Addressing the Covid-19 gap: How Business Continuity professionals can propel businesses forward
Events in 2019 and 2021, from the Australian bushfires to the Covid-19 pandemic, have shown us just how quickly our way of life can be overturned, substantially impacting businesses and global economies. During this unprecedented time, we’ve seen disruptions impacting small enterprises and global corporations alike, demonstrating how fragile global infrastructures and supply chains can be. The world has changed, and organizations need to change along with it.
While our 2020 Business Continuity Benchmark study was conducted before COVID-19, it offers valuable insight into the difference between what businesses want versus what is actually being committed to achieving it. Our follow-up survey in March 2020 further shows this gap left many businesses vulnerable in the face of our current challenge.
As you will see in the report that follows, our research demonstrates that operational resilience is front of mind for decision-makers, however, there remains a clear difference between being aware that something needs to be done and investing enough to ensure you’re prepared.
The end result we are seeing now is that business continuity professionals are challenged with a lack of resources and executive buy-in at a point where their role and organization are being put through its biggest test and operational resilience is more important than ever.
Other key findings include:
- More than half of respondents don’t use software to execute their BCM program
- A quarter don’t have a vendor risk program and treat it separately
- 46% report that they do not regularly update their board of directors on business continuity program statuses
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