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Some common mistakes made during the risk-assessment phase include not identifying all potential risks, not conducting a thorough business impact analysis, not identifying key stakeholders, not understanding supply chain gaps, and not establishing a core team for potential catastrophe scenarios.
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Ensure that your business continues to thrive under unfavorable conditions with our Business Continuity deck. This presentation includes practical fra...
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According to Elsey, during the risk-assessment phase, it's essential to pinpoint and understand all the exposure risks for your venture. "By doing a business impact analysis (BIA), you can gain clarity about every potential threat to your business. The BIA will provide you with critical information, such as who your stakeholders are, your supply chain gaps, and your levels of resilience. It will also inform you about the core team that you should keep in place in the face of potential catastrophe," he writes.
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