Business Impact Analysis (BIA)
Business Impact Analysis is a systematic process to control, clarify, and calculate the potential effects of any interruption to critical business operations – for instance, as a result of a disaster, accident, or emergency.
While most businesses form a contingency plan during the initial days of establishment, you may need to modify it as and when the need arises, such as in case of the pandemic outbreak. You should formulate an updated and thorough BIA, focusing on the necessary areas:
Devise a plan that enables your employees to work remotely and safely, in accordance with government mandates.
Prepare response plans for infection among the employees, including back-ups to ensure operations aren’t severely affected.
You should also focus on customers and modify operations to ensure a smooth experience in line with the SLAs.
Plan and implement effective operational risk management strategies while setting realistic and honest expectations
