Business Continuity and Risk Management
Business continuity and risk management planing are essential to the operation of a business. The Covid-19 outbreak presents several risks to many businesses making it more important than ever to ensure that your business is prepared.
ISO 22301 Business Continuity
ISO 22301 is the International standard for business continuity. Planning for when a disaster strikes positions a business to have a more effective response and successful recovery.
Revised in late 2019, ISO 22301 is designed to implement easily into existing management processes. Certification to the standard is not a requirement. However, certification lets people know that your organisation meets the criteria of the standard. Find out more about ISO 22301 Business Continuity. Click here and download the ISO 22301 publication from the ISO website.
Covid-19: Business Continuity and Risk Management
There are many different risks that a business may need to prepare for. Things like IT breakdowns, cyber attacks, natural disasters, supply chain issues or staff leaving.
Above all, one of the biggest risk to most businesses right now is the Covid-19 pandemic and the associated economic downturn.
An external event, posing a risk to your business, can happen at any time. To avoid disruption and possibly even business failure, you need to be prepared. Being prepared will help you to combat these risks and minimize disruption to your business.
What can your business do to prepare for Covid-19?
- Assess Risk Of Disruption
Assess which areas of your business Covid-19 could impact. Consider supply, demand, employees, customers, events, effect of a lock-down situation etc.
Knowing which areas could be impacted will allow you to plan effectively and manage the risk.
- Supply Risks
Are there any risks to your supply chains? Where do you source materials and products? Are these places affected? Is there any slowdown in production?
Having this knowledge gives you the opportunity to put backup supply solutions in place.
- Make Plans
An effective risk management plan helps to minimize the impact that the virus has on your business operations.
Develop a framework enabling key business functions to continue in the event that your business is impacted by external events.
- Encourage Health And Safety Within Your Team
Encourage healthy practices in your workplaces to protect your team and the broader community. A guide for employers has been issued by the Department of Health to assist with how businesses should be approaching the Covid-19 outbreak.
- Customer Engagement
Consider how you interact with your customers. Businesses that have a face-to-face element with customers need to consider how they engage with their customers.
Offer an alternative way for your customers to complete transactions with you. Can you engage with them via video calling, social media, email etc.
Communicate effectively with your customers across multiple platforms. Make them aware that your business is still there and happy to help. Explain how people can interact with you and your business at this time.
Finally, communicate the risk management measures that you are taking to minimize disruption and the spread of Covid-19 throughout the community.
How Can We Help?
QSM Group offer a diverse range of services to assist your business with risk management and business continuity planning, as well as ISO compliance and certification. Contact us today to see how we can help.