In the words of Charles Darwin: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”
This applies to the business world where we see organizations that not only have adapted to but thrived in change or disruptions. Further, this brings to light the evolution of and significance of the concept of business continuity.
Unequivocally Essential: The Importance of Business Continuity Planning in Determining Risk and Supply Chain Resilience
As the effects of the COVID-19 outbreak to the global supply chain system have been nothing short of catastrophic, business leaders, particularly those with complex supply chain systems, have had to put solid efforts into examining the way they operate their businesses and possibly revisit their business continuity plans.
In some cases, this requires stepping back and looking at the plan not only from a tactical perspective, but to assess whether or not it includes the key components of risk management. Within the framework of your business continuity plan, it is recommended that you include:
- The three overarching classes of risks: strategic, financial and operational.
- The nine categories of risks in supply chains including: a) disruptions due to natural disasters or large-scale issues; b) quality-related product delay issues, c) systems breakdown-related disruptions, d) procurement risks and e) inventory challenges.
By mapping or associating each risk to each class and category, your plan will have a range of solutions by the type of risk or issue, rather a blanket approach to resolution.
Business Continuity Planning Done Right: Applying Insights from ISO 22301:2019 and ISO 31000:2018
Experts suggest basing a business continuity plan on ISO standards Within this, the two most applicable standards are ISO 22301:2019 and ISO 31000:2018. The first of the two, ISO 22301:2019, focuses on policies, defining roles and responsibilities, key management processes (e.g. implementation and operation, continual improvement) and operations and performance evaluation-related documentation. ISO 31000:2018, on the other hand, provides an in-depth risk framework to help identify, classify, analyze and address business risks.
Technology to the Rescue: How Our Applications Can Help Your Organization Drive Compliance
In order to effectively execute on your ISO standard and insight-focused plans you need to find the best tools to help you deliver on them.
At Intelex, we have an application set to support the specific objectives of each of the seven clauses around ISO 22301:2019, including: context of the organization, leadership, planning, performance evaluation and improvement. Examples include Document Control, Nonconformance (NCR), Audits/Supplier Audits and Risk Assessments.
Getting Started: Business Continuity Best Practices at Your Fingertips
By downloading our Insight Report, How to Protect Your Business in a Crisis: Business Continuity with Intelex and ISO 22301:2019, you will learn:
- The seven Plan-Do-Check-Act (PDCA) clauses relating to ISO 22301:2019 (e.g. requirements and scope, strategic objectives and requirements for nonconformity procedures).
- The three sections of ISO 31000:2018’s risk framework: scope, context and criteria; risk assessment (risk identification, risk analysis and risk evaluation) and risk treatment.
- How our risk and operational effectiveness-focused applications can help you protect your business from future disruptions (e.g. Training Management, Communications Management and Monitoring and Measurement).
Click here to access your Insight Report!