Business Impact Analysis
Varzia with its partner Janus Associates provides the business impact analysis (BIA) to determine what impact a disruptive event would have on your organization. BIA has three main aims:
Determine Criticality - Every critical business function must be identified, and the impact of a disruption must be determined. While non-critical business functions and processes may likely warrant a lower priority rating, consideration should be given to the impact of interdependencies between various departments and functions before ultimately determining their criticality and priority.
Estimate Maximum Downtime - Management should estimate the maximum downtime that the financial institution can tolerate while still maintaining viability. Management should determine the longest period of time that a critical process can be disrupted before recovery becomes impossible. In some instances, the BIA process may provide evidence that a business interruption can be tolerated for a shorter period of time than originally anticipated.
Evaluate Resource Requirements - Realistic recovery efforts require a thorough evaluation of the resources required to resume critical operations and related interdependencies as quickly as possible. Examples of resources include facilities, personnel, equipment, software, data files, vital records, and third-party relationships.
BIA process is implemented by four steps that are to become cyclical:
Gathering information;
Performing a vulnerability assessment;
Analyzing the information;
Documenting the results and presenting the recommendations.
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