Risk/Threat Vulnerability Assessment
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It is a generally accepted BCP practice to perform Risk/Threat Vulnerability Assessment prior to performing a Business Impact Analysis (BIA).
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The Risk/Threat Vulnerability Assessment is a study that: (a) identifies perils that could cause a disaster, (b) researches the potential loss it could generate if it came about, and (c) weighs those consequences with the cost of remediation.
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As our first step, we identify the risks and threats to our client's business that could cause a disaster. These generally include:
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Environmental risks including fire, flood (Man Made), power outage etc.;
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Human risks like unintended error, a berserk employee, embezzlement, etc.;
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Technological threats such as a network outage, hacker attack, worm/virus, etc. and;
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Natural threats including hurricane, flood (natural), mudslide, earthquake, tornado etc.
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After identifying relevant risks and threats to our client's organization, our planners conduct a loss impact analysis to determine the potential impact - both quantitative (financial) and qualitative (operational) - of disruptive events.
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Backed by these facts and figures, we are equipped with the knowledge to assess the probability of their occurrence with their likely consequences, and in turn weigh the risk with mitigation strategies and implementation costs. Finally, our client's management can either accept the risk or remediate the problem knowing they have made an informed decision.
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TAMP Systems has more than 25 years of continuity planning expertise and know-how;
and has earned and maintains a CBCV certification from DRII, which is the world-wide
leader in more than 90 countries for education and certifications in business continuity
management. You can be rest assured that your plans will be usable, executable and
workable by using TAMP for your business continuity planning and risk/threat vulnerability assessment needs.
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