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business continuity plan finance department

The Role of Finance in Business Continuity

The Role of Finance in Business Continuity

  • Francois Lacas, Deputy Chief Operating Officer at Yooz
  • 15.10.2020 10:00 am

COVID-19 has shifted the role of the internal finance function.

From “work from home” mandates and furloughs to downsizing and outright business closures, every department found themselves forced into change. Finance departments have been particularly impacted due to the crucial role they play when it comes to businesses navigating through crises.

A business’ first challenge is to maintain continuity while working remotely; as time does not stop, financial obligations must be respected. More than ever during difficult times, businesses need to find a way to keep going.

Covid: the driving force behind digital transformation

COVID-19 has arguably been one of the biggest drivers of digital transformation, forcing a lot of people’s hand to look at solutions to overcome problems such as working from home, ensuring remote IT security or paying suppliers to keep production and sales going. The crisis acted as a wake-up call for all finance departments that had not yet started their digital transformation.

The finance departments’ second challenge has been managing cash pressures to ride out the crisis, which means streamlining processes to cut costs, save time, and gain visibility on inflows and outflows. To do so, implementing the right digital tools and technologies is no longer optional.

The crisis has also highlighted the strategic role of the CFO in guiding every crucial business decision. During this sensitive time, CEOs and management teams count more than ever on the analysis and advice of their finance departments. Digital transformation and automation are helping finance teams free up time from manual tedious tasks to focus on more value-added work such as data analysis that clarifies and facilitates decision making.

How has the responsibility of the finance department evolved?

As the pandemic hit, finance departments’ main priorities shifted to ensuring business continuity, carefully managing their increasingly tighter cash flow, while guiding their management team’s decision making.

Finance teams found themselves having to become more agile to make better, faster decisions while maintaining control over financial processes and minimise risk to the business.

In the context of an economic slowdown, finance departments also need to be especially efficient, optimising their tedious processes through automation, to save time and money. Digital transformation is helping finance departments achieve these goals.

For example, finance departments that implement cloud P2P Automation software have reduced their costs by up to 80% and cut processing cycle time to hours. AP Automation also helps businesses prevent risks such as late payments of invoices, erroneous or double payments, fraud attempts, or not being compliant.

Continuity, risk management and the foundations for growth and recovery

The continuity of the finance function is crucial to avoid cashflow problems and help support suppliers, clients and, ultimately, the economy.

It’s important to keep paying providers, big or small, as the knock-on effects for their own business and customers could be significant. Paying suppliers is a simple yet effective way to keep continuity of service as well as a way to keep people employed, motivated and prepared for after the crisis.

Simply put, there are two main ways to help with business continuity: by allowing suppliers to be paid, fast, as when everyone pays suppliers on time it will be easier to face the crisis for many others down the chain.

Secondly, because businesses have streamlined the financial processes, it makes everyone more productive while providing full visibility on key decision-making information.

What role do finance, and accounting technologies play in crisis management, continuity planning and performance observation?

The COVID-19 crisis is the first in modern economic history which has prevented employees to work even while business was alive and when new project investments were not frozen. Why? Because it stopped processes remaining mainly on physical exchanges – paper-based to be clear.

Conversely, the processes which are digitised continued to run because they allow their stakeholders to continue working remotely: issue an electronic order, receive an invoice by email, validate it via the web on their computers, their tablet or mobile, approve payment and settle it.

Indeed, technology-based processes allow businesses to switch to remote working mode overnight. We can argue that COVID-19 is the proof-of-concept for cloud technology, notably accounts payable automation and a wake-up call for any finance departments which did not have a business continuity plan including digital technologies.

Furthermore, we expect that companies that have been partially or strongly been impacted by the cash crisis will want to control and cut their internal costs even more. In the coming month, cutting costs and fighting invoice fraud will become critical, therefore using technology will be essential to achieve these goals.

A wise man once said,  “Life isn't about waiting for the storm to pass; it's about learning how to dance under the rain.”  This describes perfectly the current mindset of financial decision makers who have quickly realised, if they didn’t know it already, that digital transformation is not just essential, but inevitable.

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  • Business Continuity Planning (BCP)

business continuity plan finance department

Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on July 12, 2023

Are You Retirement Ready?

Table of contents, what is business continuity planning (bcp).

Business Continuity Planning refers to the process of creating and implementing strategies and measures that ensure an organization can continue its essential operations and deliver critical services in the event of a disruptive incident.

BCP aims to minimize the impact of potential threats, such as natural disasters, cyberattacks, or operational failures, on the organization's ability to function.

The primary objective of BCP is to establish resilient systems and procedures that allow businesses to recover quickly and efficiently from any significant disruption.

This involves identifying potential risks, assessing their potential impact, and developing strategies to mitigate those risks.

BCP typically includes measures like creating backup systems, implementing data recovery processes, establishing alternate work locations, and developing communication plans.

By developing a robust BCP, organizations can ensure the safety of their employees, maintain customer trust and satisfaction, minimize financial losses, and comply with regulatory requirements.

It is an ongoing process that requires regular review, testing, and updates to adapt to changing circumstances and emerging threats.

Key Components of Business Continuity Planning

Business impact analysis (bia).

A Business Impact Analysis involves identifying critical business functions and processes, assessing the potential impact of disruptions, and estimating the maximum tolerable downtime for each process.

This helps organizations prioritize their resources and determine appropriate recovery strategies.

The BIA process often includes interviews with key personnel, surveys, and data analysis to gather information about the organization's business processes, dependencies, and potential consequences of disruptions.

This information forms the foundation for developing risk mitigation strategies and allocating resources to protect critical business functions.

Risk Assessment

Risk Assessment is the process of identifying potential threats and vulnerabilities, evaluating the likelihood and impact of risks, and prioritizing them for mitigation and response.

This information is crucial for developing effective recovery strategies and allocating resources efficiently.

A comprehensive risk assessment involves analyzing potential risks from various sources, such as natural disasters, human-made incidents, and technological failures.

By understanding these risks' likelihood and potential impact, organizations can make informed decisions about where to invest in prevention, response, and recovery measures.

