Preparing your organization against potential business interruption
In today's globalized age, companies face a wide variety of natural and man-made threats for which they need to prepare. Yet, in an age of lean manufacturing, outsourcing, and financial uncertainty it becomes increasingly difficult to prepare for emergencies and ensure business continuity after a disaster happens.
Regardless of the industry, all organizations are exposed to risks that can be attributed to a range of manmade and natural disasters, supply chain risks and/or utility outages. Such incidents have the potential to disrupt critical operations, creating catastrophic results and severe Business Interruption (BI). According to Allianz’s 2015 Global Claims Review, the impacts of BI have been ranked as the top risk faced by global businesses, and the consequences of such disruptions can be seen in industries and facilities around the world. Some of the top causes of BI include fire and explosion, storms and natural disasters, machinery breakdown, and human operating error.
Experience has proven that companies which are unprepared for a disaster are less likely to survive one, regardless of the company's financial condition or insurance coverage.
Identifying business interruption risk, quantifying the potential impact to your company, developing mitigation strategies, and preplanning for a disaster are the keys to survival. These tasks are generally referred to as Business Impact Analysis (BIA) and Business Continuity Planning (BCP).
Risk managers are faced with the daunting task of keeping abreast of their company’s Interdependent/Contingent Business Interruption Risk (IBI/CBI). But the need is greater than ever when you consider the following factors:
Our experts will use our knowledge of your company, industry, equipment, production bottlenecks, and exposures as the key components of the BCP process. Unique offerings to our clients include:
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Learn more about why you should choose TÜV SÜD GRC as your BCP Development Partner.
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