Preparation and responding to adverse events has turned into a life fact for businesses around the globe. In tackling the circumstances, there is a need to have a holistic and integrated framework. The framework refers to the connection of risk management and business continuity management and the relationship between the two results to resiliency, adequate preparation, and protection against disruptions. Therefore, I believe that business continuity management and risk management are integral to result in effective management systems, sufficient readiness and security, and resilience against the adverse.
Effective Management System
Nourishing the inseparableness of both risk managers and the business continuity managers' roles permits for the development of efficient and effective business continuity management and risk management programs. I see this to be a vital relationship because I come from the school of thought in which successful business continuity proficiency is established via adequately managing risks. Therefore, risk cannot be efficiently achieved with the absence of a proper business continuity strategy and a plan for recovery in place. The relationship is well-explained in the "ISO 27001 - Information technology - Security techniques - Information security management systems - Requirements and the BS 25999 Business Continuity Management Standard" (Humphreys, 2016). According to it, Business Continuity Management is regarded as an indispensable control to a firm from a legislative perception. According to BS 25999, firms should possess a risk assessment process, which should permit a firm to comprehend the vulnerabilities and threats of its critical activities as well as the supporting resources. Therefore, the two separate standards, once implemented jointly in a single organization, can result in efficient and effective management systems that reduce risk and the probable adverse disruption effects (Graham and Kaye, 2015). At the day end, risk management and business continuity management are interconnected; thus, I go every reason to assert that the two are inseparable. It is because one cannot possess genuinely efficient risk management and an effective business continuity management program without the integration of this connection in his or her organization.
Preparation and Protection
Business Continuity Management and Risk Management are both essential in providing adequate protection and development and should work jointly to empower operations against disruption. Sadgrove defines Risk Management (RM) as the exercise of identifying latent risks in advance, examining them, and putting in place precautionary steps to curb and reduce the risk (Sadgrove, 2016). According to ISO 22301, Business Continuity (BC) is the organization's capability to continue delivery of services or products at satisfactory predefined levels that follow a disruptive incident. In layman's term, it can be determined that Risk Management is attempting to avoid disruption of business from happening entirely. On the other hand, Business Continuity Management focuses on maintaining functionality should adverse events occur. BCM manages by presetting what the minimum levels of systems, staff, and resources are needed before operations could proceed in a company. No matter how much the organization carries out planning, there is no grantee that a business disruption will not occur. Thus, albeit Risk Management is a vital practice for every organization, and as a stand-alone practice, it never is successful. For a business to succeed in such incidents, it calls for the need for Business Continuity Management System (BCMS) (Torabi, Soufi, and Sahebjamnia, 2014). I can, therefore, draw from the discussion that the two method s is essential for sufficient protection and preparation. They should ideally work jointly to strengthen the organization's operations against disruption. In simple terms, Risk Management (RM) and Business Continuity Management (BCM) are unified in providing adequate preparation and protection of the organization.
The combination of both business continuity management and risk management offers the resiliency level that most organizations have the mandate to achieve in the uncertainty light which exists today. The connection will lessen uncertainty and also promote an enhanced operating environment where risk can be identified, evaluated, and adequately define their responses. More organizations adapt the enterprise risk management (ERM). It seeks to determine all threats comprising of strategic, financial, technology, market, personal, environmental, compliance, legal, and geopolitical, which would negatively affect an organization. The holistic and integrated approach provides the organization with a superior framework for risk mitigation while advancing their opportunities and goals in the business threat face. Although to continuously manage and implement this enterprise-wide model, it is necessary to integrate two typically distinct roles in the organization tightly. The two are risk management (RM) and business continuity management (BCM) (Engemann and Henderson, 2014). Together, the essential elements constitute a robust enterprise risk management (ERM) plan and possess an incredible influence on the ability of an organization to assert with interruptions to the organizational activities execution. However, by risk management creating strategies to minimize the potential of an event impacting an organization does not certainly prevent the incident from occurring. For instance, no preparation degree can stop a tsunami or tornado from happening. Thus, understanding each event is not preventable; the other line of defense that comes in is to reduce the impact. It is at this point that business continuity management comes in since it is concerned with reducing the impact on the organization after the event occurs to restore it in its normal operations. In short, it aids in maintaining the entity viability under duress. It can, therefore, be deduced that the combination of the two provides resiliency level that most organizations have to achieve in the uncertainty light that exists today. Then, I can firmly assert that business continuity management and risk management are inseparable. In enhancing the resiliency level that many organizations want to achieve at times of uncertainty, they are both needed to work together.
It is vivid from the discussion that the allegation of business continuity management (BCM) and risk management (RM) being inseparable is true. One cannot possess truly efficient risk management and an effective business continuity management program with the absence of integrating this connection in his or her organization. The second reason is that Risk management and Business Continuity Management are both essential in leading to adequate protection and preparation. They should work jointly to empower operations against disruption. Also, the combination of the two provides the resiliency level that most organizations have to achieve in the uncertainty light that exists today. Based on the discussion, I firmly assert that risk management's relationship with business continuity management is integral because of the efficiency in operations the interconnection results in an organization.
Engemann, K.J. and Henderson, D.M., 2014. Business continuity and risk management: essentials of organizational resilience. Rothstein Publishing.
Graham, J. and Kaye, D., 2015. A Risk Management Approach to Business Continuity: Aligning Business Continuity and Corporate Governance. Rothstein Publishing.
Humphreys, E., 2016. Implementing the ISO/IEC 27001: 2013 ISMS Standard. Artech House.
Sadgrove, K., 2016. The complete guide to business risk management. Routledge. Retrieved from https://doi.org/10.4324/9781315614915
Torabi, S.A., Soufi, H.R. and Sahebjamnia, N., 2014. A new framework for business impact analysis in business continuity management (with a case study). Safety Science, 68, pp.309-323. Retrieved from https://doi.org/10.1016/j.ssci.2014.04.017
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