Coronavirus VS Business Continuity
Testing for COVID-19 interventions has been initiated in approximately 30 companies including some clinical trials aimed at combating the disease.
Business Continuity Management, or BCM, is needed to determine how your business will plan for resource allocation during the pandemic.
The first two phases of BCM involve an impact analysis (determining the activities disrupted), and an incident response (to handle control concerning cost, time, and resources).
Additionally, a recovery phase (determines how to minimize future disruption) and a risk assessment (illustrates tools to identify risk to business operations).
For each phase in the BCM, businesses must establish the maximum tolerable disruption period (MTDP), recovery time objective (RTO), and process resilience.
MTDP calculates the time a business can operate. RTO ordains how the business responds, and Process Resilience determines a business’s survival.
Building a BCM includes identifying the extent of the impact, determining the actions and resources needed, testing recovery procedures, and creating a risk assessment.
3 Key Points:
1. All business models around the world face some level of risk due to the outbreak of COVID-19.
2. Identifying the impact of COVID-19 by analyzing resources, testing procedures, and creating a risk assessment fosters Business Continuity Management.
3. Utilize the four steps of Business Continuity Management that helps businesses allocate time and resources effectively.
“As we face our latest pandemic threat, the need to have a well-defined and tested BCM plan in place cannot be overemphasized. Beyond state and national preparedness plans, organizations should be actively evaluating their continuity plans, especially when it comes to strategic contract service providers and partners, to ensure there is a reasonable mitigation plan in place,” says Bikash Catterjee, Chief operating and science officer, Pharmatech Associates
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