Have you reviewed your Business Continuity Plan?

While many business have enacted their business continuity plan (BCP), the current situation shines a bright light on their importance and for some, it has also highlighted gaps and weaknesses in their BCP.

Current BCPs give some comfort in times of crisis by providing a written procedure to follow and outlines roles and responsibilities in fast-moving situations. A complete BCP not only includes a procedure for the affected business unit, but also includes the use of assets, human resources and communication with stakeholders.

If your current working structure has changed recently due to COVID-19, now may be a good time to formally review existing BCPs. Depending on your current situation this may include:

  • retrospectively updating your plans in line with changes already made to ensure business continuity, or
  • reviewing plans to ensure they are still relevant and effective.

Unsure of what an ideal business continuity plan should look like?

Business Victoria has a step-by-step resource available with a template to assist you to develop a BCP.

Ideally you should conduct a checklist review of your BCP at least once a year. This entails a high-level check on each element of the plan, ensuring objectives are still relevant and will be met by the plans’ detail.

Every other year a more detailed review – including the assembly of all key stakeholders to discuss a walk-through of the plan – should be undertaken. It can often uncover gaps, inconsistencies or outdated information.

It is also important to complete emergency drills to ensure all parties understand their roles, responsibilities and actions during or after a disruptive event. While the coordination of drills can be cumbersome, they are valuable to ensure the plan includes enough detail to provide clear direction in an emergency situation.

If you require any further information regarding BCPs, please feel free to give us a call on 03 5443 0344.