BIA
Stakeholder Analysis
Business Impact Assessment and disaster management
A business impact assessment (BIA) is designed to evaluate the impact of a disaster upon the functioning of the organization and ideally, determine ways for the organization to remain operational, even during the stressors of a full-blown attack on its informational systems or a widespread catastrophe like a national disaster. "BIA report quantifies the importance of business components and suggests appropriate fund allocation for measures to protect them. The possibilities of failures are likely to be assessed in terms of their impacts on safety, finances, marketing, legal compliance, and quality assurance. Where possible, impact is expressed monetarily for purposes of comparison. For example, a business may spend three times as much on marketing in the wake of a disaster to rebuild customer confidence" than it did before the catastrophe (BIA, 2013, Search Storage). Another definition of a BIA is "to identify the organization's mandate and critical services or products; rank the order of priority of services or products for continuous delivery or rapid recovery; and identify internal and external impacts of disruptions" (A guide to business continuity planning, 2013, Public Safety). Prioritization is thus another critical component of BIA: not every situation can be planned for nor can every risk be perfectly controlled, but through prioritization and the determination what are mission-critical components of the organization, it can be assured that the organization can continue to function and offer necessary services within the least possible number of disruptions (BIA, 2013, FEMA).
One of the first steps is thus component priority, determining which components are most important for the business to function (Johnson 2010: 278). The second step is component reliance, which means, of these important components, which ones are critical because of the interrelation between those components and others necessary to do business (Johnson 2010: 278). Functions, dependencies, and the human intelligence required to fulfill...
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This component of planning functions on the basis of the drive to protect the company, as far as possible, from damage by means of external disaster or internal weakness. Contingency planning, then, allows a company to resume operations as soon as possible after a disaster or crisis. It ensures that the company has components in place that promotes its core health and resiliency. In contrast to the others, this
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