Hagerty’s Post

What can be the biggest misconceptions about BCMS or Business Continuity Management System? That your Enterprise Risk Management program is your BCMS… or your Emergency Response Plans or even coupled with your Crisis Management Plans are per se your company’s BCMS. A BCMS program captures not just ensuring the safety of Company personnel, safeguarding of its assets (ERP), protecting the very brand and image of your company (CMP), but more importantly the continuity of select mission critical (not all) functions by recovering your BETH3s - Building, Equipment, Technology, HR or People ang 3rd Parties… ERM on the other hand, cannot be your BCMS as the former is the discipline of identifying the broader strokes of mitigating key Company risks, and not just your Business Resiliency risks….

The Risk Management team at Verlingue are supporting lots of business at the moment on the very important subject of Business Continuity Planning and I thought it worth highlighting why this is so important. Why should a business have a Business Continuity Plan? All businesses need a Business Continuity Plan (BCP), to restore their critical business functions as quickly and seamlessly as possible, following an unplanned disruptive event. This could include a natural disaster such as flooding, a cyber-attack, fire, or an IT outage. . Unfortunately, due to the world we currently live in, with an increasing number of cyber-attacks and severe weather conditions, many businesses are finding they do not have to carry out their annual BCP test, as they have had to implement their plan within the last twelve months to manage an unplanned event.   What needs to be included in your Business Continuity Plan? Your BCP needs to be fit for purpose and be a working document that works for your business. There is no point spending time, energy and money writing a detailed plan, if it will not work for you. Your BCP needs to be a live working document and should refer to an assessment of the risks and potential impacts, evidence of planning and knowledge of roles and responsibilities, an effective response, a recovery plan and finally testing and training.   The advantages of a Business Continuity Plan include :- ·      Minimising downtime during an incident. ·      Build resilience and keep your business trading ·      Be able to recover operations more quickly after an unplanned event. ·      Mitigate risks and financial exposure. ·      Increase your competitive advantage. ·      Help to reduce costs and duration of any disruption. ·      Protect your company’s reputation and brand. ·      Provide customer confidence and trust. ·      Meet regulatory requirements. ·      Insure against otherwise unacceptable risks. If you would like further information regarding Business Continuity, or if Verlingue could offer support to your business, please contact myself, or one of the members of the Verlingue Risk Management Team. #riskmanagement #businesscontinuityplanning

All organisations must be prepared to respond to an emergency, disaster, or crisis and have pre-planned strategies in place that enable them to recover from the effects of such situations as timely as possible. Read our latest article from the Gallagher Risk Management team on Understanding the Value of Business Continuity Management and the steps you can take to embed the right process for your business. READ MORE: https://lnkd.in/e6xvtpXi

All organisations must be prepared to respond to an emergency, disaster, or crisis and have pre-planned strategies in place that enable them to recover from the effects of such situations as timely as possible. Read our latest article from the Gallagher Risk Management team on Understanding the Value of Business Continuity Management and the steps you can take to embed the right process for your business. READ MORE: https://lnkd.in/ed9_bbN4

Business continuity management (BCM) and crisis management:- BCM and crisis management are extremely important areas at this time. Even if it is already an area where internal audit spends much time and effort, it is expected to continue to do so in the next couple of years, mainly impacted by the war in Ukraine. Although crisis management and business continuity are closely related, there are distinctions between them. For example, BCM is proactive while crisis management is reactive. Business continuity focuses on a set of plans and procedures to ensure that an organisation is resilient. It involves planning for any potential disaster by identifying potential threats and analysing their impact on the organisation's day-to-day operations. Crisis management is complementary to business continuity and is the process of managing and dealing with crisis. Effective BCM, based on international best-practice standards such as ISO 22301, can protect organisations from widespread business disruption in the event of a successful cyber-attack. #BCM #Audit #Compliance #InternalControl #Risk #CyberAttack

[Live Webinar] After the Global Outage: Insights for Evaluating Vendor Risk Following the global IT outage that occurred on July 19, 2024, many organizations are now re-evaluating their third-party risk management strategy, IT outage response procedures, and business continuity plans. The underlying question for many of these organizations is, “How can I minimize the risk of disruptions caused by third party vendors?” Join us for a webinar on coming Thursday (1 Aug) 3pm, where Sophos CISO Ross McKerchar will share insights on: - Processes and procedures Sophos follows to mitigate the risk of service outages or other disruptions. - Key questions to ask vendors - How to assess vendors against multiple risk domains such as business continuity, operational resilience, and product security

What would you do if the worst were to happen to your business? Having a robust Business Continuity Plan is a must for any Company. Gallagher's Risk Management team can help you set out a Plan that will give you peace of mind and allow you to concentrate on the most important thing. Your business.

#ICYMI: We take immense pride and great care as emergency response management providers to ensure companies are well-prepared and trained to confidently navigate unexpected incidents. Learn how we help guide your risk mitigation and business continuity strategies at https://lnkd.in/eRi8ruyt #Blake40yrs #RiskManagement #InsuranceMatters #EmergencyPreparedness

Hi all,   Following the global IT outage that occurred on July 19, 2024, many organizations are now re-evaluating their third-party risk management strategy, IT outage response procedures, and business continuity plans.   The underlying question for many of these organizations is, “How can I minimize the risk of disruptions caused by third party vendors?”   Please join our webinar tomorrow, Sophos CISO Ross McKerchar will share insights on:   Processes and procedures Sophos follows to mitigate the risk of service outages or other disruptions Key questions to ask vendors How to assess vendors against multiple risk domains such as business continuity, operational resilience, and product security Cannot attend live? Registration link: https://lnkd.in/gSb93zAF

Following the global IT outage that occurred on July 19, 2024, many organizations are now re-evaluating their third-party risk management strategy, IT outage response procedures, and business continuity plans. The underlying question for many of these organizations is, “How can I minimize the risk of disruptions caused by third party vendors?”   During this webinar, on the 1st August, Sophos CISO Ross McKerchar will share insights on: - Processes and procedures Sophos follows to mitigate the risk of service outages or other disruptions  - Key questions to ask vendors  - How to assess vendors against multiple risk domains such as business continuity, operational resilience, and product security Register Here: https://lnkd.in/eTc4VX2G