Risk analysis; a first step towards business continuity for your organisation

Business continuity is important. Many companies think about guaranteeing the continuity of the business, including in the event of a disaster, but have no idea where and how to begin.

A risk analysis can be an important first step.

 

Risk analysis is a well-known element within a Business Continuity Management System (BCMS). The most important purpose of a risk analysis is to allow informed (fact-based) decisions to be made about how to deal with specific risks and to be able to choose specific solutions to mitigate risks.

 

A risk analysis is a method used to quantify risks by determining the likelihood that a threat arises and identifying the consequences of that threat:

 

Risk = Likelihood x Consequence

 

Risk analysis and ISO standard 22301

According to ISO 22301 (Business Continuity Management System) a risk analysis only examines the disruptive threats to the critical business processes.

These threats can focus on various aspects, such as: facilities, the immediate environment, IT, employees and business-specific risks.

 

Identifying where and what risks can occur, will ensure that the organisation will not face surprises and high costs later. An organisation is also able to minimise risks by taking preventive measures.

COIN can support your organisation in this important first step towards business continuity.

 

COIN risk assessment

Risicoanalyse workshop

COIN conducts a risk analysis, a so-called risk assessment, during a workshop.

This risk assessment consists of three elements:

  • Risk identification
  • Risk analysis
  • Risk evaluation

 

Subsequently, a clear and transparant report of potential disruptive risks relevant to the company will be drawn up.

 

The outcome of a risk assessment can result in the following measures for the organisation:

  • Prevention: preventing something from happening or reducing/minimising the likelihood of it happening
  • Detection: establishing the (potential) damage when a threat occurs
  • Suppression: limiting the damage when a threat occurs
  • Correction: implementation of measures that are activated as soon as something happens in order to minimise the impact of that event
  • Acceptance: acceptance of the likelihood of and the potential consequences of a threat
  • Transfer: financial (by means of insurance) or operational (by means of outsourcing

 

Business Impact Analysis (BIA)

When an organisation wishes to guarantee business continuity and wants to be prepared for the potential consequences of a disaster it is important to take a second step: undertaking a Business Impact Analysis (BIA).

 

COIN is able to efficiently translate the information from the risk assessment into a quick scan BIA, so that your company can achieve the best possible result against minimum investment.

 

More information?

If you would like to learn more about risk analysis and risk assessment please contact us via This email address is being protected from spambots. You need JavaScript enabled to view it. or call us on 088 – 26 46 000.

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