Recovery Strategies

Recovery strategies are the plans and actions taken to restore business processes during a disruption. This includes developing strategies for business process recovery, implementing backup and redundancy measures, and establishing alternative operational sites if necessary.

Organizations can choose from various recovery strategies, such as redundancy, backup systems, alternative locations, and remote work arrangements.

The choice of recovery strategies depends on factors such as the organization's size, industry, regulatory requirements, and available resources.

Incident Response Plan

An Incident Response Plan outlines the procedures and responsibilities for managing a disruption. This includes establishing an incident management team, defining roles and responsibilities, and developing communication and notification procedures.

The Incident Response Plan should be detailed, outlining clear steps for responding to various types of incidents.

It is essential to include procedures for coordinating with external stakeholders, such as first responders, suppliers, and customers, and internal communication processes to keep employees informed and engaged during a disruption.

Training and Awareness

Regular BCP training and exercises are essential to ensure employees know BCP policies and procedures. This helps to incorporate BCP into the organization's culture, making it more resilient and adaptable in the face of disruptions.

Training and awareness programs may include workshops, simulations, and e-learning courses that cover topics such as emergency procedures, communication protocols, and the roles and responsibilities of employees during an incident.

By fostering a culture of preparedness, organizations can improve their ability to respond effectively to disruptions and maintain business continuity.

Key Components of Business Continuity Planning

Steps in Business Continuity Planning

Plan development.

Conducting BCP involves assigning responsibility for plan development and management, establishing a project timeline and milestones, and involving key stakeholders in the planning process.

A successful BCP development process requires collaboration across departments and functions, ensuring that all perspectives and concerns are considered.

Additionally, assigning a dedicated team or individual to oversee BCP development and implementation can help ensure that the plan remains on track and meets the organization's needs.

Plan Testing and Validation

This can be done through tabletop exercises and full-scale drills helps to evaluate its effectiveness and identify areas for improvement. Updating the plan based on test outcomes ensures that it remains relevant and functional.

Tabletop exercises are discussion-based simulations that allow participants to walk through various scenarios and evaluate the effectiveness of the BCP.

On the other hand, full-scale drills are live simulations that test the organization's ability to execute the BCP under realistic conditions. Both types of exercises provide valuable insights and help identify gaps or areas for improvement in the plan.

Plan Maintenance and Continuous Improvement

Regularly reviewing and updating the BCP, monitoring changes in the business environment, and integrating lessons learned from tests and real-world incidents contribute to continuous improvement and ensure that the plan remains effective.

To maintain an effective BCP, organizations should establish a schedule for regular plan reviews and updates, considering changes in business operations, technology, and regulatory requirements.

Additionally, after-action reviews following tests and real-world incidents can provide valuable insights for improving the plan and strengthening the organization's resilience.

Steps in Business Continuity Planning

Benefits of Business Continuity Planning

Minimized downtime and financial loss.

For businesses, downtime can have severe financial implications - from loss of revenue to additional costs related to recovery and rebuilding.

A well-conceived BCP outlines the strategies and measures necessary to keep critical functions running or to quickly resume them after a disruptive event.

It helps organizations maintain their cash flow, protect financial stability, and avoid the potential loss of market share to competitors .

Customer Trust and Reputation

Customers expect reliable and uninterrupted services and even a minor disruption can lead to dissatisfaction, damaging the company's reputation.

A robust BCP allows a company to maintain or quickly resume its services during a crisis, which is essential for customer retention and long-term loyalty.

This continued service reliability fosters trust among clients and maintains the company's reputation, which can be a critical differentiating factor in the marketplace.

Competitive Advantage

When disruptions occur, organizations with a comprehensive BCP in place can maintain operations and continue providing services, while competitors may struggle.

This readiness positions a company as reliable and resilient, which can attract new customers and strengthen relationships with existing ones.

Employee Confidence

An effective BCP demonstrates to employees that their organization is well-prepared for potential disruptions. This transparency can reduce panic and confusion, thereby increasing employee confidence and productivity in stressful situations.

It also signals the company's commitment to employee welfare and job security, which can contribute to increased job satisfaction and retention.

Regulatory Compliance

In many industries, such as finance, healthcare, and energy, regulatory bodies mandate business continuity planning to protect consumers and maintain industry stability.

A comprehensive BCP ensures that organizations meet these regulatory requirements, preventing potential penalties, sanctions, or legal actions.

It also demonstrates the organization's commitment to best practices, which can foster trust among clients and stakeholders .

Enhanced Decision-Making

A well-structured BCP includes clear protocols and procedures for various disruptive scenarios, reducing ambiguity and confusion.

This clarity allows the management team to quickly understand the situation, make informed decisions, and take appropriate actions without delay.

By enhancing response time and efficiency, a BCP minimizes the negative impacts of a crisis and hastens recovery.

Limitations of Business Continuity Planning

Cost and resource intensive.

Conducting thorough risk assessments and business impact analyses, creating the plan, ensuring its alignment with the organization's goals, and training employees can all be resource-intensive activities.

Regular testing, maintenance, and updating of the plan can also incur substantial costs over time. For small to medium enterprises (SMEs) with limited resources, these expenses can be significant and may impede the implementation of a comprehensive BCP.

This complexity stems from the need to deeply understand various business processes, operational dependencies, and potential risks. Ensuring that every department, function, or operation is adequately represented in the BCP can be challenging.

It also necessitates collaboration and coordination across different teams and levels of the organization, adding to the overall complexity.

Plan May Not Cover All Scenarios

While a well-constructed BCP is developed based on an extensive risk assessment, it's virtually impossible to predict and plan for all potential disruptions.

Organizations are susceptible to unforeseen disruptions due to the uncertain and ever-changing nature of risks. This is particularly evident in our interconnected world, where new threats can arise that were not originally considered during the planning stage.

Plan Execution Uncertainties

Even with a robust BCP in place, uncertainties during its execution in a real-world crisis can pose challenges.

Despite training and preparation, human error, stress-induced mistakes, miscommunication, or unforeseen complications can impede the successful execution of the plan.

