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1 Oct, 2020
The most obvious benefit of an ISO 22301 Business Continuity Management System is that it decreases the amount of ‘down time’ associated with disruptions. This is because ISO 22301 covers the requirements of a robust Business Continuity Management System, minimising your risks and ensuring control is maintained at all times. But what other benefits can it bring your business?
This is because ISO 22301 requires you to conduct a business impact analysis and identify the affects an event would have on your business activities. By conducting this analysis and putting documented procedures in place, you are able to return to normal business activities as soon as possible therefore minimising the impact on profits.
Implementing ISO 22301 will ensure you’re properly assessing your risks on a regular basis and putting plans in to place should the worse happen. This allows you to adapt to any situation which poses a risk to your operations and reduces the amount of time it takes to get back to ‘business as usual’.
As well as providing you with a competitor advantage, it will also strengthen your stakeholder relationships and increase customer retention.
A requirement of ISO 22301 is that a business continuity plan is established and tested on a periodic basis. By doing this, you will have contingency plans in place to manage that event should it occur and from testing, you will know the effectiveness of these plans. The data that you collect and analyse as part of understanding threats allows you to make data driven decisions, which is imperative for business continuity.
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