An important part of the business continuity process is Business Impact Analysis, or BIA, which is defined as the process that identifies and evaluates the potential effects (financial, safety, regulatory, legal, reputation and other) of natural and man-made events on business operations. This is usually done in tandem with risk analysis, or RA, which is the process of gathering data that can be used to identify risks and possible threats to business operations.
Creating an optimal business impact analysis format
Business impact analysis can be a complex undertaking and many continuity plans never leave port as a result. But there exists a simple and logical method by which business analysis can be accomplished, however, since no two businesses are the same there is no one-size-fits-all formula.
“A business impact analysis (BIA) is a process that identifies and evaluates the potential effects (financial, life/safety, regulatory, legal/contractual, reputation and so forth) of natural and man-made events on business operations.” – Gartner. A business impact analysis is really one of the cornerstones of business continuity planning.
When creating a disaster recovery plan, there are five errors many companies make: not having staff support, poor communication, lack of documentation, not sticking to the basics and choosing the wrong suppliers. A business continuity plan is there to make your business not only survive but thrive.