Conducting the Business Impact Assessment
The Business Impact Assessment (BIA) describes the impact that a disaster is expected to have on business operations. This important early step in Business Continuity Planning helps an organization figure out which business processes are more resilient and which are more fragile.
A disaster’s impact includes quantitative and qualitative effects. The quantitative impact is generally financial, such as loss of revenue or output of production. The qualitative impact has more to do with the delivery of goods and/or services.
Any Business Impact Assessment worth its salt needs to perform the following tasks well:
Perform a Vulnerability Assessment
Carry out a Criticality Assessment — determining how critically important a particular business function is to the ongoing viability of the organization
Determine the Maximum Tolerable Downtime
Establish recovery targets
Determine resource requirements
You can get the scoop on these activities in the following ...