Business impact analysis (BIA) is a process to identify and evaluate the potential effects of a disaster, accident or emergency on business continuity and performance. A BIA is an essential component of an organization’s business continuity plan; it includes an exploratory component to reveal any vulnerabilities and a planning component to develop strategies for minimizing risk. The result is a business impact analysis report, which describes the potential risks specific to the organization studied.
The BIA is thus the foundation of an entity’s business continuity capability. It is used to identify the following:
- Critical services, activities and products.
- Recovery Time Objective (RTO) of those activities or services.
- Maximum Acceptable Outage (MAO) and Minimum Business Continuity Objectives (MBCO).
- Internal and external dependencies related to the critical activities or services, including suppliers and outsource partners.
- Recovery Point Objective (RPO) for the data, information and systems needed to resume those activities.
AZAAN’s expertise lies in identifying the exact combination, highlighting interdependencies, conducting an end to end assessment and presenting recommendations. With a business case to help justify your continued investment, we deliver a powerful and transformative solution. Our approach to perform BIA is based on International ISO 22317 technical specification for Business Impact Analysis (BIA).
This International Technical Specification provides detailed guidance for establishing, implementing, and maintaining a business impact analysis (BIA) process consistent with the requirements in ISO 22301, although this standard is applicable to the performance of any business impact analysis, whether part of a business continuity management system (BCMS) or business continuity management programme (BCM programme).
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