BIA helps to identify all of the above aspects of an organization’s functions and processes. It helps to identify the critical services and products that the organization delivers to its customers and stakeholders, and the functions and processes that support them. It also helps to identify the critical interdependencies and interested parties that are involved in or affected by the organization’s functions and processes, such as suppliers, partners, regulators, or employees. Moreover, it helps to identify the tangible and intangible impacts of a disruption tothe organization’s functions and processes over a period of time, such as financial losses, reputational damage, legal liabilities, or customer dissatisfaction. Verified References: https://www.ready.gov/business-impact-analysis https://drii.org/resources/professionalpractices/EN

Contingency planning is the type of planning that requires the commitment of significant financial and human resources for situations that may never even occur. Contingency planning is the process of developing alternative courses of action in case the preferred plan fails or an unexpected event occurs. Contingency planning aims to reduce the impact and uncertainty of potential disruptions and ensure the continuity of the organization’s functions and processes. Contingency planning can be costly and time-consuming, as it involves identifying risks, analyzing scenarios, developing strategies, testing plans, and maintaining readiness. Verified References: https://www.iso.org/publication/PUB100442.html https://phoenixnap.com/blog/what-is-business-continuity-management

A formal “disaster” can only be declared by the firm owners or by the IT Department Manager. This is false because a formal “disaster” can be declared by any authorized person who has the responsibility and authority to activate the business continuity and disaster recovery plan. The authorized person may vary depending on the type, scope, and severity of the disaster, but it should be clearly defined in the plan who can declare a disaster and under what circumstances. The authorized person should also communicate the declaration of a disaster to all relevant stakeholders, such as employees, customers, suppliers, partners, regulators, media, or the public. Verified References: https://www.ready.gov/business-continuity-plan https://www.csoonline.com/article/515730/business-continuity-and-disaster-recovery-planning-the-basics.html

Strategic management is the type of management that is an often used term, but has so many different connotations to different people that invariably the message of its meaning gets confused. Strategic management is the process of defining and executing the long-term vision, goals, plans, and actions of an organization. Strategic management involves analyzing the internal and external environment, formulating strategies, implementing them, and evaluating their outcomes. Strategic management can be complex and challenging, as it requires alignment and integration of various aspects of the organization, such as culture, structure, resources, capabilities, stakeholders, markets, competitors, or regulations. Verified References: https://www.investopedia.com/terms/s/strategic-management.asp https://phoenixnap.com/blog/what-is-business-continuity-management

A publicly released BCP is a version of a business continuity plan that is intended for external audiences, such as customers, suppliers, partners, regulators, media, or the public. It should not contain sensitive or confidential information that may compromise the security or privacy of theorganization or its stakeholders. Therefore, it should not include process flows that detail how each function or process is performed; contact lists that reveal personal or organizational information; BIA results that show criticality ratings or recovery time objectives; or any other information that may expose vulnerabilities or risks. Verified References: https://www.ready.gov/business-continuity-plan https://drii.org/resources/professionalpractices/EN

A disaster can also be declared for an illness pandemic where a significant portion of employees are sick. This is true because an illness pandemic is a type of natural disaster that can affect an organization’s ability to continue its normal operations. An illness pandemic can cause absenteeism, reduced productivity, increased costs, supply chain disruptions, customer dissatisfaction, or regulatory compliance issues. Therefore, an organization may need to declare a disaster and activate its business continuity and disaster recovery plan if an illness pandemic impacts its critical functions and processes beyond an acceptable level. Verified References: https://www.ready.gov/business-continuity-plan https://www.csoonline.com/article/515730/business-continuity-and-disaster-recovery-planning-the-basics.html

The four R’s are action approaches for crisis and post-crisis management. They are:

• Reduction: This approach aims to prevent or mitigate the occurrence or impact of a crisis by identifying and addressing the root causes, vulnerabilities, and risks.
• Readiness: This approach aims to prepare for a potential crisis by developing plans, policies, procedures, systems, teams, and resources that can enable a timely and effective response.
• Response: This approach aims to manage a crisis by activating the plans, policies, procedures, systems, teams, and resources that can contain, control, and resolve the situation.
• Recovery: This approach aims to restore normal operations after a crisis by implementing actions that can repair damages, restore functions and processes, resume services and products, recover losses, and learn lessons. Verified References: https://www.cisco.com/c/en/us/solutions/hybrid-work/what-is-business-continuity.html https://phoenixnap.com/blog/what-is-business-continuity-management

Individual accountability for the management of the risk should be clearly established. This is true because accountability is one of the key principles of business continuity management. Accountability means that each person involved in the business continuity management program has a clear understanding of their roles and responsibilities, as well as the authorityand resources to perform them. Accountability also means that each person is held responsible for their actions and outcomes, and that they report on their performance and progress regularly. Verified References: https://www.iso.org/publication/PUB100442.html https://phoenixnap.com/blog/what-is-business-continuity-management

Technical risk is the type of risk that is associated with risk of physical assets failing/being damaged or enhanced. Technical risk is the uncertainty or variability of the performance or reliability of physical assets, such as equipment, systems, infrastructure, or data. Technical risk can result from factors such as design flaws, manufacturing defects, maintenance issues, obsolescence, human error, natural disasters, or cyberattacks. Technical risk can affect an organization’s operational efficiency, quality, safety, security, or profitability. Verified References: https://www.investopedia.com/terms/t/technical-risk.asp https://www.thebci.org/training-qualifications/good-practice-guidelines.html