Why a Risk-Based Approach to BIA is important:
LogicManager’s Business Impact Analysis Tools
- Use Custom Profile & Visibility Rules to dynamically collect additional information on a business continuity threat (which facilities would it impact?) or event/incident type (is it a natural disaster?) to provide better direction in the face of a crisis.
- Complete a Resource Assessment on all of the various impacts that an outage may have (e.g. financially, on customers, security-wise, etc.) to know which processes you should prioritize in the event of an outage.
- Customize LogicManager home screens so that your end users can quickly and easily navigate to the right resources and associated tasks in an emergency state and ensure that key personnel are aware of what to do, increasing the chances of a smooth recovery.
- Our integrated References & Risk Ripple features allow you to break down organizational silos by connecting your processes to the vendors they rely on, the applications they leverage, and more so that your BIA accounts for upstream and downstream impact.
- Experience a robust Reporting & Dashboards system that makes it easy to build reports on information such as what your most critical processes are and their RTO, RPO, and key personnel so that you can have quick access to this information and know where to prioritize resources in the event of an outage.
Benefits of LogicManager’s BIA Solution
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.
Resource planning
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.
Process automation
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.
What is a Business Impact Analysis (BIA)?
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 be updated at least every two years so that it serves as a strong foundation for planning and strategizing ways to mitigate the ever-changing risks posed to your organization.
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.
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.
