If a facility is damaged, production machinery breaks down, a supplier fails to deliver or information technology is disrupted, business is impacted and the financial losses can begin to grow.Recovery strategies are alternate means to restore business operations to a minimum acceptable level following a business disruption and are prioritized by the recovery time objectives (RTO) developed during the business impact analysis.Development of a business continuity plan includes four steps: Information technology (IT) includes many components such as networks, servers, desktop and laptop computers and wireless devices.Tags: Business Plan Promotion StrategyRevise EssayInteresting Argumentative Research Paper TopicsPersuasive Essay ModelsArgumentative Essay ElementsAbortion In Salman Rushdie Essay
The Operational & Financial Impacts worksheet can be used to capture this information as discussed in Business Impact Analysis.
The worksheet should be completed by business function and process managers with sufficient knowledge of the business.
Once all worksheets are completed, the worksheets can be tabulated to summarize: Those functions or processes with the highest potential operational and financial impacts become priorities for restoration.
The point in time when a function or process must be recovered, before unacceptable consequences could occur, is often referred to as the “Recovery Time Objective.”Recovery of a critical or time-sensitive process requires resources.
Strategies may involve contracting with third parties, entering into partnership or reciprocal agreements or displacing other activities within the company.
Staff with in-depth knowledge of business functions and processes are in the best position to determine what will work.Utilization of other owned or controlled facilities performing similar work is one option.Operations may be relocated to an alternate site - assuming both are not impacted by the same incident.Possible alternatives should be explored and presented to management for approval and to decide how much to spend.Depending upon the size of the company and resources available, there may be many recovery strategies that can be explored.Resources include: Since all resources cannot be replaced immediately following a loss, managers should estimate the resources that will be needed in the hours, days and weeks following an incident.The worksheets Operational and Financial Impacts and Business Continuity Resource Requirements should be distributed to business process managers along with instructions about the process and how the information will be used.Following an incident that disrupts business operations, resources will be needed to carry out recovery strategies and to restore normal business operations.Resources can come from within the business or be provided by third parties.After all managers have completed their worksheets, information should be reviewed. Meetings with individual managers should be held to clarify information and obtain missing information.After all worksheets have been completed and validated, the priorities for restoration of business processes should be identified.