What are the steps involved in conducting a BIA?

The steps involved in conducting a Business Impact Analysis (BIA) typically include: identifying key business processes, determining the potential impact of an incident on these processes, identifying critical resources needed to support these processes, estimating the maximum allowable downtime for these processes, and finally, prioritizing recovery strategies based on the findings.

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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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Business Continuity Frameworks

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