Now's an opportune time to ramp up efforts to improve BCP

ONE lesson that's quite apparent from the ongoing Covid-19 outbreak is undoubtedly the importance of having a robust Business Continuity Plan (BCP), reminding us that failure is not an option when you have failed to plan. Undoubtedly, companies with a well-thought-out BCP will have a decent chance of riding out the storm in good shape, while those at the other end of the spectrum might have to be looked up in the national archives just to reminisce on their existence in the not-so-distant future.

But is it really too late to change the way a business operates? There may still be a window of opportunity to take action immediately to identify gaps in the BCP and transform the business in order to meet the demands of customers and the workforce. The reality is that with many countries under lockdown or partial shutdown, it may take many months for us to see a "business as usual" situation as fears of a second and third wave of virus breakout looms across the world. Actions or inactions of business leaders today may very well define the future outcome of their business.

There are some key elements in a good BCP such as having clearly defined teams; a well-detailed plan; frequent testing; an effective communication process; means to safeguard employees; accessibility to business data; and uninterrupted IT operations.