WHAT IS BUSINESS CONTINUITY MANAGEMENT (BCM)?
“In today’s highly connected environment, serious disruptions in many parts of the world will affect us. Being prepared give businesses a competitive advantage not only in addressing these disruptions but also the ability to capture new opportunities.”
Ho Meng Kit
Chief Executive Officer, SBF
The ability to respond effectively is the key to business survival in face of sudden threats or disruptions. To be caught unprepared in averting and managing potential disruptions to your operations would not only result in the loss of business opportunities but could also affect your bottom-line, particularly with the current volatile market situation.
Business Continuity Management (BCM) is a holistic management process which helps to assess, plan and strengthen the resilience of your value chain. BCM is a tool that enables organizations to identify potential threats and thus provides a framework for your organization to build up its resilience and capabilities for an effective response. The aim is to safeguard the value-creation and reputation of the business as well as the interests of stakeholders.
To understand more on BCM, try out the Awareness Self-Assessment now!
WHY IS BCM IMPORTANT?
BCM-readiness provides reassurance to your internal and external stakeholders that your operations are able to meet the needs of the contingency and you are prepared for the 'worst case scenario' situations. As a robust BCM system also requires the collaboration of your key suppliers, the upgrading of your key suppliers' BCM plans will improve your entire supply chain. The ability to weather adversity will give you company an edge against your competitors. In Summary, BCM is more than just insurance for your business.
A BCM ready organisation is able to:
- Be recognised as a reliable and sustainable business partner
- Enhanced business reputation and consumer confidence
- Protect assets and the business infrastructure
- Maintain operations and minimise financial impact during crisis
By increasing the resilience of businesses in Singapore, it will further boost Singapore's status as a trusted business hub. This will help to attract more business opportunities and fuel the growth of your company. Your preparedness for crisis will collectively enhance the nation's resilience to crisis.
Read the Success Stories by companies which have benefited from implementing BCM.