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When forming a core team for potential catastrophes, several factors should be considered. These include understanding the exposure risks for your venture, identifying your stakeholders, recognizing your supply chain gaps, and assessing your levels of resilience. All these factors can be identified through a business impact analysis (BIA).
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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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Ensure that your business continues to thrive under unfavorable conditions with our Business Continuity deck. This presentation includes practical fra...
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