Though similar to a risk assessment, a BIA often takes place if there are legal requirements that must be followed.
Leadership, such as a company executive, may be designated as a liaison to the BC/DR team, coordinating efforts to resolve any compliance issues.
Similar to a business continuity policy, risks assessments differ, but follow general steps: Along with a risk assessment, conducting a business impact analysis (BIA) can help form the backbone of a business continuity policy.
A BIA determines the effects of a potential disaster on an organization by finding existing vulnerabilities.
A risk assessment is a reliable method of figuring out potential threats and determining their likelihood.
A risk assessment identifies potential hazards and provides ways to reduce the impact of them on the business.
Common metrics in a policy may include key performance indicators (KPIs) and key risk indicators (KRIs).
KPIs are used by corporate executives and managers to analyze crucial functions and processes required to meet goals and performance targets.
The BC/DR team itself may be placed in charge of verifying policy compliance, along with any necessary internal departments.
Along with setting the procedures and staffing, the BC/DR team should regularly verify policy compliance.