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A Business Impact Analysis (BIA) plays a crucial role in risk management. It helps in identifying and understanding all potential threats to a business. The BIA provides critical information such as the identification of stakeholders, supply chain gaps, and levels of resilience. It also informs about the core team that should be kept in place in the event of a potential catastrophe.
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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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