The continuity plan prepares a business for extended service outages caused by factors beyond ones control.
- Lost revenues & reduced profits
- Inadequate insurance coverage
- Customer loss
Businesses and their staff face a variety of hazards:
- Natural hazards like floods, hurricanes, tornadoes, and earthquakes.
- Health hazards such as widespread and serious illnesses like the flu.
- Human-caused hazards including accidents and acts of violence.
- Technology-related hazards like power outages and equipment failure.
RISK ASSESSMENTS IDENTIFY:
- Potential hazards
- Risk and potential losses
- Impacts to customers, product, and services, stakeholders, surrounding community, and organization.
When a disaster occurs businesses must:
- Address financial matters
- Restore operations
- Organize Recovery