These uncertainties underline the need for regular testing and revision of the plan and its procedures.

False Sense of Security

This is a potential psychological drawback of having a BCP. There's a risk that the existence of the plan could lead to complacency, with individuals assuming they are entirely protected from disruptions.

This mindset can reduce alertness to new threats and hamper the organization's agility and responsiveness.

Benefits and Limitations of Business Continuity Planning

Best Practices for Business Continuity Planning

Management support.

Management must recognize the value of BCP and commit to its implementation, ensuring that the necessary resources, both human and financial, are dedicated to the planning process.

Moreover, the involvement of the senior leadership team demonstrates the importance of the plan to the entire organization, reinforcing commitment across all levels.

Total Involvement

BCP should encompass all departments and functions within the organization. Representatives from every department, including operations, HR, finance, and IT, should be involved in the planning process.

This comprehensive approach ensures that the plan covers all critical functions and that recovery strategies are aligned across the entire business.

Effective Communication

A comprehensive communication strategy should be in place, detailing how and when information will be communicated to employees, customers, suppliers, stakeholders, and potentially the media.

Clear, timely, and accurate communication can help to minimize confusion and misinformation and maintain trust during a disruption.

Third-Party Considerations

The continuity planning of your suppliers, service providers, and partners can have a significant impact on your organization. Therefore, part of your BCP should involve understanding and evaluating the resilience of key third parties.

This will help to ensure that their potential weaknesses or failures do not disrupt your operations.

Documentation

This includes records of risk assessments and BIAs, continuity strategies, training materials, and records of updates and changes to the plan. Comprehensive documentation serves as a valuable reference guide during a crisis and aids in the training, testing, and revision of the plan.

Best Practices for Business Continuity Planning

Final Thoughts

Business Continuity Planning is a critical process that organizations must undertake to ensure the continuity of their operations and the delivery of vital services during disruptive incidents.

By implementing strategies and measures to minimize potential threats, organizations can recover quickly and efficiently from significant disruptions.

BCP encompasses components such as business impact analysis, risk assessment, recovery strategies, incident response planning, and training programs.

It offers numerous benefits, including minimizing downtime and financial losses, maintaining customer trust and reputation, gaining a competitive advantage, boosting employee confidence, ensuring regulatory compliance, and enhancing decision-making.

Despite potential drawbacks such as costs and complexities, organizations can overcome them through management support, total involvement from all departments, effective communication strategies, considerations for third-party resilience, and comprehensive documentation.

By prioritizing BCP and incorporating it into their organizational culture, businesses can effectively respond to crises, protect their reputation, and thrive in a dynamic business environment.

Business Continuity Planning (BCP) FAQs

What is business continuity planning (bcp).

Business Continuity Planning is an organization's proactive process to identify potential threats and impacts to its operations. It provides a framework for building resilience and the capacity for an effective response that safeguards the interests of key stakeholders, reputation, brand, and value-creating activities.

Why is Business Continuity Planning (BCP) important?

BCP is crucial because it enhances an organization's ability to continue operations during or after a disruption or disaster. It minimizes downtime, reduces the scope of disruption, and provides a planned recovery path, thus protecting the organization from significant financial loss and reputational damage.

What are the key components of Business Continuity Planning (BCP)?

Key components of BCP include Business Impact Analysis (identifying critical functions and their dependencies), Recovery Strategies (defining how to recover critical functions), Plan Development (writing the plan), and Testing and Exercises (evaluating the plan's effectiveness and making necessary adjustments).

How often should a Business Continuity Plan (BCP) be updated?

A BCP should be reviewed and updated regularly to ensure its effectiveness. The frequency can depend on the organization's operations, technology, personnel, or physical location changes. However, as a best practice, reviewing and updating the BCP at least annually or whenever significant changes occur is recommended.

Who is responsible for Business Continuity Planning (BCP) in an organization?

While the responsibility can vary depending on the size and structure of the organization, typically, a designated Business Continuity Manager or a team is responsible for BCP. However, it's important to note that successful business continuity planning requires support and involvement from top management and participation across all levels of the organization.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

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Business Continuity Plan Template for Financial Services

Business Continuity Plan Template for Financial Services

What is a Business Continuity Plan for Financial Services?

A Business Continuity Plan (BCP) for Financial Services is a plan designed to ensure the continuity of critical financial operations and services. BCPs are designed to help banks, financial institutions, and other organizations in the financial services industry develop their business continuity plans and prepare for any disaster or disruption that could threaten their operations. The plan is designed to provide strategies for mitigating risks, developing business continuity plans, maintaining technology infrastructure, and ensuring regulatory compliance.

What's included in this Business Continuity Plan for Financial Services template?

  • 3 focus areas
  • 6 objectives

Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.

Who is the Business Continuity Plan for Financial Services template for?

This Business Continuity Plan for Financial Services template is designed for banks, financial institutions, and other organizations in the financial services industry who need a comprehensive plan for addressing potential risks and disruptions to their operations. The template outlines the steps needed to develop an effective BCP, including focus areas, objectives, targets, and projects.

1. Define clear examples of your focus areas

Focus areas are the major categories in which objectives and projects are organized. When creating a Business Continuity Plan, it is important to identify the focus areas that are most relevant to your organization’s operations. Examples of focus areas could include risk mitigation strategies, business continuity planning, technology infrastructure maintenance, and regulatory compliance.

2. Think about the objectives that could fall under that focus area

Objectives are the goals or outcomes that need to be achieved in order to complete a focus area. When creating a Business Continuity Plan, it is important to define the objectives that will help you achieve the desired outcome for each focus area. Examples of some objectives for the focus area of Ensure Business Continuity could be: Establish Risk Mitigation Strategies, and Develop Business Continuity Plan.

3. Set measurable targets (KPIs) to tackle the objective

KPIs, or key performance indicators, are metrics that are used to measure the success or progress of an objective. When creating a Business Continuity Plan, it is important to identify the KPIs that can be used to track the progress of each objective. An example of a KPI for the focus area of Ensure Business Continuity could be: Evaluate Risk Factors.

