What is BCP?
Business Continuity Plan (BCP) is a comprehensive written plan to maintain or resume business in the event of a disruption (Source: Business Continuity Planning Booklet; Federal Financial Institutions Examination Council, USA). The concept of BCP is relatively new in developing countries such as ours but simply put, BCP helps businesses to better prepare for disasters and mitigate their impacts.
A BCP is a management approach to ensure that critical business functions of an organization are operational under adverse condition and the organization has adequate plan and resources to complete the recovery process in the event of natural, technological or human-induced disaster.
In another words, BCP bundles together all the documents required for an effective execution of Risk Prevention & Mitigation, Emergency Preparedness & Response and Disaster Recovery plans to re-establish critical business functions after a disaster such as Flood, Earthquake, Fire, Power/IT failure, Social unrest or even Terrorism.
In the event of disasters, natural or otherwise, when supply chains are disrupted, it costs money to companies due to extended downtime. Business will suffer lost revenues on one hand and extra expenses on the other. Insurance does not cover all the costs and cannot get back valued customers of an organization. Under the circumstances, company’s image will be at stake while it loses competitive edge due to delayed recovery or no recovery at all.
In a country like ours, quick recovery and continuity of businesses help reduce socio-economic stress as well as keep supply chains flowing in a post-disaster scenario. Hence the growing need for a proactive plan such as a BCP which works for almost all kinds of organizations in the event a major disruptive event or a mega disaster.
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