In order to endure the consequences of disruptions and establish organizational resilience, most firms recognize the value of a business continuity management (BCM) program. The organization’s BCM maturity is determined, and areas that are not at the target level are highlighted. The maturity assessment’s findings are utilized to prioritize and develop the BCM program over time.
Why do I Need a BCM Maturity Assessment?
A BCM maturity assessment is a frequently used technique for assessing business processes or specific components of companies, as it indicates a path toward a more organized and systematic manner of doing business. A maturity assessment can be used to determine the current maturity level of a specific part of an organization in a significant way, allowing stakeholders to easily recognize strengths and areas for growth, as well as prioritize what needs to be done to achieve greater maturity levels.
Another purpose of the maturity assessment is to see if the program/plan was designed and is being managed in accordance with industry best practices, find flaws, and provide proposals for business continuity plan enhancements, if necessary. Why spend time, money, and effort developing a business continuity plan just to have it become obsolete?
Keep in mind that knowing how mature your company is in terms of business continuity is critical. While BCM maturity assessments take time, proactive planning ahead of time can generate efficiencies and speed up the process of keeping the plan current with organizational demands.
Conducting a Successful BCM Maturity Assessment
To get high-quality results, a successful BCM maturity assessment requires a defined framework and availability to qualified staff or external experts. A BCM program’s maturity assessment activity may include, but are not limited to, the following:
- Conducting interviews with program participants and relevant stakeholders
- Examining documents related to plan creation, such as business impact analyses and risk assessments
- Checking the present state of recovery plans
- Ensuring that the recovery time and point objectives are met
- Reviewing individual business unit continuity and disaster recovery plans to verify that they are thorough, precise, and up to date
- Ensuring that management, personnel, and external stakeholders are all reviewing communication/notification processes
- Examining the materials, techniques, and guidelines used in training
- Examining the results of the plan exercise and the exercise criteria
- Completing contingency planning for contractors and service providers
If you have a BCM plan in place, you want to know that your investment in disaster preparedness will pay off in the case of a disaster. A good plan should evaluate the scope of a company’s obligations to other organizations and supply chain vulnerabilities in addition to helping defend your organization’s interests.
Measures must be created and executed to monitor your risks and ensure that management is routinely informed of the organization’s resilience and continuity skills in the event of a disaster, and is ready to analyze and improve them.
Questions to Ask When Conducting a BCM Maturity Assessment
Ask yourself these questions to get a thorough picture of your BCM maturity assessment and to allow you to improve.
1. Are You Compliant?
It’s all about sticking to a tried-and-true formula for success. Industry standards like FFIEC or ISO 22301 are the concentrated expertise of the finest, most experienced BCM specialists about what businesses need to do to ensure they can rebuild and get back into business promptly after a disruption. Are you paying attention to what they have to say? Are you adhering to the other standards that you agreed to or that you are required to follow?
2. Have You Calculated Your Residual Risk?
This is a massive undertaking. It’s also a question that no one wants to bring up. Finding out where the risk in your program is located is the goal of residual risk measurement. What are the places where you have the most substantial exposure? What are the places where you have gaps? What are the three or four areas in which your company is most vulnerable?
3. Have You Drawn Up a Roadmap?
The roadmap is based on the information you gathered while answering questions 1 and 2. An excellent way to lay out a roadmap is to do so in table form every quarter, with each quarter having its own to-do list of deliverables. Your deliverables could include a recovery plan or a collection of business continuity policy requirements. Your responsibilities could range from executing a mock disaster drill for your crisis management team to conducting quarterly meetings with senior management to evaluate your program.