4. Implement related projects to achieve the KPIs

Projects are the actions that need to be completed in order to achieve the objectives. When creating a Business Continuity Plan, it is important to identify the projects that need to be completed in order to achieve the desired outcome. An example of a project related to Ensure Business Continuity could be: Identify and Assess Risk Factors.

5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy

Cascade Strategy Execution Platform enables organizations to more effectively track and manage their business continuity plans. The tool provides users with an easy-to-use interface for setting objectives and targets, monitoring progress, and collaborating with team members. With Cascade, organizations can achieve faster results from their business continuity plans.

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  • Business Continuity Plan Basics
  • Understanding BCPs
  • Benefits of BCPs
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  • BCP & Impact Analysis
  • BCP vs. Disaster Recovery Plan

Frequently Asked Questions

  • Business Continuity Plan FAQs

The Bottom Line

What is a business continuity plan (bcp), and how does it work.

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Investopedia / Ryan Oakley

What Is a Business Continuity Plan (BCP)? 

A business continuity plan (BCP) is a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.

Key Takeaways

  • Business continuity plans (BCPs) are prevention and recovery systems for potential threats, such as natural disasters or cyber-attacks.
  • BCP is designed to protect personnel and assets and make sure they can function quickly when disaster strikes.
  • BCPs should be tested to ensure there are no weaknesses, which can be identified and corrected.

Understanding Business Continuity Plans (BCPs)

BCP involves defining any and all risks that can affect the company's operations, making it an important part of the organization's risk management strategy. Risks may include natural disasters—fire, flood, or weather-related events—and cyber-attacks . Once the risks are identified, the plan should also include:

  • Determining how those risks will affect operations
  • Implementing safeguards and procedures to mitigate the risks
  • Testing procedures to ensure they work
  • Reviewing the process to make sure that it is up to date

BCPs are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. It is generally conceived in advance and involves input from key stakeholders and personnel.

Business impact analysis, recovery, organization, and training are all steps corporations need to follow when creating a Business Continuity Plan.

Benefits of a Business Continuity Plan

Businesses are prone to a host of disasters that vary in degree from minor to catastrophic. Business continuity planning is typically meant to help a company continue operating in the event of major disasters such as fires. BCPs are different from a disaster recovery plan, which focuses on the recovery of a company's information technology system after a crisis.

Consider a finance company based in a major city. It may put a BCP in place by taking steps including backing up its computer and client files offsite. If something were to happen to the company's corporate office, its satellite offices would still have access to important information.

An important point to note is that BCP may not be as effective if a large portion of the population is affected, as in the case of a disease outbreak. Nonetheless, BCPs can improve risk management—preventing disruptions from spreading. They can also help mitigate downtime of networks or technology, saving the company money.

How To Create a Business Continuity Plan

There are several steps many companies must follow to develop a solid BCP. They include:

  • Business Impact Analysis : Here, the business will identify functions and related resources that are time-sensitive. (More on this below.)
  • Recovery : In this portion, the business must identify and implement steps to recover critical business functions.
  • Organization : A continuity team must be created. This team will devise a plan to manage the disruption.
  • Training : The continuity team must be trained and tested. Members of the team should also complete exercises that go over the plan and strategies.

Companies may also find it useful to come up with a checklist that includes key details such as emergency contact information, a list of resources the continuity team may need, where backup data and other required information are housed or stored, and other important personnel.

Along with testing the continuity team, the company should also test the BCP itself. It should be tested several times to ensure it can be applied to many different risk scenarios . This will help identify any weaknesses in the plan which can then be corrected.

In order for a business continuity plan to be successful, all employees—even those who aren't on the continuity team—must be aware of the plan.

Business Continuity Impact Analysis

An important part of developing a BCP is a business continuity impact analysis. It identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.

FEMA provides an operational and financial impact worksheet to help run a business continuity analysis. The worksheet should be completed by business function and process managers who are well acquainted with the business. These worksheets will summarize the following:

  • The impacts—both financial and operational—that stem from the loss of individual business functions and process
  • Identifying when the loss of a function or process would result in the identified business impacts

Completing the analysis can help companies identify and prioritize the processes that have the most impact on the business's financial and operational functions. The point at which they must be recovered is generally known as the “recovery time objective.”

Business Continuity Plan vs. Disaster Recovery Plan

BCPs and disaster recovery plans are similar in nature, the latter focuses on technology and information technology (IT) infrastructure. BCPs are more encompassing—focusing on the entire organization, such as customer service and supply chain. 

BCPs focus on reducing overall costs or losses, while disaster recovery plans look only at technology downtimes and related costs. Disaster recovery plans tend to involve only IT personnel—which create and manage the policy. However, BCPs tend to have more personnel trained on the potential processes. 

Why Is Business Continuity Plan (BCP) Important?

Businesses are prone to a host of disasters that vary in degree from minor to catastrophic and business continuity plans (BCPs) are an important part of any business. BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.

What Should a Business Continuity Plan (BCP) Include?

Business continuity plans involve identifying any and all risks that can affect the company's operations. The plan should also determine how those risks will affect operations and implement safeguards and procedures to mitigate the risks. There should also be testing procedures to ensure these safeguards and procedures work. Finally, there should be a review process to make sure that the plan is up to date.

What Is Business Continuity Impact Analysis?

An important part of developing a BCP is a business continuity impact analysis which identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.

FEMA provides an operational and financial impact worksheet to help run a business continuity analysis.

These worksheets summarize the impacts—both financial and operational—that stem from the loss of individual business functions and processes. They also identify when the loss of a function or process would result in the identified business impacts.

Business continuity plans (BCPs) are created to help speed up the recovery of an organization filling a threat or disaster. The plan puts in place mechanisms and functions to allow personnel and assets to minimize company downtime. BCPs cover all organizational risks should a disaster happen, such as flood or fire.  

Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15 - 17.

Ready. “ IT Disaster Recovery Plan .”

Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15-17.

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Business Continuity Planning Solutions

In an increasingly interconnected world, it’s imperative for you to rethink contingency planning. Transformed global business and operations strategies add new interruption risks to risk portfolios. Building resilient and recoverable operations is more difficult to implement when time is precious and challenges are approaching.

