In the risk evaluation phase, there are a number of key areas that must be covered. One of the most important is to understand probable threats. In an ideal world, which most of us have noticed does not exist, we would identify and protect ourselves against all threats to ensure that our business continues to survive. Obviously, we are constrained by other factors such as budgets, time and priorities and need to apply cost benefit analysis to ensure we are protecting the most critical business functions.A second important step is to identify all probable threats and prioritize them. Threats, typically, can be classified in several ways such as internal/external, man-made/natural, primary/secondary, accidental/intentional, controllable/not controllable, warning/no warning, frequency, duration, speed of onset etc. While classifying threats is helpful in terms of understanding their characteristics and potential controls, grouping and understanding by business impact is also important. Obviously, the same impact can result from a number of different threats.Identifying mission critical business processes and systems is another fundamental building block of the business continuity plan. After your critical business processes and systems and probable threats are established, the next step is to identify vulnerabilities and loss potential. This requires an extensive scan… Read full this story
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