It is important to deal with business risks first, while dealing with the business continuity analysis. All the risk factors to the business should be examined first and detailed planning prepared to deal with them one by one. There are four options for dealing with each risk:
Risk Reduction
This can be split into two problems, one to tackle the likelihood of the problem and the other to reduce or minimise the impact of the problem which has already occurred. An example is that of the fire alarm and the sprinkler system. The fire alarm reduces the chances of fire spreading unnoticed, whereas the sprinkler system douses fire.
Risk Transfer
This is a perfect way of taking care of problems though it may seem as an escape route. This does not mean that we will look for scapegoats.
Risk Acceptance
One must accept the fact that there exists a potential risk. Only then a plan can be prepared to tackle the same. This will automatically reduce the impact of the problem.
Risk Ignorance
After accepting the potential risk factors, one cannot ignore their fallout. It is imprudent to believe that such a situation will not arise. A risk-based testing approach should be adopted for optimum safety.
The plan should be thoroughly tested. It is better to entrust this job to an independent agency, in the case of data backup, it is of paramount importance that the data is kept off-site and preferably online.
