The process of identifying risks, assessing risks and developing strategies to manage risks is known as risk management and mitigation. A risk management plan and a business impact analysis are important parts of your business continuity plan. By understanding potential risks to your business and finding ways to minimise their impacts, you will help your business recover quickly if an incident occurs.
Types of risk vary from business to business. You won’t be able to prepare for all of them, but preparing a risk management plan involves a common process that you can learn from to respond to any incident. Your risk management plan should detail your strategy for dealing with risks specific to your business.
It’s important to allocate some time, budget and resources for preparing a risk management plan and a business impact analysis. This will help you meet your legal obligations for providing a safe workplace and can reduce the likelihood of an incident negatively impacting on your business. It may also be required by your insurance company and financer.
This guide outlines the steps involved in preparing a risk management plan and a business impact analysis for your business.