Which of the following steps are typically conducted during a business impact analysis?
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A business impact analysis (BIA) predicts the consequences of disruption of a business function and process and gathers information needed to develop recovery strategies. Potential loss scenarios should be identified during a risk assessment. Operations may also be interrupted by the
failure of a supplier of goods or services or delayed deliveries. There are many possible scenarios which should be considered. Identifying and evaluating the impact of disasters on business provides the basis for investment in recovery strategies as well as investment in prevention and
mitigation strategies. The BIA should identify the operational and financial impacts resulting from the disruption of business functions and processes. Impacts to consider include: The point in time when a business function or process is disrupted can have a significant bearing on the loss sustained. A store damaged in the weeks prior to the holiday shopping season may lose a substantial amount of its yearly sales. A power outage lasting a few minutes would be a minor inconvenience for most businesses but one lasting
for hours could result in significant business losses. A short duration disruption of production may be overcome by shipping finished goods from a warehouse but disruption of a product in high demand could have a significant impact. Use a BIA questionnaire to survey managers and others within the business. Survey those with
detailed knowledge of how the business manufactures its products or provides its services. Ask them to identify the potential impacts if the business function or process that they are responsible for is interrupted. The BIA should also identify the critical business processes and resources needed for the business to continue to function at different levels. The BIA report should
document the potential impacts resulting from disruption of business functions and processes. Scenarios resulting in significant business interruption should be assessed in terms of financial impact, if possible. These costs should be compared with the costs for possible recovery strategies. The BIA report should prioritize the order of events for restoration of the business. Business processes with the greatest operational and financial impacts should be restored first. Next steps:
Business Continuity Plan and Information Technology Disaster Recovery Plan From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR). 1. Business Impact Analysis or BIA is a phase within the BCM planning process. It is the process of analyzing the effect of interruptions to business operations or processes on all business functions.  BL-B-5 Click to know more Related Terms: Business Impact Analysis Questionnaires (BIAQ), BCM Planning Process or Methodology, DR Planning Process or Methodology. Note (1): The BIA should identify all critical business functions, qualify and/or quantify losses as a result of such interruptions, determine the tolerable downtime and minimum resources needed to recover the critical business functions. Note (2): Typically, for the first BCP project the organization is involved in, all business units should be involved during the BIA. For subsequent BCP projects and if there are no significant organizational changes, then only business units with critical business functions will be involved. BCM Institute's Professional Training and Certification
Click to know more about expert level training (Source: Business Continuity Management Institute - BCM Institute) 2. Process of analyzing activities and the effect that a business disruption might have upon them. (Source: ISO 22301:2012 – Societal Security – Business Continuity Management Systems - Requirements) - clause 3.8 3. Process of analysing business functions and the effect that a business disruption might have upon them. (Source: AE/HSC/NCEMA 7000:2012) 4. Process of analyzing business functions and the effect that a business disruption might have upon them. (Source: British Standard BS25999-1:2006 Code of Practice for Business Continuity Management) 5. The process of determining the impacts on the organization due to interruptions to business operations or processes. The BIA should qualify and/or quantify losses as a result of such interruptions. Where possible, the loss impact should include both business disruption (number of days) and financial standpoints. BIA is determined without consideration for risk source, type or magnitude. (Source: Singapore Standard 540 - SS 540:2008) 6. The management level analysis by which an organization assesses the quantitative (financial) and qualitative (non-financial) impacts, effects and loss that might result if the organization were to suffer a Business Continuity E/I/C. The findings from a BIA are used to make decisions concerning Business Continuity Management strategy and solutions. (Source: Business Continuity Institute - BCI) 7. The process of analyzing all business functions and the effect that a specific disaster may have upon them. 1) Determining the type or scope of difficulty caused to an organization should a potential event identified by the risk analysis actually occur. The BIA should quantify, where possible, the loss impact from both a business interruption (number of days) and a financial standpoint. SIMILAR TERMS: Business Exposure Assessment, Risk Analysis. (Source: Disaster Recovery Institute International / Disaster Recovery Journal - DRII/DRJ) 8. A management level financial analysis that identifies the impacts of losing an organization’s resources. The analysis measures the effect of resource loss and escalating losses over time in order to provide reliable data upon which to base decisions on mitigation, recovery, and business continuity strategies (Source: ASIS International - ASIS International) 9. A management level analysis, which identifies the impacts of losing company resources. The BIA measures the effect of resource loss and escalating losses over time in order to provide senior management with reliable data upon which to base decisions on risk mitigation and continuity planning. (Associated terms:Business Impact Assessment,Business Impact Analysis Assessment). (Source: HB 221:2004 Business Continuity Management) (Source: Australia. A Practitioner's Guide to Business Continuity Management HB292 - 2006 ) 10. A management level analysis that identifies the impacts of losing the entity's resources. (Source: NFPA 1600 Standard on Disaster/Emergency Management and Business Continuity Programs, NFPA 1600:2007) 11. The process of analyzing the financial and non -financial impact due to a disruption on business operations. The BIA measures the effect of resource loss and escalating losses over time in order to provide top management with reliable data upon which to base decisions on Risk Mitigation and continuity planning. (Source: Malaysia BCM Standard MS1970:2007) 12. A management level analysis, which evaluates the risks of disruption, including a consideration of the impacts of capability loss over time and the needs for and inter-dependencies of resources. NOTES:
(Source: AS/NZS 5050.1 Australian and New Zealand Standards for business continuity management. Part 1: Business continuity management system specification) 13. A management level analysis, which evaluates the risks of disruption, including a consideration of the impacts of capability loss over time and the needs for and inter-dependencies of resources. NOTES:
effects on inter-dependencies, in order to provide senior management with reliable data upon which to base decisions on risk treatment and planning for stabilization, continuity and recovery
(Source: AS/NZS 5050.2 Australian and New Zealand Standards for business continuity management. Part 2: Business continuity management practice standard) 14. An assessment of the minimum level of resources e.g. personnel, workstations, technology, telephony required, overtime, after a Business Continuity Incident to maintain the continuity of the organisation's Mission Critical Activities at a minimum level of service/production. The BIA measures the effect of resource loss and escalating losses over time in order to provide senior management with reliable data upon which to base decisions on risk mitigation and continuity planning. Generally considered to be part of a BIA it is an integral part of any subsequent resource Gap Analysis. (Source: Business Continuity Institute - BCI) What are the steps in a business impact analysis?How to Conduct a Business Impact Analysis?. Step 1: Scope the Business Impact Analysis. ... . Step 2: Schedule Business Impact Analysis Interviews. ... . Step 3: Execute BIA and Risk Assessment Interviews. ... . Step 4: Document and Approve Each Department-Level BIA Report. ... . Step 5: Complete a BIA and Risk Assessment Summary.. What are the 5 elements of a business impact analysis?For example, Gartner recommends 5 main impact areas to examine: Financial, Reputation, Regulatory and social, Production output, and Environmental.
Which of the following steps should be performed first in a business impact analysis BIA )?Which of the following steps should be performed first in a business impact analysis (BIA)? Identify all business units within an organization.
What steps would you follow to conduct an effective impact analysis?Prepare for the impact.. Step 2: Define timeline and budget 4. Timeline. ... . Step 3: Set up an evaluation team 7. Troubleshooting: Setting up an. ... . Step 4: Develop an evaluation plan 10. ... . Step 5: Develop and pilot a.. Step 6: Conduct a baseline.. Step 7: Conduct follow-up survey.. Step 8: Disseminate findings.. |
