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Prepare for and manage the unexpected

By BKD staff |

Businesses face numerous pressures that can threaten the organization’s viability and sustainability if a disaster occurs. Potential threats include:

  • Natural (tornado, earthquake, hurricane, flood, etc.)
  • Environmental (fire, network failure, power outage, etc.)
  • Business market (legal/regulatory issues, competitive pressures, reputational risks, etc.)
  • Social (terrorism, pandemic, social media, network intrusions/attacks, etc.)
  • Human (strikes, work stoppages, etc.)
  • Financial/operational (cost of capital, inherent process risks, calendar-based risk, etc.)

This list certainly isn’t all-inclusive. Many other threats could interrupt normal business operations. It’s imperative that specific threats to a particular organization be identified and prioritized by developing a Risk Assessment and Business Impact Analysis (RA/BIA). Upon completion of an RA/BIA, a Business Continuity Plan can be created.

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