BUSINESS IMPACT ANALYSIS
WHAT IS A BUSINESS IMPACT ANALYSIS?
A Business Impact Analysis (BIA) determines the criticality of business activities and associated resource requirements to ensure operational resilience and continuity of operations during and after a business disruption. The BIA quantifies the impacts of disruptions on service delivery, risks to service delivery, recovery time objectives (RTOs), and recovery point objectives (RPOs). These recovery requirements form the foundation for further strategy, solutions, and plans.
WHY YOU NEED A BUSINESS IMPACT ANALYSIS
When done well, a BIA provides a clear roadmap to resiliency. The BIA is part of a thorough plan to minimize risk. All business can be disrupted by accidents and emergencies. These can include a failure of suppliers, labor disputes, utility failures, cyber-attacks, not to mention natural or man-made disasters.
There are many reasons why a BIA is important and you need one:
Identify critical business functions: A BIA helps to identify the critical business functions that an organization relies on to deliver its products or services. This information is critical in prioritizing the allocation of resources to ensure that these functions are adequately protected.
Assess potential impacts: A BIA helps to assess the potential impacts of disruptions to critical business functions. This includes identifying the financial, operational, and reputational impacts that could result from a disruption.
Determine recovery requirements: A BIA helps to determine the recovery requirements for critical business functions. This includes identifying the recovery time objectives (RTOs) and recovery point objectives (RPOs) for each critical function, which can inform the development of a comprehensive disaster recovery plan.
Allocate resources effectively: A BIA helps to ensure that resources are allocated effectively to protect critical business functions. This includes identifying areas where additional resources may be required, such as personnel, equipment, or technology.
Maintain regulatory compliance: A BIA helps to ensure that an organization maintains compliance with relevant regulations and standards. This includes identifying areas where regulatory compliance may be at risk in the event of a disruption to critical business functions.
HOW ARE WE GOING TO PERFORM BUSINESS IMPACT ANALYSIS
Octellient will work with you to define objectives, goals, and scope in order to be clear about what the BIA is seeking to achieve. Through this process, we work with you to identify those that are knowledgeable about the processes of the business. This can include managers, supervisors, and other team members with knowledge of the business.
WHY OCTELLIENT?
WE MAKE IT SIMPLE. Our proven process accomplishes multiple objectives. It will create a prioritized list of business functions or processes. It will identify the human and technology resources needed to maintain an optimal level of operations. It will establish a recovery timeframe in which to recover the process or function and return it to normal. All is validated with senior management.