Importance of risk mitigation in a business continuity plan (BCP)for an organization
Importance of risk mitigation in a business continuity plan (BCP)for an organization
Risk mitigation is where a strategy is created to decrease the probability of occurrence or impact of a threat. At the same time, a business continuity plan is a document that shows how the organization will operate in case of service disruption. For one to have an organization running, they have to be aware of possible threats and how to prevent them; therefore, a business continuity plan would require risk mitigation for it to be complete and successful. Every organization has its risks or threats affecting it. A transparent risk management system is required to respond to these risks appropriately; there are four types of mitigation: risk identification, risk analysis, risk evaluation, and risk prevention. A BCP that lacks risk assessment for an organization is incomplete since it cannot operate unaware of the threats or risks facing the organization, making it unreliable in case of need.
When compiling risk mitigation, the company has to determine the risks in the business, how to lessen the occurrence of such risks or control them, or how to minimize the impact in case the risks affect the organization; this generally makes the business more aware of how to deal with threats. Risks may include mishandling of important information, and having a way to deal with such a risk will prevent many losses that may come with it and many other risks. Every organization is liable to several risks, and some could be cyber-attacks or even disruptions caused by natural disasters. Therefore, every organization should make an effective risk management system. A business continuity plan is essential for any business, but a risk mitigation framework enables the organization to cope with identified risks necessary for a BCP.