Page 95 - RISK Management IC86 Ebook

The Insurance Times

Mismanagement, Simple malfunction etc.can seriously
reduce revenues & even do long-term damage to
brand.

n Impact of a disaster can vary.
l Total destruction of the premises and its contents, for
example as a result of a serious fire;
l Partial damage preventing use of the premises, for example
due to flooding; or
l No actual physical damage to the premises but restricted
access for a limited period, such as enforced evacuation
due either to the discovery nearby of an unexploded bomb
or a mere bomb scare.

Business Continuity Plan (BCP)

n Most businesses depend heavily on technology and
automated systems, and their disruption for even a few
days could cause severe financial loss and threaten
survival.

n The continued operations of an organization depend on
management's awareness of potential disasters, their ability
to develop a plan to minimize disruptions of critical functions
and the capability to recovery operations expediently and
successfully.

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