Why is it important to have a core team in place during a potenti

Having a core team in place during a potential catastrophe is crucial because they are the ones who understand the business and its risks thoroughly. They can provide critical information about stakeholders, supply chain gaps, and levels of resilience. They are equipped to handle the situation effectively and ensure the continuity of the business.

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Business Continuity Frameworks

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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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How can a Business Impact Analysis (BIA) help in the overall growth and sustainability of a business?

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A Business Impact Analysis (BIA) can significantly contribute to the growth and sustainability of a business. It helps identify and understand potential threats to the business, providing critical information about stakeholders, supply chain gaps, and resilience levels. It also informs about the core team that should be maintained in case of potential catastrophe. This knowledge allows businesses to prepare and plan for risks, ensuring their ability to recover and continue operations, thus promoting growth and sustainability.

What are the common mistakes made during a BIA?

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Common mistakes made during a BIA include not identifying all potential threats, not understanding the supply chain gaps, not identifying key stakeholders, and not establishing a core team for potential catastrophe.

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Why is it important to have a core team in place during a potential catastrophe?

Business Continuity Frameworks

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