The current unsettled economy can impact business continuity in many ways. Even though there are signs that the economy is beginning to recover, businesses are still failing at a high rate. Organizations have been forced to adjust their business model and operating costs by reducing workforce, seeking other cost-saving opportunities, and developing business contingency plans for changing economic conditions. As the economy continues to stall, however, companies are now focused on managing emerging risks that could have an impact on long-term sustainability. It’s clear that mitigation or contingency plans need to be developed for their ongoing survival.
Traditional hazards certainly have not gone away in the current economic climate, but newer disruptions have gained prominence. (Item #1) In many businesses, managers are reluctant to release funding for this activity due, at least in part, to current economic difficulties. (Item #2) Recessions amplify risks; the absence of a tested plan is therefore much more dangerous in a recession. (Item #3)
Are you worried about the impact of the economy on your business? (Item #4) Until times are flush and money flows freely, it seems to be economically sound to maintain the business continuity function. (Item #5) Gone are the days when the days when an organization's business continuity planner could tick off a set of standard risks such as power failure, fire, flood, and perhaps vendor failure. (Item #6)
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