A cyber-attack or a warehouse fire or a pandemic such as Covid can bring a business to its knees. A business continuity plan sets out the steps that can or must be taken to mitigate and recover from the impact of a major incident.
Key elements of a strong business continuity plan:
An effective business continuity plan will be the product of a number of key steps:
- Regular assessments of the key risks faced by an organisation and the severity of the impact if that risk occurs.
- Preparation of contingency plans to address the key risks.
- Regular training for and testing of the contingency plans.
- Clear communication of roles and responsibilities.
Is a business plan mandatory?
A business continuity plan is not compulsory, but may be a requirement from insurers and lenders.
