Business Continuity Planning

Posted by The ALS Group on Jun 4, 2012 3:57:00 PM

With the end of the year rapidly approaching, one of the most significant “lessons learned” in 2012 was that Disaster Recovery (DRP) or Business Continuity Planning (BCP) are critical parts of any business’ overall strategic plan.

In one of my many airport lounge stopovers, I noticed the article “Business Resiliency and Natural Disasters”.
While in an October publication, I think it is both timely and informative. I have reviewed the references in the article and found the FEMA Business Continuity Site a helpful resource to broach the subject. Links to these sites are below:

It is certainly easier to imagine the implication of a widespread disaster given the recent storm (Sandy) and subsequent snow storm that plagued the Northeast even if you were not directly impacted or in our immediate area. As of this writing many in the Northeast continue to be without power and whole communities will not be able to return to their homes for months to come.

Business Continuity is a risk to be considered carefully. Not only the physical (direct) damage an event can cause, but the lingering (indirect) effects of such event. Loss of services, loss of income and potential loss of customers are all risks that must be looked at thoroughly.

Insurance can mitigate the effect of these risks but not eliminate them. Many businesses simply cannot close their doors for an extended period of time and hope to reopen again. According to the Institute for Business and Home Safety an estimated 25% of businesses do not reopen following a major disaster.

Now is the time to put DRP/BCP on your 2013 priority list. It will help you forecast a lower Total Cost of Risk (TCoR) and add stability to your strategic planning.

If we can help facilitate a workshop with your key staffers toward creation of a Disaster Recovery, please contact me at asica@thealsgroup.com or at 732.395.4251.

Topics: Enterprise Risk Management, named storm/named windstorm, Total Cost of Risk (TCoR), business continuity plan

The ALS Group

Risk Management Blog

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Our areas of expertise include:

  • Enterprise Risk Management (ERM)
  • Cyber Security & Cyber Liability Insurance
  • Construction Management
  • Customized Risk Management Assessments (RMAs)

Subscribe to Email Updates

Recent Posts

Posts by Topic

see all