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