5 Types of Business Continuity Risk
No one can predict the future.
Unfortunately, that means that things outside of your control can significantly affect your business – we call this business continuity risk.
The impact that external forces can have on an organisation can be far-reaching, which is where business continuity planning comes in. Business continuity software plans can do a lot of the heavy lifting when it comes to safeguarding your organisation, the people who work in it, and the people you serve
We’ll be addressing how you can help keep your organisation safe from the following types of business continuity risk:
- Environmental or natural disasters
- Human-caused (accidental)
- Human-caused (intentional)
- Societal risks
- Technological risks
To find out more about the different types of business continuity risk, keep reading! Or, to find out more about Savant’s Mataco solution to help you implement an effective business continuity strategy, please don’t hesitate to get in touch with our expert team.
What is Business Continuity Risk?
Business continuity risk refers to all of the different factors that can potentially affect your business continuity (your ability to carry on regular operations in the event of an emergency, disaster, or significant change).
Business Continuity Planning
The best way to protect your organisation against risks is to invest in business continuity planning. This can be done with business continuity software like Mataco, or through a range of other business continuity planning systems.
As part of the planning process, you should:
- Identify the most likely potential crises that might affect your business (hopefully, this guide will help you understand which are the most pressing for your organisation).
- Create plans addressing the risks that are of the highest priority to your organisation – these should include all the relevant steps to follow in a crisis, and the people responsible for each of these steps.
- Implement these plans, ensuring that your internal and external communications are strong and that all relevant parties understand their roles and responsibilities, and have appropriate training to carry them out in the event of an emergency.
- Implement continuous improvement and training programmes to ensure that your processes, knowledge and skills are always up to date.
Depending on your business’ circumstances, many possible events may constitute a crisis, while others might not affect you significantly. This is why a bespoke and tailored business continuity management plan is so important to many organisations.
Types of Business Continuity Risk
There are so many different types of risk, that it is almost impossible to prepare for every single eventuality. However, that doesn’t mean that risk planning is a waste of time.
While the perfect plan for every potential outcome isn’t possible, strong measures in place to protect your organisation against a broad range of potential risks are vital to ensuring minimal disruption wherever possible.
Environmental or Natural Disasters
Natural disasters are maybe one of the first things you might think about when talking about business continuity risk. There is no way of controlling natural disasters such as geological risks and meteorological risks, and they are impossible to predict in the long, and often, medium term. Your only option is to be prepared for as many scenarios as possible.
This type of business continuity risk may include:
- Volcanic eruptions
- Heavy snowfall
- Hurricanes and tornadoes
Human-Caused – Accidental
Accidents happen, and while most accidents will hopefully be minor, they can have a significant impact. Human-caused risks to your business continuity can include:
- A shortage of resources
- Spills or drops
- Accidental breakage of equipment
- Transportation incidents
- Accidental explosions, fires, or structural damage
- Essential employees are unavailable
Human-Caused – Intentional
While a strong risk assessment and procedure can minimise accidents very significantly, the risk caused by intentional action can be considerably less predictable
The most common type of intentional damage caused by humans today is through things like cyber-attacks, however, many other risks to your business can be caused by individuals acting intentionally:
- Robbery and theft
- Vandalism (both to buildings and facilities and products)
- Harassment or discrimination
No organisation is exempt from the world around us. Life is not always stable, and whether it’s at home or further afield, in today’s global marketplace, current events can have an impact on any business.
Societal risks that can affect business continuity include:
- Global conflicts and civil unrest
- Supply chain disruption
- Biological risks, such as foodborne illnesses and infectious diseases such as COVID-19.
As we become increasingly reliant on technology, the impact when it doesn’t work as we expect it to becomes increasingly bigger.
Technological risks to plan for in a business continuity strategy include:
- Hardware failure
- Software issues
- Network connectivity disruption or failure
What is the Relationship between Business Continuity and Risk Management?
While they move in the same circles, risk management refers to mitigating the impact of risks whenever possible. This might be through improved building infrastructure, backup generators, additional data centre security, and cloud capabilities so no data is lost.
Business continuity refers to how quickly a business can go back to normal, or at least minimum, operational procedures after an incident, so while they’re closely related topics, they’re not exactly the same. Business continuity looks at how cloud data can be accessed securely and by whom, how long backup generators can come online and how long they last, or a list of alternative workspaces for teams, for example. It also involves regular testing of business continuity processes, to ensure they remain fit for purpose in various scenarios.
Savant’s Mataco is your Business Continuity Software Solution
Mataco, a cloud-based software system, enables businesses to rapidly recover their IT infrastructure. Offering adaptable recovery solutions, Mataco is accessible on tablets, smartphones, and desktop PCs.
Mataco, at its core, simplifies the consolidation of your business continuity plans and emergency procedures into one unified platform. It holds the necessary documentation and procedures for every phase of business continuity, disaster recovery, and incident management processes.
By supporting, integrating, and guiding the development of your strategies throughout their creation and implementation, Mataco contributes to the establishment of robust business continuity plans, ensuring the safe and efficient operation of your organisation even under adverse conditions.
Mataco isn’t tied to any specific machines, locations, or IP addresses as the software is cloud-based. The Mobile Mataco companion application also facilitates access to business continuity plans on mobile devices and enables the sending of texts and emails via the Mataco software. This ensures seamless communication, making staff contact details available even in situations where standard communication channels may be inaccessible.
Mataco software provides organisations with a comprehensive set of tools to assist in the creation and effective implementation of business continuity plans, including:
- Standards support
- BIA Survey Tools
- Incident Logging
- Plan Production
- Management Information
- Risk Assessment
With over 30 years of expertise in advanced business solutions and systems, the team at Savant are here to support you and help ensure dependable recovery in case of the worst using the innovative Mataco solution.
Explore Mataco further by reaching out to us today through the provided form or by calling 01524 784400.
Want To Know More?
Contact us today to learn more about our products and services and see how we can help you.