The impact of a business interruption increases as organisations rely on efficiencies such as just-in-time delivery systems and single supplier arrangements, reducing their flexibility to respond by implementing alternative approaches.
A company's share price, profits and corporate reputation can be damaged by an interruption. To limit the loss of earnings many companies obtain insurance coverage. However, traditional insurance is not always enough to protect your company's reputation and market share. Managing the risk of business interruption requires strategies to both prevent the occurrence and to reduce its impact. These can include:
- Business Continuity Management
- Crisis and emergency management
- Business Impact Analysis
- introducing back-up supply arrangements
- outsourcing critical functions to spread the risk
- adjusting inventory control strategies
- establishing spare capacity/back-up production capabilities
- recovery of lost data
Our Risk Consulting practice can analyse the risks your company faces and work with you to implement the most effective mix of strategies to protect your business. |
