It’s more important today than ever before to conduct a comprehensive business impact analysis for your organization. Stand on a foundation of best practices and actionable tools with LogicManager’s BIA solution package.
A business impact analysis (BIA) is a systematic process that consists of identifying and evaluating the possible vulnerabilities of risks that might occur within your organization. A BIA should serve as a starting off point for planning and strategizing ways to mitigate those risks.
So why is having a BIA so important? For one, not all risks should be treated the same. Within the various processes and functions of your organization there are various levels of criticality for ensuring business operations. The results of a BIA help you determine which of those parts should be prioritized during an emergency event in order to maintain operations.
The world experienced first-hand what it’s like to live in an emergency state when the coronavirus pandemic forced businesses everywhere to shut their doors and brace for impact. If we’ve learned anything from the pandemic, it’s that preparing for the worst comes in handy at the best times.
If you’re responsible for swooping in and getting the business back up and running, you need to know which functions of your business are most critical and understand how to get those functions operable in a new or compromised environment. You’re a superhero; but superheroes are only as good as their sidekick. Learn how LogicManager’s customizable BIA solution package can help you go to battle.
Why Do You Need a Business Impact Analysis Template?
There are many benefits to using a business impact analysis template. To start, the best BIAs are conducted when as many subject matter experts are involved as possible. Every person at an organization carries a unique set of knowledge that will prove invaluable when trying to understand the risks at hand and how they could potentially affect the business.
By using a standardized business impact analysis template, you can reach out across levels and departments of the enterprise to collect accurate and actionable information.
It is also best practice to house your BIAs in one centralized location so you can easily track and report on the multitudes of risks, controls, and governance activities your business carries out. When it’s time to develop a business impact analysis report, you’ll have all your information up-to-date and ready to pull.
Business Impact Analysis Risks
Forgoing a BIA leaves you susceptible to significant losses within critical areas of your business. In the event that an event disrupts your business, having a comprehensive and well-communicated plan in place reduces chaos and frustration. Whether you’re concerned with security, employee safety or revenue loss, implementing a BIA framework helps prevent major risks from materializing.
Achieve a Comprehensive Business Impact Analysis Solution with LogicManager
Centralized repository of business units
Gain insight into which business units are most critical to operations, which are prepared for disaster and which need to be reevaluated. Housing everything in one library allows you to quickly and easily navigate to the right resources amidst an emergency event.
With a complete profile of business unit information, you can identify critical functions and analyze the impact they have on your organization. As a result, you’ll be able to allocate the necessary resources and ensure that backup strategies are in place to maintain basic operations following a loss or outage.
Team role assignment
Having a comprehensive BIA allows you to assess the responsibilities that need to be performed in case of a loss or outage. With LogicManager, you can assign these roles out ahead of time, train employees on associated tasks and ensure that key personnel are aware of what to do in an emergency state. This increases the chances of a smooth recovery.
Potential loss and recovery strategies
By mapping out the impact each business unit has on your organization, you’re able to create various scenarios and strategies for recovering in the case of any losses. This enables you to take a proactive, risk-based approach to your organization’s business continuity planning.
While your organization continuously evolves, you can automate the process of conducting your BIA. Setting it up to run on a recurring basis ensures that all information is up to date and you have the right resources in case of emergency.
LogicManager’s Business Impact Analysis Tools
When you partner with LogicManager for your BIA solution, here’s exactly what you can expect:
Numerous out of the box fields to leverage for building your BIA questionnaires, or supplement existing ones. While we’ll provide you with a turnkey set of profile fields, you’re always able to customize it completely to align with your organizational needs.
LogicManager allows you to store a tiered hierarchy of your organizational structure. This ensures that you’re being thorough when performing BIAs and also allows you to easily navigate through different functions of your organization.
Use automated workflows to update your business continuity program instead of manually doing so. These workflows can be created to ensure all required parties are able to contribute, review and sign off on a recurring basis, meaning your program is always up to date.
Using our customized visibility rules, streamline forms according to specific criteria that you set. This reduces the burden placed on stakeholders by only requiring them to fill out the necessary fields on questionnaires.
We have a number of customizable reports available based on your needs:
Task reports show you all tasks, their status, who they’re assigned to, relevant dates and more.
Business Units by Criticality reports allow you to group business units based on their criticality and display only the key details that help you review them at a glance.
Business Unit Narrative reports show you display information including but not limited to RTO, RPO and key personnel.
Request a Free Demo Of LogicManager’s Business Impact Analysis Tools
Want to equip your organization with successful best practices and proven response plans for mitigating business continuity risks? Start by requesting a free demo of our Business Impact Analysis solution package today.
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