Business Continuity Plan (BCP) & Risk Management Planning is the process involved in creating a system of prevention and recovery from potential threats to any organisation . The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster or disruptive event. The BCP is generally conceived in advance and involves input from key stakeholders and personnel.
Business Continuity Plan (BCP) & Risk Management Planning involves defining any and all risks that can affect the company’s operations, making it an important part of the organization’s risk management strategy. Risks may include natural disasters — fire, flood, or weather-related events — and cyber-attacks. Once the risks are identified, the plan should also include:
- Determining how those risks will affect operations
- Implementing safeguards and procedures to mitigate the risks
- Testing procedures to ensure they work
- Reviewing the process (s) to make sure they are current
A risk management plan is a written document that details the organization’s risk management process that prepares to foresee risks, estimate impacts, and define responses to risks that is inclusive of all stakeholders. It also contains a risk assessment matrix.