Protect your business with a business continuity plan

No business is immune from a major disruption to its operations. According to Statistics Canada, 21% of Canadian businesses have been affected by cybersecurity incidents in the past year. What's more, according to BDC, the COVID-19 pandemic caused revenues to fall and profits to melt for 76% of businesses in the first three months.

It is therefore in the interests of managers to adapt their strategies to ensure that they can fulfil their mission, achieve their business objectives and ensure the long-term survival of their company in the current climate. The business continuity plan (BCP) is an interesting area for optimisation and contributes to the viability of a company in turbulent times.

What is a BCP?

The BCP is an essential management tool that brings together key information and useful documents in the event of a major disruption to operations. It ensures an optimum level of preparation, encourages complementary actions and limits the consequences of a business interruption.

What are the key elements of a BCP?

The BCP approach differs from traditional risk management in that it is based on the consequences rather than the nature of the risks.

The exercise will lead to :

• the formation of a crisis management cell

• the clear definition of roles and responsibilities of the stakeholders involved

• the identification of the organisation's critical activities, i.e. those requiring rapid recovery following an interruption

• identification and documentation of the company's key information

• identification and documentation of the preventive actions and continuity strategies to be deployed

• .

The challenge is therefore to find the optimum balance between a comprehensive document and one that is easy to use at a time of crisis.

Finally, it is imperative that the BCP evolves in tandem with the organisational environment. Updating and testing are key factors in its successful use. It must also be adopted, understood and respected by the various stakeholders.

Who needs a BCP?

Any company or organisation wishing to equip itself with an essential tool for implementing preventive measures and optimising the management of its resources in times of turbulence. It is undeniably to companies' advantage to initiate the process internally or to retain the services of experts to draw up their BCP.

To find out more, visit our page dedicated to Business Continuity Planning. and listen to this podcast: https://bit.ly/3kYxfY0

By Janie Albert and Gabrielle Laplante-Fortin
Advisory services