We are being asked more and more about the business continuity planning requirements. One one hand, companies are reluctant to invest into something that may or may not ever happen. On the other hand, there is an increased number of regulatory requirements that clearly state: a company must have a business continuity plan in place.
So where do we find a balance between what’s required, as well as the limited resources that are provided by the companies’ senior leadership teams? Well, the answer is within the organizational risk appetite. If a company is willing to accept the risk of not only the regulatory scrutiny, but also of being not protected from the unplanned business interruptions, then it can potentially get away without having any formal resiliency program in place… for a few days… until it gets its license suspended by the regulators 🙂
More and more the international community as well as different governments are looking for companies to strengthen their resilience programs. This process usually goes top down. If a company fails to comply, it can, in some cases, lose its license to conduct business in a certain country.
If you need help with your business continuity planning, please don’t hesitate to reach out.
Voyage Continuity is here to help!