BUSINESS CONTINUITY MANAGEMENT- BCM

BUSINESS CONTINUITY MANAGEMENT- BCM

5 Steps to address the emergency and risks plan

External crises that may face business are one of the stations that need to be stopped, because of its ability to rearrange markets shape and balance market forces. Research confirms that 40% of companies that are not well prepared for potential risk usually do not return to the market. In this regard, Business Continuity Management or BCM can be defined as predicting potential risks to the enterprise, and directing production and manpower sources to put the necessary barriers to repel them if they occur, thereby preserving stakeholders and company reputation. Corona virus is an example for such case which could change the market. The term BCM has become associated with businesses and corporate governance systems. The importance of constructing a good business continuity plan will install confidence in investors and stakeholders, thereby generating the security necessary for the organization to remain competitive in the long term. The business continuity plan should also be one of the basic plans in the organization that must be relied upon and re-evaluated in a way that is in the light of the changes taking place in the business sector.

Crises can hit any business at any time, and the role of the company should be present to deal with these crises before they occur. Success in overcoming these crises depends on the pre-planning of the crisis and the expectation of its occurrence, and therefore to keep pace with it to the extent required, with the primary objective of reducing the potential risks. The following are the business areas of the five-business continuity management, which can be implemented in different business sectors and in their public and private aspects, Which will be the nucleus of the business continuity plan, or what was formerly called the contingency plan:

BUSINESS ANALYSIS

The framework of the organization should be defined at the outset, and the stakeholders associated in its activity should be identified. The BCP for which the team will assemble is based on preserving the organization's production sources and reducing the potential risks. The plan should also be written and accessible to all parties concerned, so that it would be present at the implementation stage when needed. At this stage, the main objective of this team must be determined by senior management. On the other hand, the top management to provide the necessary support for the success of this plan, in addition to providing the full powers and resources necessary to do so.

RISK ASSESSMENT

The first stages of BCM begin before an emergency occurs. This phase is done by selecting team of work, to identify the types of risks and obstacles that the organization may face. The team identifies the most significant risks that are likely to be encountered in the future, and rearranges them according to the incidence, as well as providing recommendations and solutions. The philosophy of action in this committee should also be based on the knowledge of the weakest axes, which may be a gateway to risk entry through which. After identifying the most important risks, each should be reassessed on the basis of two main axes. The first is to know the likelihood of such risks occurring in the future. The second is to understand the impact of such risks. The objective impact of those risks can also be measured on the basis of the material losses caused by their occurrence. One of the steps that helps the team at the risk assessment stage is to ask supporting questions such as, what will happen if.. or what's the worst-case scenario that could happen if.

PROVIDING SOLUTIONS

The next phase of BCM is an assessment of the final status of all risks. One of the consequences of this phase is to make the most important recommendations for activation, namely either accepting it and taking some corrective action in the event of it, or attempting to reduce the risk, or to eliminate it completely. This phase also requires that we work objectively to provide the best solutions to these crises. The great challenge of providing appropriate solutions is the financial cost of each of these recommendations.

TRAINING AND DEVELOPMENT

The fourth step is BCM, which is the experimental step of measuring the business system. This phase involves training staff to implement the contingency plan, so that shortcomings are addressed and developed on an ongoing basis. The approved plan should be reviewed periodically and updated when needed. In addition, to formulate the plan in an institutional and direct manner would simplify the topic to the team during the implementation phase under any circumstances.

APPLYING THE CONTINGENCY PLAN

The preparation phase of the BCP is therefore ready for implementation whenever necessary. The fifth phase of business continuity management is the executive step to reap the benefits of the years of planning, which have been trained. As noted in this report, 60% of different organizations can maintain their resources and brand thanks to advance preparation and optimal expectation for the future. Here are some of the supporting for the development of the business continuity plan in the activation phase:

·       The BCP must be reformulated and distributed, so that it is direct and easy to understand.

·       The plan should be clear, including the partial objectives to be achieved and the implementation sections.

·       It is also preferable that the plan be written in a chosen way for easy response in times of crisis, when things may get out of hand, thereby minimizing the proportion of unexpected errors.

·       Select team members to implement the plan, in a variety of ways. It should also be stressed that the executive team should be fully aware and convinced of the importance of constructing this plan and what additions it will bring to the institutional process.

·       It should also be emphasized once again that all sources and powers should be present with the working group, so that it makes the appropriate decision as soon as possible and at the same moment.

·       The spokesman of the foundation is clearly and explicitly identified in front of the media and its various institutions, in order to reduce the phenomenon of rumors and false news on the part of, in addition to conveying the neutral image with high credibility about the developments of the crisis.

·       A communication team has been appointed to identify the private and public messages to be launched and to determine the means of communication required for the parties concerned and the required communication rate.

·       The wide spread of different social media platforms must also be relied upon to communicate quickly and directly with the general community.

·       Monitor and optimize all external information and data about the surrounding risks.

Finally, planning ahead of the submission of a business continuity plan will maintain the organization's operational performance with high efficiency under any circumstances. The existence of these systems would also develop the work towards the institutional process even if none of those risks were observed. In addition, it should be emphasized that the goal is not to create a plan for continuing to operate, but for BCM to keep the organization running efficiently and for a long time. On the other hand, senior management in the organization should recognize the importance of a business continuity plan, and make more financial resources to develop and build them effectively regardless of the cost. External crises may be revealed after the imbalance caused by mismanagement in earlier periods. 

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