Developing a high-performance business continuity program is hard work and requires significant resource commitments and upper-management support. Respondents to the MissionMode Readiness Survey report varying levels of readiness with under 40% claiming to have business continuity management (BCM) plans in place across a wide number of potentially disruptive event types:
- 38% – Comprehensive BCM plans developed and trained across a wide variety of event types
- 37% – Plans developed and trained across a limited number of event types
- 25% – No plans or preliminary plans drafted but not trained
These respondents were most likely to be prepared for weather, power and IT-related incidents and least prepared to manage physical security threats, theft and product safety-related events. Developing and training a wide variety of BCM plans can seem like an insurmountable challenge, but MissionMode can help you both prioritize and prepare your plans.
The ongoing flooding in Louisiana is being described as the worst natural disaster to strike the United States since Superstorm Sandy of 2012.
Latest reports indicate that at least 11 are confirmed dead and more than 30,000 have been rescued. An estimated 40,000 homes have sustained flood damage statewide, but local reports put that figure higher.
Some 20 Louisiana parishes have now received a federal disaster declaration.
Flood damage is excluded under standard homeowners and renters insurance policies, but available as a separate policy both from the National Flood Insurance Program (NFIP) and some private insurers.
Depending on your organization’s resources and size, using risk transference to mitigate your risk may be a good option.
In a recent blog we discussed the acceptance of risk. When accepting risk is not appropriate, the strategies for risk mitigation include: developing and implementing strategies in house; using third parties to develop and implement the solutions, with in-house maintenance; or turning the entire solution over to a third party. For most organizations, some use of risk transference is appropriate.
Risk Transference: Risk transference is handing risk off to a willing third party.
The most frequently used and easiest method of risk transference is insurance. Insurance is the financial transfer of risk. When using insurance for risk mitigation, it is important to remember:
(TNS) — As survivors begin the repair phase of flood recovery, FEMA and the West Virginia Attorney General’s Office are warning about unscrupulous contractors who often prey on those down and out.
FEMA said incompetent and even criminal contractors will cause more challenges to victims, so officials offered a number of tips to help avoid such a situation.
“Disasters bring out the best in many people who unselfishly help others. Unfortunately, they also attract scam artists who seek to take advantage of disaster survivors,” FEMA officials said recently.
Attorney General Patrick Morrisey said unlicensed contractors often will canvass neighborhoods offering to repair damaged property with deals that seem too good to be true. All too often, he said, they are. Work is never completed despite payment made.