A comprehensive Risk Assessment Policy is the cornerstone of any Business Resumption Plan (BRP), providing a systematic approach to identifying, analyzing, and mitigating potential threats to business continuity. This policy outlines the framework and procedures for assessing risks across various dimensions, including operational, financial, technological, and environmental factors. Organizations can proactively identify vulnerabilities and prioritize resources to safeguard critical assets and operations against potential disruptions by conducting a thorough risk assessment.
The Risk Assessment Policy for a BRP encompasses several key components, including risk identification, evaluation, treatment, and monitoring. It involves the collaboration of stakeholders from different departments to gather insights into potential risks and their potential impact on business operations. Through this process, organizations can develop tailored mitigation strategies, such as implementing redundancies, diversifying suppliers, or enhancing cybersecurity measures to minimize the impact of potential disruptions and ensure the resilience of their business operations. Regular review and updates of the Risk Assessment Policy are essential to adapt to evolving threats and maintain the effectiveness of the BRP in safeguarding business continuity.
The Risk Assessment Policy document guides the activities that need to be implemented by each Business Department, Technology Department, and Corporate Department within the organization.
All departments within the organization must use this methodology to identify current potential risks and threats to the business and implement prevention measures to mitigate or reduce those potential risks.
TERMINOLOGY
ACCOUNTABILITY
COMPLIANCE
REVISION HISTORY
ENDORSEMENT I. POLICY OVERVIEW
A. Purpose
B. Scope
C. Ownership Roles & Responsibilities
D. Review Process
E. Reporting Process
F. Update Frequency and Annual Review
G. Approval
II. RA REQUIREMENTS
A. RA Completion
B. Risks and Threats Identification
C. Probability of Occurrence
D. Vulnerability to Risk
E. Potential Impact of Risk
F. Preventative Measures
G. Insurance Coverage
H. Previous Disruptions
III. RA RESULTS
A. Overall Facility Risk
B. Communication
C. Retention of RA Survey
APPENDIX
Appendix A – Risk Assessment Standards
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