Business continuity is full of concepts that are often confusing to the people charged with the added responsibility of managing risks at their organizations. To help you make sense of the ten most common terms, we’ve listed them below.
Business Continuity Plan (BCP): the development of actionable plans to prepare for likely crisis events, ensure personnel life safety, and resume business operations after an incident occurs.
Business Impact Analysis (BIA): the process of used to determine the potential impacts (financial, operational, and services) on the business in the event of a disaster affecting the ability to perform critical functions or deliver key services.
Cybersecurity: the assessment, planning, testing, and monitoring of information systems to protect confidential information.
Emergency Action Plan (EAP): OSHA regulated plans that address the minimum requirements for ensure the safe evacuation of staff during emergencies.
Emergency Messaging System: bi-directional messaging system with the capability of sending text, voice, and email messages to various groups at a moment’s notice, logging responses in real time.
Incident Management Plan (IMP): provides a structure for the management of any planned or unplanned event that impacts business processes, offices, assets, or people.
Life Safety: the processes immediately concerned with preserving the lives of staff during an emergency.
Third-Party Vendor Assessment: the process of identifying and addressing the inherent risks associated with the use of third-party vendors and suppliers.
Training & Educational Resources: educate your entire staff on policies, procedures, and best practices to ensure they know what to do during a crisis.
A complete business continuity program considers ways to incorporate all of these concepts and tools. Click here to download “The Umbrella of Business Continuity” infographic as a helpful reminder of these terms, or find it in the Protocols & Resources section of the Knowledge Center. If you have any questions or need further assistance, contact your Customer Success representative.