Business Continuity Management (“BCM”) is an integral control within a company’s operational risk framework, one that requires meticulous planning and seamless execution. The impact that BCM has on a firm cannot be understated, as failure to manage the Program properly can have damaging financial, reputational, regulatory / legal, and customer implications. According to the IT Disaster Recovery Preparedness Council, formed by business, government and academic leaders, 3 out of 4 companies are not prepared for a disruption to business. This is a striking statistic, given that 20% of surveyed businesses that suffered disruptions in 2014 endured costs ranging from $50,000 to over $5 million.
The threat landscape facing financial services firms is constantly changing. As such, a firm’s BCM Program must be capable of evolving to address not only traditional outages, but also modern threats occurring with greater frequency, such as cybersecurity breaches and interruptions to services and/or technology provided by critical vendors. It is imperative to have a robust BCM Program in place, one that can mitigate today’s threats with ease and precision.
Navigant uses two methods to assess the strength financial services firms’ Business Continuity Management Programs: Personnel Assessment and Plan Assessment. When used together, these assessments deliver senior management full insight into the maturity and health of a firm’s BCM Program. This valuable perspective can be used to identify weaknesses and ultimately enhance the BCM function, better safeguarding a company’s assets.
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