PwC’s business continuity planning solutions help you identify, prepare for and prevent events that may disrupt business activities. Working with us, you can develop the plans needed to recover efficiently and effectively including program assessment, implementation, testing, maintenance and training.

Understanding today’s drivers is the first step when planning a business continuity program

Recent industry interruptions.

Cyber events and natural disasters have sparked the need to develop more robust recovery plans.

Third-party resiliency

Regulatory guidance now requires transparency into critical third-party resiliency. Third parties may include call centers, IT providers and back office services.

Being a resilient supplier/partner

Regulators and partners are seeking insight into resiliency plans to assure fund availability and portfolio integrity as well as their relative priority during crisis events.

Focus on enterprise-wide governance, risk management and compliance (GRC)

Organizations are increasingly focused on integrated risk and compliance management to reduce compliance cost and provide better risk insight.

Reduced tolerance for downtime

Customers demand 24/7 access to products and services. The new technology has high availability requirements to provide competitive and customized service offerings. Regulators' tolerance for critical system downtime is also diminishing.

Crisis management and social media

Quick identification and internal/external response to crisis events can protect and increase brand value

Developing operational resilience and business continuity

PwC’s business continuity planning solutions will help you develop operational resilience and business continuity that is scalable and that enables your company to prioritize investments.

Some of our solutions include:

  • BCP program assessment and design
  • Business impact analysis and interruption risk assessment
  • Recovery strategy selection and implementation
  • Recovery plan creation and resiliency improvement
  • BCP program exercising, maintenance and training
  • BCP program technology enablement and enterprise risk management integration
  • Third-party resiliency framework and analysis
  • Crisis management program development and exercises
  • IT disaster recovery and BCP program alignment and analysis  

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The CFO’s Guide to Crisis Management and Business Continuity Planning

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As the world finds itself in the grip of a worldwide viral outbreak, an overwhelming sense of uncertainty is felt everywhere. The nature of the crisis is nothing we have ever seen and even the biggest companies and their crisis management team find themselves unprepared. While the safety and well-being of people are always at the forefront of concerns, the economic consequences of the global pandemic are not far behind.

Businesses all over the world are faced with numerous problems caused by the  COVID-19 outbreak . To make matters worse, the pandemic has yet to reveal its full impact on business operations. As the nation, and the entire world is put on lockdown, we can only speculate what will result from reduced travel, social distancing, quarantine, suspended events, event cancellations, and disrupted supply chains. Many  CEOs  and  CFOs  are bracing for impact and looking for steps and measures to put into place to protect their businesses. We are here to provide a framework for  disaster recovery ,  crisis response communication , and  business continuity management  that can help lead you through economic hardship.

Facing the Unknown

We find ourselves in uncharted waters, which means that we have little certain information to go by. Many governments are doing their best to adjust and adapt to the effects of the virus. As a worldwide crisis of this magnitude has never happened before, no company had developed a continuity and disaster recovery plan to survive the business impact of a global pandemic. And when it comes to  business continuity  and disaster recovery, testing your business continuity and recovery strategies beforehand would have been ideal. However, because  COVID-19  blindsided businesses worldwide, many companies never tested their senior management and their ability to execute the emergency response plan to ensure critical business functions remain intact.

Despite the lack of preparation, this doesn’t mean that we can’t develop and implement a business continuity program as new data on the pandemic and its economic impact comes to light. After all, there is no clearly defined timeframe for how long this will last. The only sure thing is that it will not blow over in a week or two. Predictions from specialists say that it could last for weeks, if not months. As a business, you need to prepare for a wide range of scenarios.

The best case we can hope for is an affected second quarter (Q2), after which we pick up the pieces in the third quarter (Q3). While this is the best-case scenario, it is crucial to consider that the situation can drag out for much longer. Businesses need to look into both short-term and long-term recovery procedures when protecting themselves. Before you begin the disaster recovery planning process, take a closer look at how to approach the following:

  • Crisis management
  • Business continuity  planning
  • Modifying plans

Crisis Management Blueprint

A lot of businesses have experienced the stress of cash shortages and financial pressure. On the other hand, given the agreeable economic situation in recent years, there may be many newer businesses experiencing this for the first time. Whatever the case is, you will need to look into crisis management. While each company has its unique set of challenges, this can serve as a blueprint for putting together a detailed crisis management plan.

Have a Clearly Defined Goal

Most businesses will be focused on just surviving the economic consequences of a global pandemic. However, this is not the case for everyone. Certain businesses might even see an opportunity for growth during this period, creating a different vision, along with new daily actions.

Look at your situation and decide if you are fighting for survival, looking to capitalize on potential growth, or just planning on waiting things out. Whatever your defined goal is, remember to commit to the outcome and be flexible in achieving it. The sooner you have a clear goal, the sooner you will start making important decisions that will shape your company.

  Identify Stakeholders and Control Communication

To develop a crisis communication plan, consider those who have an interest in your business. This includes anyone who can either affect or be affected by it. Identifying all key stakeholders and being proactive in terms of communication is key in times of crisis. People who depend on you will want to be on the same page with you throughout this pandemic. Take the first step and let people know what your plans are, where you stand, and what is possible. Taking the initiative and controlling the message will stop people from creating their own scenarios. An internal and external communication plan should be developed and implemented on all levels – external and internal.

When it comes to your business, try to set up weekly calls in which all events, good and bad, are discussed and communicated. This will ensure everyone in the company works towards a common goal, but it will also build up morale. When it comes to clients, let them know what they can expect when it comes to your services in the coming weeks or months of the pandemic.

Get External Advisors

Businesses with the means (access and funds) to employ external advisors should definitely consider this option. Working with bankers, lawyers, accountants, etc. will ensure that you have expert opinions on important aspects of your business. The more precise your information is during this crisis, the better decisions you will make. In addition to providing information, external advisors can even take on some of the work and allow you to focus on other aspects of your business.

