By Jennifer Goetz
From the April 2024 Issue
All organizations evaluate business risks and are increasing facing new and sophisticated challenges, from pandemics to workplace violence incidents. Risk management is one thing, but business continuity planning is another. Some companies may look at creating a business continuity plan like filling in a template — what are some of the major business risks, and what do we now have to update about these risk factors year-to-year? Now with the power of generative AI, facilities can even ask AI to write up a business continuity plan.
A business continuity plan is a framework for organizations to guide organizations away from risky scenarios, while detailing steps to take should one of those scenarios come to pass.
Essentially, a business continuity plan is a framework for organizations to guide organizations away from risky scenarios, while detailing steps to take should one of those scenarios come to pass. Preparing for the likelihood of black swan events from taking place may seem time-consuming, but it is critical to ensure there is something to fall back on should a high-stakes crisis arrive at your doorstep. This plan should reflect the business, its leadership, the personnel directly involved in the plan, and the BC expert or staff member who’s meant to guide the process.
Potential Threats To Business Operations
For facility executives and managers, many potential business interruptions can arise, from supply chain disruptions, power outages, cyberattacks, workplace violence, product contamination, severe weather incidents, and lawsuits, among other crises. Depending on your industry, it’s critical to consider what crisis would pose the most significant threat to your business. What are some of the major repercussions of an event where your organization is at fault?
Business continuity plans should answer a wide range of questions that address what organizations would do in various crisis scenarios. Most facility executives realize that black swan events — ones that seem almost impossible — do happen. These plans will also go in-depth about some of the long-term aftershocks a business can experience after an incident, from reputational damage to a financial strain.
In case of a fire or active shooter, an immediate response is needed. In some cases, more proactive planning can be done ahead of an incident, such as a hurricane that’s projected to be headed toward your facility. Something like a cyberattack is also something all organizations should expect. According to the U.S. Chamber of Commerce survey about small businesses and their biggest concerns, these organizations are most concerned about the impact of a cyberattack, followed by supply chain disruptions and the potential for another pandemic. Cyberattacks in all forms have impacted every industry, from hospitality to healthcare.
The Planning Process
Now, facility executives can work alongside crisis and emergency managers to address some of these questions and provide feedback. Leaders and operators are often responsible for carrying out critical roles during crisis situations, and should be involved in the planning process.
“Facilities has a pivotal role in the realm of operational resilience; a role that persists throughout the entire risk and recovery lifecycle,” says Mark Carroll, an adjunct faculty member with Boston University who has over 35 years of experience in Business Continuity, Risk Management, and Information Technology in a variety of diverse environments and disciplines.
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