Evaluating Program Effectiveness
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, three out of four companies are not prepared for a disruption to business. This is a striking statistic, given that 20 percent 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.
Is your organization’s BCM Program ready to effectively handle both the most common and complex business continuity threats? This article provides financial services firms with two methods that Navigant uses to assess the strength of Business Continuity Management Programs:
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.