Get Creative With What You Have

As the pressure builds, you will need to get creative with what you have. Do this by dedicating and prioritizing resources to meet upcoming challenges and developing alternatives to business practices. Utilize your experience and ingenuity to come up with ways to get jobs done. While this is a difficult time for many, it also carries some potential benefits. The crisis can prove to be the perfect time to develop your staff and give them more responsibility.

Assign your top people to important tasks and use their experience, knowledge, and skills to the benefit of your business. You can assign them temporary positions and additional duties to handle during this period. Just remember to maintain communication and not overwork them. This is a stressful period for everyone, especially those who are assigned more responsibility. Alleviate some of the stress by providing support and encouragement when needed.

Lead By Example – Set the Tone

As someone who makes critical decisions in your business, you must embrace the leadership role and everything it entails. This includes remaining calm in the face of adversity and being positive for the sake of the business. The fact of the matter is that circumstances are going to get tough for most businesses. Management will need to maintain a good narrative for the sake of everyone involved. If you can remain calm and collected in the face of challenges, your employees will follow suit. If you panic and fall into despair, then chances are employees will as well.

Be the voice of reason and keep people motivated and encouraged. This goes for people in your work environment and your family back home. The last thing you want to do is transfer the stress you experience at work to your family. Be mindful of what you bring home to avoid making matters worse in an already stressful situation.

Take Action – Focus on Speed and Simplicity

The final thing to consider when it comes to effective crisis response is the importance of taking action and keeping things simple. Do not fall into the trap of trying to create a foolproof plan. There are simply too many variables and unknowns in this situation. Waiting for the perfect moment or circumstance can lead to paralysis by analysis and, consequently, missed opportunities. Instead, focus more on consistency and less on perfection. Taking action with imperfect results is far less risky than trying to execute every plan flawlessly.

While this applies significantly to your work, it also goes for money. If you have access to a line of credit, it might be best to draw on it before creditors tighten up. Having a readily available cushion on hand can make all the difference when things get tough.

Business Continuity Planning

Face the fact that your business has been disrupted. Admitting and accepting this will help you focus on what matters – keeping your business running. Focus your energy on preparing and executing a plan that will get you through this difficult time. The situation around the virus is continually changing, and we must follow all the latest news about the outbreak. This is the best way to get an idea of how long  COVID-19  will directly affect business. These are some of the important things you should factor in when putting together a business continuity plan.

Can You Continue to Operate?

Many businesses are being affected by disrupted supply chains and quarantine measures. You need to consider if your business can continue to provide products and services in the current circumstances. Do you have the necessary resources to continue working? Is it possible to find suppliers with better terms? In addition to supply, you need to think of your workers. Most governments are requiring businesses to work from home during the outbreak. Offices and businesses provide a wide range of resources and structure, and the lack of these elements might affect productivity. You really need to take into account workers’ local conditions and geography when factoring this in. This is especially true for businesses that have outsourced work to other parts of the world.

Work From Home – What Can Affect It?

As employees begin working from home, it is important to understand that they might take some time to adjust to the new conditions. If employees are forced to work from home for an extended period, will they be effective? Numerous things can affect productivity when working from home. These include:

  • People:  Unlike workspaces that share a common goal and work together on projects, the home is more chaotic. Your employees could be living with roommates, spouses, children, family (extended, multi-generational families), etc. They will surely have numerous distractions when working from home.
  • Tech support:  The typical work environment has a team on hand to fix technical issues that arise. It is important to make sure that employees have someone to turn to should they experience technical difficulties when working from home.
  • Lack of WorkSpace:  Not all homes will have the ideal work environment. Understand that some people will have to get creative to get work done, which might affect their output when working from home.

Schedule a call with employees to see what kind of problems they might experience when working from home. Remember that the employees make or break a company. The way you treat them during the pandemic will influence their productivity. Supporting them through this challenging situation will enable them to work to the best of their ability and strengthen company culture later on.

Are You Secure?

With so many people working from home, there is an increased risk of online fraud and cyberattacks. The last thing you want is to experience a cyberattack amid a crisis. Avoid this massive headache and make sure employees are up to speed with  necessary cybersecurity measures . Doing so will ensure that all employees are mindful of their electronic dealings.

Make Sure Employees Coming Into the Office Are Safe

While working from home is a must in the majority of places, there might still be instances where people are allowed to go to work. In such cases, it is vital to do everything we can as owners to keep people productive and prevent the spread of the disease. These steps include  educating employees ,  cleaning the workplace , and practicing  social distancing . The best way to practice social distancing in the workplace is with alternating shifts. This will improve spacing while still maintaining a sense of community.

Assess Operational Risks

Make a list of potential risks your business can face during the  economic crisis . Start with cash collections and blown covenants (if you have debt); these are things that can impact you immediately and in a severe way. Once you have listed these financial risks, think about critical aspects that ensure you can continue serving customers.

Money Is Going to Get Tight

Anyone who is expecting financing, investment, or an M&A deal to close soon needs to prepare for those deals getting pushed back. Counting on that money is a long shot, so you must look for other ways to secure cash or financing. The same goes for businesses that depend on external sources of funding. Venture-backed businesses that have projected a plan for the next couple of months need to understand that the economy is going to take a big hit. Make sure you use the money you have available to get the most out of your businesses.

Certain businesses, especially those dealing in B2B, depend on an AR line to continue working. These kinds of businesses live on what they ship. They rely on this to make payroll and pay the bills. Without an AR line, these businesses lack liquidity. You need to assess what will affect your ability to ship. Look into supply chain issues and contemplate how you are going to get through that. Whatever your business model is, it is important to keep an eye on your finances in the next couple of months.

What Is the Lay of the Land

While it is important to create a plan of action for your business, it is equally important to keep an eye on the world around you. Look at your key suppliers, customers, and competitors. How are they reacting to the situation? Are they facing liquidity issues during the crisis? Assessing your ecosystem will allow you to notice opportunities and threats that could affect your business.

Modify Operating Plans

1.    flexibility – be willing to rework plans.

Operational plans are crucial for businesses looking to move forward and grow. While many business owners enjoy the comfort of a well-established plan, it is essential to know when to modify operating plans. Times of crisis are an acceptable period in which you should reset operating plans. Do not forget to run plans past your boards and the bank. You might need to get permission to act fast.

