Business Impact Analysis Template
What is a Business Impact Analysis?
A business impact analysis (BIA) identifies and assesses the consequences of a potential disruption to your business. Disruptions can carry many names: data breaches, natural disasters, internal fraud, external theft, and many other business continuity concerns. But not all disruptions will have the same impact to your business.
Business impact analysis helps you prioritize adverse events based on the material damage they could cause your organization. Conducting a BIA is the best way to allocate precious resources effectively towards prevention and remediation plans.
Best practice stipulates that BIAs help you both qualify and quantify the consequences of a risk event. When conducting an impact analysis, you should have a way to consider the financial, physical, and reputational damages an event could cause and lead you towards a detailed plan of what to do when certain business functions can’t be carried out as usual.
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.
LogicManager’s Business Impact Analysis Template
LogicManager provides business impact analysis templates out of the box to help your business ward off and prepare for mishaps efficiently.
Pre-Built BIAs: LogicManager provides you pre-built business impact analysis templates to help fine tune the identification process with standardized evaluation criteria.
Centralized Platform: House completed business impact assessments in one location to ensure all data is up-to-date and easily accessible.
Online Incident Webforms: LogicManager provides pre-built online incident webforms you can customize to your specific organization. Never lose track of an outstanding incident.
Automated Workflows: Build out a workflow for each recovery plan, which will kick start automatically after an incident has been reported. Configure automated tasks and notifications to keep everyone on track.
Seamless Communication: Engage subject matter experts from the identification to the recovery process within one platform.
Reporting Intelligence: Leverage LogicManager’s business impact analysis reports, including pre-built and custom reports. Generate high-level and granular reports to reveal key insights into risks and remediation plans
Get this solution.
If you’re already a LogicManager customer, you can contact your advisory analyst to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to get a better look at our business impact assessment templates. Not ready for a demo? Try our free risk assessment template in the meantime!
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