Standard ISO 22301, an international standard that specifies requirements for establishing, maintaining, and enhancing business continuity systems, is generally aligned with business continuity management systems-compliance and Regulatory Requirements: Many industries, like finance and healthcare, have stringent regulations that require business continuity planning. Failure to comply with these requirements can result in legal and financial fines. Customer Confidence and Trust: Customers want firms to offer continual services. A business continuity management system (BCMS) shows stakeholders that the company has a solid emergency response plan, which can increase consumer loyalty and trust. Businesses are subject to various dangers, including natural disasters, cyberattacks, pandemics, supply chain problems, and power outages. BCMS assists a business in preparing for these scenarios and developing customized plans to address each one.
Competitive Advantage: Businesses demonstrating resilience via a BCMS might set themselves apart. Customers, investors, and partners prefer to work with companies that can provide continuity even during difficult times. Business Impact Analysis (BIA): A BIA assists businesses in determining the possible impact of interruptions on various business functions.