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Benefits of Business Continuity Management

This page outlines the benefits of implementing a business continuity management system (BCMS) aligned to the international business continuity management standard, ISO 22301.

By implementing a BCMS compliant with ISO 22301 your organization can:

Maintain continuity of business operations

In the event of business disruption, a BCMS helps an organization to maintain its service levels to its customers. The BCMS enables business leaders to assess the potential impacts of an operational disruption, make the right decisions quickly, deploy an effective response, and minimize the overall impact to the organization.

Protect assets, turnover and profits

Effective business continuity management means that the organization is able to ensure continuity in the delivery of its products and services, and perform activities that are critical to successfully continuing its operations. These activities protect the business’ income stream, and reduce the risk of further losses due to an incident or disaster. Effective BCM also helps protect an organization’s assets.

Meet legal and regulatory requirements

Compliance with ISO 22301 can provide evidence that the organization has taken the necessary steps to comply with regulatory requirements that call for an effective business continuity management program. Apart from a director’s duty under corporate governance requirements, regulations like Sarbanes-Oxley (SOX), the GDPR, the NIS Directive and the Health Insurance Portability and Accountability Act (HIPAA) in the USA are all examples where effective business continuity and/ or incident response management are essential for compliance.

Monitor and test your BCP to ensure you are prepared

A business continuity plan (BCP) is not likely to work if it is not regularly tested and updated. Since it is not integrated with the organization’s corporate governance and management system, the BCP often gets filed and forgotten, with just a few people being aware of it. A BCMS, on the other hand, is broadly accepted as the most comprehensive approach to organizational resilience. It enables organizations to update, control, and deploy effective plans, taking into account organizational contingencies and capabilities as well as the business needs (product- and service- requirements). Unlike the BCP, the BCMS is embedded in the organization’s culture.

Reduce the cost of business interruption insurance

By implementing a BCMS that conforms with ISO 22301, the organization has better insights into the real impact of a potential disaster, which enables the business to better evaluate the type and value of insurance cover it requires.

Increase competitive advantage and enhance corporate reputation

Organizations with an ISO 22301-compliant BCMS can improve customer confidence in the organization’s ability to respond to a series of incidents and events. With business continuity management recognized as a key element for business sustainability, more and more organizations require accredited certification to ISO 22301 for suppliers wishing to do business with them.

Reduce the need for frequent audits

By providing a globally accepted indication of business continuity effectiveness, ISO 22301 certification negates the need for repeated customer audits, reducing the number of external customer audit days. Clients find comfort in the fact that suppliers have put substantial effort into ensuring they can continue business under difficult circumstances.

Obtain an independent opinion about your security posture

Accredited certification to ISO 22301 involves regular reviews and internal audits of the BCMS to make sure it continually improves. In addition, an external auditor will review the BCMS at specific intervals to establish whether the controls are working as intended. This independent assessment provides an expert opinion of whether the BCMS is functioning properly and provides the level of security needed to protect the organization’s products and services.

Improve processes and organizational focus

Implementing a BCMS involves assessing and evaluating organizational processes, which identifies potential inefficiencies that can be improved. A BCMS implementation project involves the entire business, and helps the organization focus on its objectives and maintain direction.

 

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Business continuity management/ ISO 23301 resources

 

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