continue to function at different levels. The BIA report should
document the potential impacts resulting from disruption of business functions and processes. Scenarios resulting in significant business interruption should be assessed in terms of financial impact, if possible. These costs should be compared with the costs for possible recovery strategies. The BIA report should prioritize the order of events for restoration of the business. Business processes with the greatest operational and financial impacts should be restored first. Next steps: Business Continuity Plan and Information Technology Disaster Recovery Plan Business Disruption Scenarios
What is Business Impact Analysis?Business Impact Analysis or BIA refers to the process of identifying an organization’s Critical Business Functions (CBFs) and analyzing the potential disruptive impact to the business. The BIA can be used to:
ObjectivesThe objectives of a BIA are to:
TasksThe tasks to be led by the BCP Manager (Organization BCM Coordinator) and completed within the BIA phase include:
Expected DeliverablesThe expected deliverables in a typical BIA phase are:
What Does BIA Development Process Entail?The entire BIA process involves the following steps: Gather Information
Verify & Analyze Information
Document & Present Findings
ReferenceGoh, M. H. (2021). Conducting Your Impact Analysis for Business Continuity Planning. Business Continuity Management Planning Series (3rd ed.). Singapore: GMH Pte Ltd. Extracted from "Chapter 2: What is Business Impact Analysis?" More Information About Blended Learning BCM-5000 [BL-B-5]To know more about our blended learning program and when the next course is scheduled, feel free to contact our friendly course consultant colleagues via . They are the BL-B-3 Blended Learning BCM-300 ISO22301 BCMS Implementer and the BL-B-5 Blended Learning BCM-5000 ISO22301 BCMS Expert Implementer. Which of the following steps should be performed first in a business impact analysis?Which of the following steps should be performed first in a business impact analysis (BIA)? Identify all business units within an organization.
What are the steps in a business impact analysis?Five Phases of a Business Impact Analysis. Preparation. Before you can start your business impact analysis, you'll need to form a project team that will carry out your business impact analysis. ... . Information Gathering. ... . Information Review And Analysis. ... . BIA Report Creation. ... . Business Impact Analysis Recommendation Implementation.. What is the first step of the BIA process?The first step in conducting a BIA is to identify which business functions are critical to the operation of the organization. This can be done by identifying which functions are essential to meeting customer needs, ensuring safety, or maintaining compliance with regulations.
What is and what are the 5 elements or steps in a business impact analysis?For example, Gartner recommends 5 main impact areas to examine: Financial, Reputation, Regulatory and social, Production output, and Environmental.
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