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While no department desires to be offline, some downtime problems are more impactful to the overall business than others.
The main purpose of this plan is to identify possible threats that might affect business functions and prepare preventive or responsive actions to help the business recover and bring it back into functionality.
A business continuity plan should be as detailed as possible and should be discussed at the ground level to get company-wide participation.
Let’s take a closer look at what a business continuity plan is, the elements it includes, and what steps you should follow when developing one.
There are many misconceptions about what a business continuity plan is. With a disaster recovery plan, the goal is to get your systems up and running.
(FINRA) Rule 4370 explicitly states that enterprises need to create comprehensive recovery plans.
A business continuity plan enables organizations to proactively manage risks stemming from an outage, rather than simply reacting to it.
Just like any business plan, a business continuity plan (BCP) is incredibly important to make sure your business continues to functions optimally after facing a disaster scenario.
A plan designed to keep a business running after any disaster can include planning strategic timelines that will take place before, during or after a disruption.
Building a BCP is a process that takes time and effort and includes multiple steps, as the complexity of your business must be reflected in your plan.
Here are steps to building an effective business continuity plan: Sooner or later, all companies will experience an outage.