Page 27 - Insurance Times February 2023

Identifying Cost Effective Solution: Gaining maximum much more complex in some areas than it is in others. The
from minimum is the general progressive rule of an most important consideration is that key staff are able to
organization. The main challenge in complying with BCP enact the plan with minimal prompting at the time of Business
regulations lies in identifying high performance business Continuity event.
continuity solution with lowest cost. The cost aspect is a
major challenge with BCP; as Business Continuity BCP Standards and Extracts:
Programs are generally viewed as blocked money which Number of standards for BCP are prescribed by various
provides no return in normal circumstances. This poses a agencies such as:
challenge while identifying backup storage systems, BS 17799 Information Security Standard
which are efficient and robust along with being cost-
BS 25999 BCP Standard
friendly.
ISO 9000:2000
Ensuring Data Security: When data becomes your
invaluable treasure, you face the challenge of ensuring NFPA 1600
optimum data security by protecting it from ISO 17799 Information Security Management Standard.
unauthorized access and theft. This requires proper
encryption techniques and lock mechanisms to ensure Terms and Definitions :
that the backed-up data remains safe even if it is kept in
Business Continuity Management Framework: sets out
remote locations. Companies following conventional
the processes and tools necessary to enable rapid
manual handling of data are all the more vulnerable to
response, recovery and restoration to core business
risk of data loss.
activities.
Restoring Data: You need to ensure that your backed-
Business Continuity Plan (BCP): comprises many
up data is not hardware or platform dependent. This is
elements which, collectively, define the approach to
an essential technical requirement to be kept in mind so
dealing with a break in business continuity, and which
that the backed up data can be easily restored when
prescribes the steps an organization should take to
required.
recover lost business functions.
Conclusion : Corporate Governance: refers to the way in which an
Organization is directed and controlled in order to
Business continuity is a continuous process, designed to ensure
achieve its strategic goals and operational objectives.
that an organization operates efficiently when times are
normal, and continues to do so when the times are turbulent. Event: an occurrence that affects/disrupts business
This implies having a robust business continuity system in place operations. Levels of events are categorized as incident/
that is continually tested, exercised, and updated. Companies emergency, major incident/emergency or crisis.
and entities that are new to business continuity often focus
Prioritized Scope: identifies those key priority areas of
their efforts solely within the boundaries of their organization.
Organization's operations for focused Business Continuity
As their business continuity arrangements mature, these
Planning efforts.
boundaries expand to include supply chain vulnerabilities and
Risk Management: the systematic application of
threats posed by the activities of other companies located
management policies, procedures and practices to the
close by. This is where many business continuity frameworks
tasks of communication, establishing the context,
break down. However, profession's innovators are now
identifying, analyzing, evaluating, treating, monitoring
starting to acknowledge the importance of having
and communicating risks to the attainment of the
comprehensive solution providers as partners, which helps
Organization's outcomes and outputs.
institutions across the gamut of activities from planning to
implementation to monitoring of business continuity Risk Management Framework: the structure within an
strategies within a continuous improvement cycle. It caters Organization that supports the risk management
to unique business needs seamlessly - whether the need is for practice, reporting, responsibilities and accountabilities
point solutions to solve an immediate need or analysis and at all management levels within the enterprise. The risk
planning around a total business continuity program. management framework is a description of streams of
accountability and reporting that will support the Risk
Any Business Continuity and Disaster Management Plan is Management Process within the existing organizational
not a one-size-fit-all approach, and the result may need to be structure.

The Insurance Times January 2023 25