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The top business continuity risks that retailer’s face – Part 2

Posted by on Oct 22, 2014 in business continuity, business continuity risks | 0 comments

Technological and reputational are two new risks that retailers must factor into their business continuity plans. Last time, we introduced reasons why retailers need to pay particular attention to their risk profiles, and began looking at some of the most common risks they face. Other risks they should consider include: Reputational risk in the era of social media. Increasingly, people are connecting to the Internet via their mobile phones, which means that they can go online to express dissatisfaction about a retail experience almost in real...

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The top business continuity risks that retailer’s face – Part 1

Posted by on Oct 16, 2014 in business continuity, business continuity risks | 0 comments

The retail sector has its own set of vulnerabilities. Does your business know what they are and, more important still, have a strategy in place to keep on trading? Retail has always been competitive, but lately competition has ratcheted up several notches. Some of the drivers of this are familiar—disposable incomes are under strain—but others are not. Among the latter category: the growth in competition from online stores, which increasingly undercut prices while offering greater convenience and personalisation. In addition, customers...

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Experience not the best teacher for business continuity

Posted by on Oct 15, 2014 in Advisory Services, business continuity, Business Continuity Plans, business resilience, disaster recovery, Resilience | 0 comments

Young humans tend to learn by experience. Those lessons tend to stick but it’s a method that can prove extremely costly when the stakes are high. A business that survives a disaster will doubtless learn a good few lessons, but the fact is that most businesses don’t survive disasters without advance planning. Early on in life, it’s perfectly normal to want to see for oneself whether a candle flame actually burns, and usually the experience is bought cheaply, at the expense of a brief pain. As one grows up, however, it’s advisable to...

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Is your supply chain Ebola-proofed?

Posted by on Sep 10, 2014 in business continuity, Business Continuity Plans, Pandemic policy, Supply chain | 0 comments

When considering the risks of a crisis such as Ebola, companies need to first and foremost protect their people, and thereafter to look at the broader business impact it may have. Minimising the risk to employees is a clear priority for any company, be it planning a response to a health crisis or a natural disaster. But from a business continuity point of view, companies also need to look at the bigger business impact once staff have been protected. What should not be forgotten, however, is the impact on the company’s supply chain....

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Ebola outbreak: How prepared is your company for a pandemic?

Posted by on Sep 9, 2014 in Advisory Services, Business Continuity Plans, Pandemic policy | 0 comments

Health scares like the current Ebola outbreak in West Africa seem so unlikely—until they happen. Make sure your company is prepared. The death toll continues to mount—at the time of writing it was 650 and rising—and health ministers from the Southern African Development Community have announced a strategic plan to prevent the spread of the virus into our region, and to treat any people who are infected. Of course, it’s a humanitarian disaster first and foremost, but the implications for business are profound, both generally and in...

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Using social media for crisis communications

Posted by on Aug 7, 2014 in Business Continuity Plans, crisis communication | 0 comments

Social media platforms offer an invaluable tool for communicating with stakeholders when a crisis strikes—but you need to be prepared. When an emergency strikes, companies often find themselves on the back foot. The first thing to understand is that when a crisis breaks is not the time to be deciding what to do and how to do it! The protocols and procedures for managing a crisis must be decided and understood before it strikes, and should form part of Business Continuity planning. One of the most important parts of any crisis management...

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Making business continuity real

Posted by on Jun 25, 2014 in business continuity, business continuity management | 0 comments

Generic Life Cycle

As noted in an earlier blog, Business Continuity Management (BCM) is not an event or a project. It has to become embedded in how the company works, and the whole process of BCM has to be managed. When it comes to embedding BCM into the corporate culture, it’s important to recognise that there is no “one size fits all” for this activity. It has to be tailored to the company, its people and the business in which it’s involved. At each phase in the BCM life cycle, there are opportunities to create and enhance a BCM culture. Many of these...

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Risky business: The dangers of having no Business Continuity Management

Posted by on Jun 23, 2014 in business continuity, business continuity management | 0 comments

BCM

Let’s now consider a real-life case study of a company that did not have adequate BCM. This company, let’s call it Acme Trading, was listed on Johannesburg’s AltX stock exchange where its maiden revenues were 327 percent higher than those of the previous year. Headline earnings were up by some 256 percent. Six months later, headline earnings were down almost 100 percent. A company whose prospects had looked so bright soon lost its allure, and was ultimately delisted after only one year of trading on the AltX. This spectacular fall from...

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Six benefits of business continuity management

Posted by on Jun 11, 2014 in business continuity management | 0 comments

In previous blogs, we described what business continuity management (BCM) was and the five steps to implement it effectively. Now let’s look at why it’s so beneficial. Let’s begin by remembering how widely the effects of a disaster can be felt. If an individual company experiences a disruption, it can be devastating for the people who work it or rely on its products or dividends. But imagine large-scale disasters, like the Japanese tsunami or the bush fires in Australia,that put many businesses out of commission. If the companies cannot...

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Five steps to effective Business Continuity Management

Posted by on Jun 3, 2014 in business continuity management, Implementing business continuity | 0 comments

Last time, we discussed the importance of BCM in managing operational risk. Now let’s talk a little about how to implement it effectively. The key is to approach BCM holistically and methodically. The important point to remember is that BCM is not a once-off event. A company changes, its environment changes, and thus the risks it faces change. It’s thus very important to see the BCM process as a life cycle, constantly being renewed over time as new risks appear and old ones mutate. ContinuitySA recommends following the following five...

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