7 September 2016"Off The Mark" Business Continuity Planning
Whether to combat the effects of fire, fraud, natural disaster, IP theft and infringement, supply chain issues or reputation threats, it makes sense to have business continuity options that ensure your business is robustly protected against the external risks that undermine your stability - and ability to recover.
Competitive edge is what keeps you one step ahead. But in an economic market where competition is high and effective differentiation highly prized, that edge can be undone quickly for the unprotected when suddenly struck by the unexpected.
Aberdeen Group research has shown that the average cost of an hour of downtime is over £119,912* for all businesses - a serious amount of cash for small businesses, especially. And for mid-sized organizations, this cost rises to £161,100*. Clearly, small and mid-sized businesses cannot afford any downtime 1.
Having a BCP is becoming a priority for many businesses in the UK, and is an essential component in ensuring the survival of the business. Leading BC/DR businesses are five times less likely to experience downtime or business interruption, showing their focus on Business Continuity is paying off by preventing any issues in the first place.
Incidents of all magnitudes can occur at any time, often with little or no warning 2. These vary from headline grabbing incidents such as explosions, fires, floods, plane crashes, terrorism and earthquakes to low key incidents such as information technology or air conditioning failure, loss of principal staff or key suppliers, electrical fault and negligence.
All of these incidents can have a severe impact on profit, financial stability, credibility, customer service, share price and insurance premiums and there can even be legal and regulatory implications.
Business Continuity Planning
By having both a well developed and well rehearsed BCP, it is possible to prepare for important decisions that would have to be made at the time of a disaster and assist in the timely recovery of the business.
The benefits provided by a BCP include:
- Gaining a competitive advantage.
- Compliance with legal and regulatory bodies.
- Resuming normal working conditions with as little delay as possible.
- Protecting your company’s assets and market share.
- Maintaining the company’s reputation and safeguarding brand image.
- Enhanced supply chain management.
- Providing a market differentiator.
- Delivering cost efficiencies.
The Arthur J. Gallagher Solution
Arthur J. Gallagher has developed the Business Continuity Management solution “Off the Mark”, which has the mechanisms you require to formulate and implement this into your business, allowing you to undertake the process and drive it forward yourselves guided by specialists.
We understand that resourcing and costs play a pivotal role in any business, which is why this fixed, low cost service is available.
It can offer you a planning and scoping session, staff training so that you understand the whole process, the supply of relevant templates and facilitated workshop session to identify your key risks and assist with the analysis of the impact those risks will have on your business.
We can undertake a predetermined number of update meetings during the process to review progress with your BCP sponsor, whilst offering telephone / email support with your nominated consultant throughout the duration of the contract, so guidance is available at all times.
The fixed cost is VAT applicable and based on the skill, experience and commitment of Arthur J. Gallagher personnel and the quality of the documentation supplied. Fees include travel and subsistence costs and payment terms will be agreed on acceptance subject to Arthur J. Gallagher’s standard terms and conditions.
A further option is to include the testing of the plan which validates the effectiveness of what has been devised. Arthur J. Gallagher can assist in this process by undertaking a desktop test of a given scenario, which can be included as part of the “Off the Mark” project for an additional fee.
Arthur J. Gallagher are well placed to assist you in all aspects of the Business Continuity Management process, and can effectively link your efforts to your insurance placement programme.
- 1 Aberdeen Group "Can your IT infrastructure stand the heat?" report - January 2016 *Converted from USD 03.08.2016 www.xe.com
- 2 Aberdeen Group "Leaders in business continuity and disaster recovery are ready to handle anything" report - January 2016