According to a recent CGMA study, business continuity management (BCM) processes necessary to restore normal operations following unanticipated disasters or interruptions range from absent to insufficient. This is despite the fact that the volume and complexity of risks – both man-made and natural – has been increasing over the past few years. In order to provide finance professionals with a foundation on which to develop their approach to BCM, a new CGMA tool called “Business Continuity Management: Key Strategies and Processes” has now been made available.
The newly published tool presents a step-by-step framework for developing and maintaining BCM processes and helps to establish and define the necessary roles within a company in order to do so. In addition, the tool’s aim is to define BCM as a key corporate competency and to identify the necessary components. This is relevant for all organisations, large and small, irrespective of whether or not they employ external consultants.
Gillian Lees, Director of Governance and Risk Research at CIMA, says: “In today’s age, where we live in constant danger of operational disruptions, it is alarming that so many businesses do not have an adequate BCM programme in place. Our new tool therefore fulfils an important and necessary business need. It will support organisations developing a vital corporate competency which will help them to return to the status quo as quickly as possible. Companies should not wait until the worst-case scenario happens before starting to think about their business continuity management processes.”
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