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Download Business Continuity Management: How To Protect Your Company by Gallagher Michael PDF

By Gallagher Michael

Company continuity administration (BCM) has develop into a sizzling subject in recent times and extra considerably, in contemporary months (September eleven, foot and mouth and flooding). even though, BCM isn't just approximately restoration from a catastrophe such one attributable to hearth or flood or the failure of IT platforms. it might even be concerning the cave in of a key provider or buyer, approximately fraud, unethical operations and approximately popularity administration. contemporary surveys have proven that almost all businesses nonetheless wouldn't have company continuity plans and of these that experience plans, many have by no means been proven or exercised. accordingly, company governance, regulatory, coverage, audit and normal company requisites are actually emphasising the significance of strong hazard administration and BCM practices in each organization. this day, it will be important that board contributors and senior executives comprehend the character and scope of BCM. they should be capable of assessment and increase the prestige of the job inside of their corporations. This briefing examines the character of BCM and appears at its courting with different actions corresponding to hazard administration, coverage and the emergency prone.

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Extra resources for Business Continuity Management: How To Protect Your Company From Danger

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It expects all authorized financial institutions to consider the need for a risk-based BCM framework including an appropriate business continuity plan. The FSA Handbook states: 20 Why do I need BCM? A firm should have in place appropriate arrangements, having regard to the nature, scale and complexity of the business, to ensure that it can continue to function and meet its regulatory obligations in the event of an unforeseen interruption. These arrangements should be regularly updated and tested to ensure their effectiveness.

In reality, many components of BCM cost very little in terms of capital investment. Generally, the most significant and important aspect of BCM is the establishment of a BCM or risk management culture in the organization. This culture then influences all key business decisions. For example, the case for new capital investment must include consideration of issues such as resilience and contingency. The cost of catering for adequate resilience and contingency should be regarded as an essential element of the cost justification of a project.

Why do I need BCM? This places an obligation on management to ensure that it concerns itself with the effectiveness of all relevant controls. Management is obliged to exercise ‘standards of care’. This is where contingency planning and BCM come in. Initially, the FCPA also gave a boost to what was then known as computer disaster recovery planning. Because of the significant investment in developing or acquiring computer systems, there was a need to regard the software as a significant asset. It needed to be treated as an asset in the same way as corporations were accustomed to treating physical assets like buildings and plant and equipment.

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