How can a business effectively manage its risks?

The steps in the business continuity management lifecycle typically include: 1) Identifying potential threats, 2) Conducting a business impact analysis, 3) Identifying essential functions and vital resources, 4) Conducting a risk assessment and creating a management plan, 5) Developing a business continuity plan (BCP), and 6) Embedding the BCP in the organization's culture.

The key elements of a business continuity plan include identifying potential threats such as data loss, cyberattacks, malware and viruses, network and internet disruptions. It also includes a business impact analysis, essential functions, vital records and resources plan, risk assessment and management plan. Additionally, it involves the evaluation of program management, determining the business continuity plan (BCP) and embedding it in the organization's culture.