Implement a business continuity plan to help minimize business interruption and supply chain risks
Regardless of the industry, all companies are exposed to risks which have the potential to disrupt critical operations, creating catastrophic results. According to Allianz’s 2015 Global Claims Review, the impacts of Business Interruption (BI) have been ranked as the top risk faced by global businesses, and the consequences of such disruptions can be seen in industries and facilities around the world. Some of the top causes of BI include fire and explosion, storms and natural disasters, machinery breakdown, human operating error, and most recently - pandemics.
Risk managers are faced with the daunting task of keeping abreast of their company’s Interdependent Business Interruption (IBI) and Contingent Business Interruption risks (CBI). But the need is greater than ever when you consider the following factors:
Identifying business interruption risk, quantifying the potential impact to your company, developing mitigation strategies, and preplanning for a disaster are the keys to risk management. These tasks are generally referred to as Business Impact Analysis (BIA) and Business Continuity Planning (BCP). By implementing a comprehensive Enterprise Risk Management (ERM) plan which incorporates BCP will keep your company prepared for potential risks.
To help you build business resilience, meet regulatory compliance, and build the proper insurance program, TÜV SÜD Global Risk Consultants (GRC) offers comprehensive BCP and supply chain services:
TÜV SÜD GRC will act as your trusted advisor for all of your needs. Our experts will use our knowledge of your company, industry, equipment, production bottlenecks, and exposures as the key components of the BCP process. Benefits to our clients include:
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It’s imperative that global operations understand their risk exposure tied to utility failures.
Implementing business continuity and impact analysis
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