The good news? Even in an uncertain economy, compensation for business continuity professionals is still on the rise. The bad news? Because business continuity is not a "hard science", it is a job that's hard to categorize, and HR departments are unsure what to do with those who do BCP.
One tool available to organizations seeking to mitigate the impact of a business crisis is business interruption (BI) insurance. Business interruption insurance, sometimes referred to as business income insurance, is not sold as a standalone product but is generally attached to a property insurance policy. BI generally covers the profits and ongoing expenses of an operation rather than the gross revenues produced by the interrupted operation(s).
From incredible sessions to an incredible outpouring of support for our Continuity Cares volunteer rebuilding project, the 2008 Continuity Insights Management Conference was resounding success.
Before we look ahead to the 2008 hurricane season, let's take a quick look back. The last few seasons were relatively quiet as far as U.S. landfalls. However, Mexico and Central America were hit hard in 2007 by two Category 5 hurricanes and several other tropical storms. Record-breaking floods across southern Mexico from hurricanes Dean, Felix, and Lorenzo caused considerable loss of life and property.
Business continuity professionals have discussed the need to coordinate efforts with other organizational risk management disciplines for years. Some began participating in (and sometimes leading) what often became known as enterprise risk management (ERM) programs, or something less formal. Many others struggled, participating in tactical, one-off discussions to learn about ways in which others in the organization identified and managed a multitude of business risks. Unfortunately, discussions were often all that happened.
My perspective comes from years and years of supporting customer tests in hot sites and participating in actual recovery efforts following disasters. During all of those events, I noticed a fairly common thing happening - clients often didn't use their plans to conduct their tests or to direct their actions during a recovery.
Before running to your vendors and performing your "due diligence", you need to determine what level of information will satisfy your business requirements. The range of inquiries goes from a simple questionnaire to a complete review of comprehensive plans. The answer to this dilemma depends on your company's risk tolerance. Perhaps the best way to determine what to ask is to engage your sourcing operation and get input from your businesses.
Greig Fennell, Director of Enterprise Risk Management and Business Continuity for Sprint Nextel, believes in "defining moments," those times that make or break your program. And in his five years with the telecommunications giant, he has certainly had his share of them. Despite merger, downsizing, and natural disaster Fennell and his team have survived and thrived. He chalks it up to having a strategic understanding of business goals, breaking down barriers, and just being credible.
Small business! Urban challenges! Big customers with big demands! Learn how one New York City family business approaches business continuity and disaster planning. The speaker, Michael A. Fina, is a third generation owner of Michael C. Fina, an ...
You don't turn a battleship on a dime. Of that, the "S.S. Business Continuity" is proof positive. We know where we need to go. We've even got an idea how to get there. But rather than go full steam ahead toward a distant shore, the ship that is our profession shifted its course only slightly this year.
Organizations have become increasingly aware of the strategic importance of business continuity, security, and the management of operational risk. The term resiliency is being applied to a variety of efforts to improve capabilities to adaptively respond to disruptive events, be they disasters, cyber-attacks, or human error. Building a resilient organization requires a few basics: a clear definition of resilience, a way to measure capabilities, and a roadmap to provide direction for improvement. To that end, the Financial Services Technology Consortium (FSTC) and Carnegie Mellon CERT, have developed a resiliency management approach and the supporting Resiliency Engineering Framework (REF).
"What makes us unique is that our business continuity focus is meeting the needs of our customers," says Janko. "For many other organizations it's meeting a time or point objective-an RTO or an RPO. But you really need to put this into business terms. We're at a point at Goodyear where the leadership sees the business value of the process. We're proud of being proactive with planning and forward thinking. We're trying to help set trends for the rest of the industry."
Today we see more people writing articles and giving speeches discussing the continuing evolution of business continuity planning. The proliferation of these presentations on this subject is a clear indication that some enhancements are needed to be an effective management tool in the 21st Century.
Roz Savage: In May or June of this year I will be setting out from California - exact date and location to be determined entirely by the weather - to row across the Pacific. I am doing this in three stages. The first stage is to Hawaii. Then, the second stage is to the South Pacific - one of those little dots of an island down there. And the third stage is to Australia.
As business continuity matures and grows, there is an ever-increasing need to ensure that solution providers are well aware of the complex requirements of business continuity management professionals. An understanding of the strategic, analytic, and tactical components of planning and execution surrounding disaster incidents is vital in supplying the appropriate tools and solutions sets.