Business Continuity Management (BCM) identifies the processes within an organisation that could be threatened or compromised during emergency or disaster conditions. These processes then form part of a business continuity plan that assists the business in operating both during and after those conditions have ceased.
The increase in costly extreme climate events has provided a clear signal to many companies of the near-term risks of extreme climate change. Droughts in the US Midwest, severe heatwaves in Europe, damaging floods in Thailand and destructive storms along the east and west coasts of Australia, and the north-east United States. The Busines Continuity Institute (BCI) has released research spanning 35 countries that reveal that over 75% of organisations recorded at least one supply chain disruption with 20% admitting they had suffered reputational damage as a result.
Terrible events can happen, Cantor Fitzgerald LP, a bond trading firm who’s offices were located on the top five floors of the north tower at the World Trade Centre, lost 685 employees and its primary data centre on 11 September. It was the worst-case scenario of what could happen, yet the company was trading again within a week. Before the tragic events of 9/11, business continuity existed but was a backwater of contingency planning. The tragedy of 9/11 marked a turning point for business continuity that became a game changer.
The rise of the importance of business continuity resulted in an ISO standard being developed and released in May 2012. This is known as ISO 22301 Societal Security – BCM Systems – Requirements. This international standard specifies requirements for setting up and managing an effective business continuity management system (BCMS). Using the standard as guidance, IsoMetrix has developed a BCMS solution that helps organisations identify their exposure to external and internal threats and provides effective prevention and recovery during emergency or disaster conditions.