\"Business Impact Analysis (BIA), Business Continuity\" Please respond to the fo
ID: 3670129 • Letter: #
Question
"Business Impact Analysis (BIA), Business Continuity" Please respond to the following:
Briefly describe the main purpose of Business Impact Analysis (BIA), Business Continuity Planning (BCP) and Disaster Recovery Planning (DRP) policies. Determine how these policies are similar and how are they different.
Suggest a generally well-known example of an incident in the past 10-15 years, such as Hurricane Katrina, that highlights the importance of conducting the appropriate planning and development of these policies (i.e., BIA, BCP, and DRP). Identify the areas in your example that would be affected the most without a policy such as the ones mentioned above.
Explanation / Answer
Business impact analysis (BIA) : It is a systematic process in which potential effects of disturbance or interruption to major and critical business is identified and evaluated which occurs due to disaster, emergency or accident. It is an essential part of an organizations BCP(Business Continuity Plan). It comprises exploratory component to reveal any exposure to vulnerabilities and also planning component for risk minimization. Each and every organization should take into account the disasters and unseen circumstances and take measures. Proper planning is always required to mitigate these problems. Eg. A business can be able to proceed normally if its cafeteria closes but not if its info. System crashes.
Business Continuity Planning(BCP) : It is the process of creation of strategies by recognizing threats and risks a company may face, with a vision to ensure protection of personnel and assets and the business may continue to function during an event of disaster. It involves identifying and defining potential risks. Determining how these risks will affect the operations, and then implementing measures to safeguard and eliminate those risks. Periodic review is necessary to keep it up to date.
A disaster recovery plan (DRP) – It is sometimes referred as BCP or business process contingency plan. It describes how an company is to tackle with potential disasters. Just like a disaster is an event which makes the continuity of normal functions difficult and impossible, DRP comprises of precautions to be taken in order to minimize the effects of a disaster and the organization can either maintain or resume mission-critical processes as soon as possible. Generally, DRP involves analysis of business processes and continuity needs. DRP may also include a major focus on disaster prevention.
Difference: BCP mainly refers to a plan about how business should plan for its continuity in case of disaster.
Whereas DRP tells how the IT recovery should be done in case of disaster.
BIA is required for BCP.
In recent days, Tally's office caught fire because of short circuit and all its data and servers were in danger. At that point of time, Its BCP team came and recovered all the data fand servers withing short span of time. This was very important as for an IT firm and any organisation, data is main asset and they can't afford losing it.
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