2.    Prepare for All Scenarios

As a person who is calling the shots, you will need to consider all the inevitable outcomes. This means modeling out potential revenue scenarios. Sit down and go over minimum impact, medium impact, and disaster scenarios. Consider the customer and vendor demands that will be in each, as well as the cuts that will be required to meet those demands.

3.    Set Clear Metrics

When preparing possible outcomes, get a clear idea of what events dictate what actions. In order to do this, you need to consider timeframes and key milestones that define each scenario. At what point does your minimum scenario transition to the medium scenario, and at what point does it go from the medium scenario to the disaster scenario. Plan out key decision points and determine the steps you will take when those levels are reached.

4.    Cash Impact in All Scenarios

Evaluate the cash impact of each scenario against your cash reserves and available financing. It is important to know where you stand with your money at all times. This will give you insight into your possibilities and possible fume date.

5.    Make Sure You Have Cash on Hand

Many companies are going to experience a cash shortage in the upcoming crisis. Having a cushion to rely on will make all the difference when things get tight. Determine the availability of additional financing out there and look for additional financing early on. Consider drawing on lines of credit while you can, as well as talking to possible investors.

6.    Mind Your Money

Make sure you always have a clear insight into your financial situation. This should take into account all  incoming and outgoing payments . Once you have a detailed list, go over it and evaluate each item. When it comes to income, reach out, and try to secure payments. On the other hand, you will also need to look for ways to lessen the blow of expenses. Communicate with companies and explain your situation. Most people will understand, as long as you are upfront and willing to work with them.

7.    Don’t Panic

When disaster strikes and your crisis preparedness is tested, taking action is the only thing that will bring results. However, acting out of fear and panic can do more harm than good. As business leaders, you need to strike a balance between moving quickly and being cautious. Realize that you will need to commit to a course of action, but it is still essential to put some thought into your plans.

Businesses all around the world are facing similar issues presented by the novel coronavirus. The good news is that not all is lost. With careful planning and proper action, CFOs and their finance teams will be able to push through these difficult times. If you are looking for a way to alleviate some of the workload and focus your efforts on strategizing through the national pandemic, consider  Consero . We offer numerous  financial services , as well as  consulting .

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Free Business Continuity Plan Templates

By Andy Marker | October 23, 2018

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In this article, you’ll find the most useful free, downloadable business continuity plan (BCP) templates, in Microsoft Word, PowerPoint, and PDF formats. Customize the templates to fit the needs of your business, ensuring you maintain critical operations at all times.

Included on this page, you’ll find a business continuity plan template , a small business continuity plan template , a business continuity framework template , and more.

Business Continuity Plan Template

Business Continuity Plan Template

Download Business Continuity Plan Template

Word | PowerPoint | PDF  | Smartsheet

Use this template to document and track your business operations in the event of a disruption or disaster to maintain critical processes. With space to record business function recovery priorities, recovery plans, and alternate site locations, this template allows you to plan efficiently for disruption and minimize downtime, so your business maintains optimal efficiency. This template is available for download in Microsoft Word, PowerPoint, and PDF formats.

Additionally, you can learn the definition of a business continuity plan, the steps involved in business continuity planning, as well as about the business continuity lifecycle in our article about business continuity planning .

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IT Service Continuity Plan Template

IT Service Continuity Plan template

Download IT Service Continuity Plan Template

This template is geared specifically to IT business operations and aims to maintain IT processes despite any possible harmful disruption. Use this template to document recovery objectives, teams, and strategies in order to accurately capture all facets of the continuity plan needed for an IT team. This template is available in both Word and PDF formats.

Business Continuity Framework Template

Business Continuity Framework Template

Download Business Continuity Framework Template

Word | PowerPoint | PDF

This template outlines the structure involved in creating a business continuity plan. It provides an easy, comprehensive way to detail the steps that will comprise your unique BCP. Use this template to plan each phase of a typical BCP, including the business impact analysis, recovery strategies, and plan development. This template can serve as an overall framework for your larger BCP plan.

Business Continuity Program Template

Business Continuity Program template

Download Business Continuity Program Template

Similar to the business continuity plan template, this template documents the steps involved in maintaining normal business operations during an unplanned disruption or disaster. Using this template, you can plan out the critical elements needed to continue business as usual, including recovery priorities, backup and restoration plans, and alternate site locations. This template is available for download in both Microsoft Word and PDF formats.

Business Continuity Procedure Template

Business Continuity Procedure Template

Download Business Continuity Procedure Template

Much like the business continuity framework template, this template helps users create a thorough, streamlined BCP by detailing the procedure involved in creating and maintaining a plan, as well as implementing one. Use this template to document everything from a business impact analysis to plan development, plan testing, and exercises. Download this template in Microsoft Word, PowerPoint, or PDF to get started.

Business Continuity Plan Template for Nonprofits

Business Continuity Plan Template For Nonprofits

Download Business Continuity Plan Template for Nonprofits

In the event of a disruption in business that affects your nonprofit organization, use this template to document a business recovery strategy, identify alternate business locations, and effectively plan for inevitable business downtime. This template is available for download in Microsoft Word and PDF formats.

School Business Continuity Plan Template

School Business Continuity Plan Template

Download School Business Continuity Plan Template

Plan for disruptions in regular school activities and operations in the event of emergency or crisis with this helpful template. This template, designed with schools, colleges, and universities in mind, allows you to prioritize operations and responses, identify important phases of recovery, design a restoration plan, and more.

Small Business Continuity Plan Template

Small Business Continuity Plan Template

Download Small Business Continuity Plan Template

Record your business recovery priorities, identify alternate site locations to conduct business, create recovery teams, and assign recovery responsibilities to specific team members with this continuity plan for small businesses. Ensure that you are able to maintain critical processes and minimize downtime so your business can keep moving forward.

