A business impact analysis is an essential and important part of any business continuity program. If you’re not sure you need one, or if your management team questions the value of a BIA, here are three good reasons to develop one:
- Be prepared before disaster strikes
Without a business impact analysis, your decisions in times of crisis will be arbitrary. With a BIA in place, you’ll have the justification for the decisions you and management will make, based on solid data and analysis.
- Know where to allocate resources in a crisis
A good BIA will remind you which processes are critical to your survival, the minimum level you must restore them to, and in what time frame.
- Have solid test criteria for your plan and your suppliers
The recovery requirements identified in your BIA becomes the criteria by which your recovery plans, and those of your critical suppliers, can be tested.