Business Continuity Planning
As defined by the Basel Committee on Banking Supervision, business continuity is “the state of continued, uninterrupted operation of a business”. By extension, business continuity management (“BCM”) encompasses the whole enterprise, and minimizes operational, financial, legal, and reputational damage from unanticipated disruptions by implementing right-sized policies, procedures and standards for maintaining mission-critical business activities.
IMAG’s Business Continuity team is composed of seasoned banking professionals who are laser-focused on identifying the largest risks facing your organization during a disruption. Using COOLMaps to pinpoint risks, vulnerabilities, and interdependencies, our strength starts with the team’s extensive experience and deep knowledge of financial institutions and is enhanced by the appropriate application of BCM techniques that feature a strategic, effects-based rather than scenario-based approach. Though BCM techniques can be duplicated across many industries, financial services firms are unique and require specialized competence and experience for developing coherent plans. IMAG’s experts guide you through the process by incorporating proven, practical BCM techniques and providing the cornerstone for effective business risk assessment, continuity planning, testing/training/exercising, and overall program maintenance.
Depending on the maturity level of your BCM capability, IMAG can help your organization build an effective, resilient program by taking advantage of the following principles:
- Governance (incorporating BCM into every business decision), strategy definition, BCM policy development
- Internal and external business impact analyses, risk identification and assessment, particularly with respect to significant internal and external interdependencies, cross-border and systemic risks
- Align business continuity plans with the risks inherent within the organization, especially with respect to any systemic risks posed by disruptions within your organization
- Analyze and develop appropriate communication protocols for use during emergencies
- Practice the response to business interruptions by thoroughly testing/exercising business continuity plans, and recycling test results back into improved preparation
- Training the staff to deploy the business continuity plan quickly and seamlessly when triggered