SaaS Business Continuity Plan Template

SaaS Business Continuity Plan Template

Download SaaS Business Continuity Plan Template

Use this business continuity plan template to keep your SaaS business productive and efficient, despite any unforeseen events or disruptions. With space to record everything from recovery procedures and strategies to relocation strategies and alternate site locations, you’ll be able to keep business moving and remain productive during a crisis or disruption.

Business Continuity Plan Template for Medical Practices

Business Continuity Plan Template For Medical Practices

Download Business Continuity Plan Template for Medical Practices

Identify risk strategies for specific areas of business, like clinical, finance and operations, and IT, designate specific recovery strategies, and prioritize the most important, mission-critical operations for your medical practice with this complete business continuity plan template.

Business Continuity Plan Template for Healthcare Organizations

Business Continuity Plan Template for Healthcare Organizations Template

Download Business Continuity Plan Template for Healthcare Organizations

Some businesses, like healthcare organizations, rely on critical processes and procedures to maintain productivity and keep both patients and staff safe. To ensure these processes are followed — even during a business disruption — use this business continuity plan template to identify all potential risks, create mitigation plans, and assign tasks to key team members.

Activities to Complete Before Writing the Business Continuity Plan

Certain steps can help you prepare to write a business continuity plan. See our article on how to write a business continuity plan to learn more.

Common Structure of a Business Continuity Plan

Every business continuity plan should include certain common elements. See our article on how to write a business continuity plan to learn more.

Tips For Writing Your Business Continuity Plan

Business continuity experts have gathered time-tested tips for business continuity planning. See our article on how to write a business continuity plan to learn more.

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What Is Business Continuity?

What is business continuity

Business continuity is an organization's ability to maintain or quickly resume acceptable levels of product or service delivery following a short-term event that disrupts normal operations. Examples of disruptions range from natural disasters to power outages.

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Is business continuity the same as business resilience or disaster recovery?

Business continuity, disaster recovery, and business resilience are not the same, but they are related.

  • Business continuity is a process-driven approach to maintaining operations in the event of an unplanned disruption such as a cyber attack or natural disaster. Business continuity planning covers the entire business—processes, assets, workers, and more. It isn't focused solely on IT infrastructure and business systems.
  • Business resilience encompasses crisis management and business continuity. It requires a response to all types of risk that an organization may face. An organization that is business resilient is essentially in a constant state of "expecting the unexpected." It means continuously preparing to meet disruptions head-on, including events of extended duration that may affect more than one facility or region.
  • Disaster recovery focuses specifically on how to restore an enterprise's IT infrastructure and business systems following a disruption. It is considered an element of business continuity. A business continuity plan (BCP) might contain several disaster recovery plans, for example.

What is a business continuity strategy?

A business continuity strategy is a summary of the mitigation, crisis, and recovery plans to be implemented after a disruption to resume normal operations. "Business continuity strategy" is often used interchangeably with "business continuity plan." Both consider the broader goals, legal and regulatory requirements, personnel, and even the business's clients and partners.

What does a business continuity plan mitigate?

A relevant and well-tested BCP can help ease the negative impacts of an unexpected business disruption in many ways.

  • Financial impact: Disruptions to product supply chains and critical services to customers can directly affect sales and revenue. Downtime caused by unplanned disruptions can also result in higher costs for a business as it looks to repair operations and mitigate previously unidentified threats.
  • Reputation and brand impact: Failure to resume operations quickly and supply customers with the products or services they expect can prompt customer defections and tarnish the brand. Damage to reputation can in turn cause investors and capital sources to pull back funding, exacerbating the financial impact of a business disruption.
  • Regulatory impact: Customers and vendors are likely to complain when businesses fail to respond appropriately to disruptions, which may result in regulatory scrutiny or even censure. In highly-regulated industries, such as energy and financial services, business continuity planning is mandatory to ensure regulatory compliance.

Business continuity planning activities

A well-crafted and tested BCP can go a long way toward helping a business recover swiftly from a disruption. These are key steps a business may want to take.

Identifying critical business areas and functions

Business continuity planning begins with identifying an organization's key business areas and the critical functions within those areas. A business needs to determine and document the acceptable downtime for each area and function considered vital to operations. Then a plan to restore operations can be established, documented, and communicated.

Analyzing risks, threats, and potential impacts

Creating appropriate response scenarios requires knowing what disruptions the business could experience. An upfront analysis of risks and threats is necessary in order to prepare contingency responses to events. Organizations can also conduct a back-end analysis after an event to gather metrics and assess lessons learned. This information can drive improvements in how the business responds to disruptions.

Outlining and assigning responsibilities

A BCP details which personnel will be responsible for implementing specific aspects of the plan. It also identifies key decision-makers and a chain of command. The plan should include alternative options in case primary personnel are incapacitated or unavailable to respond to the disruption.

Defining and documenting alternatives

A business continuity plan should define and document alternative communication strategies in case telephone services or the internet are down. Enterprises should also have alternatives for mission-critical spaces such as data centers or manufacturing facilities in case buildings are damaged.

Assessing the need for critical backups

Essential equipment may be damaged or unavailable during a disruptive event. A business should consider whether it has access to backup equipment and uninterruptible power supplies (UPS) during extended power outages. Business-critical data needs to be backed up regularly, and is mandatory in many regulated industries.

Testing, training, and communication

Business continuity plans need to be tested to ensure they will be effective. (Disaster recovery plans should be tested as well.) A best practice is to conduct a plan review at least quarterly with leadership and key team members who are responsible for executing the plan.

Many companies use role-playing sessions, simulations, and other types of exercises several times per year to test their BCPs. This approach helps to identify gaps, develop strategies for improvement, and determine if more resources are needed. Targeted staff training and communicating to the whole workforce the benefits of having a business continuity plan are also vital to its success.

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Business Continuity Planning

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Last Updated: 03/23/2020

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IMAGES

  1. 2024 Business Continuity Template: Streamline Your Plan Now

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  2. How to create an effective business continuity plan?

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  3. Business continuity for Finance & Accounts Department

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  4. 2024 Business Continuity Template: Streamline Your Plan Now

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  5. How to Write a Business Continuity Plan?

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  6. Building a Business Continuity Plan (BCP)

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  18. What Is Business Continuity?

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