1. What is the relationship between business continuity and risk management? 2.
ID: 395323 • Letter: 1
Question
1. What is the relationship between business continuity and risk management? 2. Identify the benefits of BCM that are easy to quantify and those that are not easy to quantify. 3. Identify the initial and ongoing expenses related to the BCM program. 4. Once completed, why would a BCP ever change? 5. Define the three stages in the BCM cycle. 6. Define the five phases of business continuity. 7. Why are comprehensive checklists and questionnaires beneficial during the site inspection and management interview process? 8. Why should senior management rather than IT managers have final approval over the IT Disaster Recovery Plan?
Explanation / Answer
1.Risk management and Business continuity work in an integrating manner to ensure that any unforeseen events or risks to the business do not impact the operations and performance of the business. While risk management ensures that the damage due to any event is reduced or the probability of any such event is eliminated, business continuity ensures that the business operations are continuous using alternative facilities or resources inspite of occurence of any event.
2. The benefits of Business Continuity managements which are easy to quantify are ensuring regulatory compliance and operational continuity minimizing chances of disruption, reducing risk of financial losses, maintaing security and privacy. The benefits which are not easy to quantify are better understanding of company processes, maintenance of systems, improving company and brand image.
3. Initial expenses to BCM program are hiring of people, procuring equipments and technology. Ongoing expenses are insurances, maintenance of the technology and systems and work related expenses quality control and security measures.
4. BCP needs to change as per the change in external and internal environment and the probable risks. The employees need to be trained as per new technologies, supplier and partners change which may create new risks and physical environmental changes also pose risks which change continually.
5.The three stages in BCM cycle are Analysis of Impact to business, Risk assessment, Continuous Requirement analysis. The analysis of impact to business is done by identifying the various areas of risk. Risk assessment involves the degree of impact the risk factors can have on the business. The continuous requirement analysis is done in terms of resources required to deal with the risk.
6.The five phases of business continuity are Risk identification, Risk analysis, Devising strategy, Planning and execution, Measuring and monitoring of success.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.