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Business Impact Assessment

What is it?

To be effective a BCM plan must be kept up to date and to support this a Business Impact Assessment (BIA) review should be conducted at least annually.

Each business area should be responsible for completing the BIA and the annual review, which may be sooner if there has been a material change in the business operations. The purpose of the BIA is to document all of the consequences of a business disruption/incident on each department and their specific business processes.

Why have a BIA?

Unlike the other documents in the BCM portfolio, the BIA is largely theoretical, being made up of the information captured from each department.  A BIA does not include specific mitigation strategies. It does, however, inform the process ensuring that there is a complete understanding of threat environment.

The BIA is designed to produce a clear determination of the business processes, recovery priorities, time objectives and resource requirements.

What to do next

SRM can provide assistance to fashion a Business Continuity Management document set that includes a Business Impact Assessment. These assessments will need to be undertaken at least once a year and incorporate activities likely to be encountered in an actual real disaster situation.

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