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Volume 29, Issue 4

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A Boardroom Agenda for Business Continuity Planning

Written by  JASPREET SINGH Monday, 02 May 2011 15:37

Who should spearhead the business continuity planning (BCP) initiative within an organization? Risk function? CEO? Board of directors? During a recent survey, a majority of the respondents suggested that BCP should belong to the risk management office. However, all of the respondents believed that the person responsible for the BCP should have direct access to senior management or report to a C-level executive in an organization. This implies that BCP is not a functional agenda; it is one of the top-10 risks covered by enterprise risk functions of the organizations.Why BCP?Planning for recovery from a disaster is now commonly recognized as an essential component in the management of risk. Businesses today have become accustomed to planning for commercial risks, such as the sudden failure of a critical parts supplier, an unexpected debt or liability, labor strikes, or the discovery of a serious fault in a retail product. Planning for a