IS MY ORGANISATION RESILIENT AGAINST RISKS?
After having a clearer understanding on the basics of BCM, how well do you think your organisation fare when benchmarked against the Singapore Standard SS 540:2008? To have an understanding if there is a strong resilience framework being implemented within the organization, try out the Gap Analysis. It identifies enterprise’s current risk gaps and suggest areas for improvement. The assessment is key to enabling enterprises to think through critical areas that may affect their business operations and trigger subsequent investigation into adopting Business Continuity measures.
When you complete the assessment, your score will allow you to map yourself onto a BCM Maturity matrix. This will show you your strengths and areas to improve in your ongoing journey to business continuity competency.
Click here to try out the Gap Analysis now!
WHAT IS BCM STANDARD?
ISO 22301:2012 has replaced SS 540:2008 since September 2014, after it was published in October 2012 (i.e. Singapore Standard SS ISO 22301 - Societal Security - Business Continuity Management - Requirements).
The standard specifies requirements for setting up and managing an effective Business Continuity Management System (BCMS).
A BCMS emphasises
- the importance of understanding organisation's needs and the intent for establishing business continuity management policy and objectives,
- implementing and operating controls and measures for managing an organisation's overall capability to manage disruptions, monitoring and reviewing BCM's performance and effectiveness; and,
- continual improvement based on objective measurement.
A BCMS, like any other management system, has the following key components:
- a policy;
- people with defined responsibilities;
- management processes relating to
- implementation and operation;
- performance assessment;
- management review; and,
- documentation providing auditable evidence; and
- any business continuity management processes relevant to the organization.
Business continuity contributes to a more resilient society. The wider community and the impact of the organisation's environment on the organisation and therefore other organisations may need to be involved in the recovery process
HOW CAN COMPANIES IMPLEMENT BCM IN SINGAPORE?
There are various ways companies can consider when implementing BCM, depending on the scale of implementation, risk appetite and nature of risks and impacts.
The typical approach for Singapore companies would be:
- Send staff for training
- Seek support from the senior management
- Engage a competent BCM consultant
- Appoint a third-party auditor to certify the BCMS, including business continuity plan
- Apply for Government Assistance if you are going for ISO 22301
For more information on how to implement BCM, please contact us at firstname.lastname@example.org.