Business Continuity Management: How To Protect Your Company by Gallagher Michael

By Gallagher Michael

Company continuity administration (BCM) has develop into a sizzling subject in recent times and extra considerably, in fresh months (September eleven, foot and mouth and flooding). although, BCM is not only approximately restoration from a catastrophe such one attributable to fireplace or flood or the failure of IT platforms. it might probably even be in regards to the cave in of a key provider or patron, approximately fraud, unethical operations and approximately popularity administration. fresh surveys have proven that the majority businesses nonetheless do not need enterprise continuity plans and of these that experience plans, many have by no means been proven or exercised. for that reason, company governance, regulatory, coverage, audit and basic enterprise specifications at the moment are emphasising the significance of sturdy danger administration and BCM practices in each supplier. this present day, it is crucial that board contributors and senior executives comprehend the character and scope of BCM. they should be able to evaluation and increase the prestige of the task inside their companies. This briefing examines the character of BCM and appears at its courting with different actions reminiscent of danger administration, coverage and the emergency prone.

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The company responded with quick corrective action that reflected a sincere concern for public safety. It exemplified the three Cs of the right response – concern, compassion and commitment. In reputation surveys, Johnson & Johnson continues to feature prominently at the top of the list. Compare that with the total mishandling of the Ford/Firestone tyre problem in the summer of 2000. In some cases, brands may be the most valuable of a corporation’s assets. They must be protected and BCM has a role in that protection.

6 billion or £1 per unit (bottle) of production capacity. Ratners This chain of jewellery shops was one of the most successful in the UK. It was built up over 40 years to be the country’s leading high-street retail jeweller. This was largely through the efforts of Gerald Ratner who pursued a low-price, highvolume policy. In April 1991 Ratner addressed a group of business leaders at the annual conference of the Institute of Directors. He was then asked how his company could sell its product so cheaply.

In addition, the Expedited Funds Availability Act specifically requires federally chartered financial institutions to have a demonstrable business continuity plan to ensure prompt availability of funds. FSA In the UK, the Financial Services Authority (FSA) sees BCM as part of good risk management. It expects all authorized financial institutions to consider the need for a risk-based BCM framework including an appropriate business continuity plan. The FSA Handbook states: 20 Why do I need BCM? A firm should have in place appropriate arrangements, having regard to the nature, scale and complexity of the business, to ensure that it can continue to function and meet its regulatory obligations in the event of an unforeseen interruption.

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