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Business Continuity and Disaster Recovery in Financial Services

Business Continuity and Disaster Recovery both minimize the impact that a catastrophic event might have on a businessu2019s ability to reliably deliver its products and services.<br> <br>While both fields are important, and even similar in some aspects, they are not synonymous. There are important differences in business continuity vs. disaster recovery.<br> <br>Business continuity outlines exactly how a business will proceed during and following a disaster. It may provide contingency plans, outlining how the business will continue to operate even if it has to move to an alternate location. Business continuit

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Business Continuity and Disaster Recovery in Financial Services

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  1. Business Continuity and Disaster Recovery in Financial Services Business Continuity and Disaster Recovery both minimize the impact that a catastrophic event might have on a business’s ability to reliably deliver its products and services. While both fields are important, and even similar in some aspects, they are not synonymous. There are important differences in business continuity vs. disaster recovery. Business continuity outlines exactly how a business will proceed during and following a disaster. It may provide contingency plans, outlining how the business will continue to operate even if it has to move to an alternate location. Business continuity planning may also take into account smaller interruptions or minor disasters, such as extended power outages. Disaster recovery refers to the plans a business puts into place for responding to a catastrophic event, such as a natural disaster, fire, act of terror, active shooter or cybercrime. Disaster recovery involves the measures a business takes to respond to an event and return to safe, normal operation as quickly as possible.

  2. Business continuity planning and disaster recovery planning often seem interdependent. While the two concepts are not the same, they overlap in some areas and work best when developed in tandem. Both are proactive strategies that help a business prepare for sudden, cataclysmic events. Instead of reacting to a disaster, both disciplines take a preemptive approach, seeking to minimize the effects of a catastrophe before it occurs. Businesses can use both to prepare for a range of ecological and human-made disasters. Business continuity and disaster recovery are instrumental to preparing for pandemics, natural disasters, wildfires and even cyberattacks. Both require regular review, and they may sometimes require revision to ensure they match the company’s evolving goals. An emergency management leader will continually test and modify these plans as needed. ● ● ● If you are struggling with debt, are considering winding up a solvent company or declaring bankruptcy, contact Simple Liquidation for assistance. For more information on how our professional insolvency practitioners may be able to help your business, contact us today.

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