Like insurance, Business Continuity Planning (BCP) is one more risk management activity used for events with exposures to catastrophic losses like any unplanned event that can cause death or significant injuries to company employees or the public, or that can shut down business, disrupt operations, cause physical or environmental damage, or can threaten the company’s financial standing or public image. The purpose of the BCP is to identify the critical business functions and develop an approved set of arrangements and procedures to insure that the company can respond to a disaster in a planned and rehearsed manner and resume its operations within a required time frame objective. This is accomplished by ensuring the safety of employees and assets; minimizing economic losses resulting from interruption to business functions; and providing a plan of action for an orderly recovery of business operations.
The Insight BCP© is a web-based application that allows the risk manager to assemble the plan in few a hours. When completed, the plan can be activated from anywhere, anytime by anyone who has the proper access codes and “key”. After is activated, the system will send email alerts to the members of the Emergency Response Team (ERT) with a list of their responsibilities.
The Insight BCP© includes the Emergency Response Plan (ERP), which describes how to respond to the emergency; the Business Impact Analysis (BIA), which allows to identify the operational (qualitative) and financial (quantitative) impact of an inoperable or inaccessible core process on a company’s ability to conduct its critical business processes; and the Continuity of Operations Plan (COOP), which describes “who we get back to work”.
The Insight BCP© comes with an easy to use screen that allows the risk manager to maintain a “real-time BCP” based on current events; pulling activities directly from the system that have been previously defined as “critical business functions”;updating hazards; and updating the ERT anytime.