Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

Business Continuity

Business continuity is the mechanism by which an organization continues to operate its critical business units, during planned or unplanned disruptions that affect normal business operations, by invoking planned and managed procedures.

Unlike what most people think business continuity is not necessarily an IT system or process, simply because it is about the business. Today disasters or disruptions to business are a reality. Whether the disaster is natural or man-made, it affects normal life and so business. So why is planning so important? Let us face reality that "all businesses recover", whether they planned for recovery or not, simply because business is about earning money for survival.

The planning is merely getting better prepared to face it, knowing fully well that the best plans may fail. Planning helps to reduce cost of recovery, operational overheads and most importantly sail through some smaller ones effortlessly.

For businesses to create effective plans they need to focus upon the following key questions. Most of these are common knowledge, and anyone can do a BCP.

Should a disaster strike, what are the first few things that I should do? Should I call people to find if they are OK or call up the bank to figure out my money is safe? This is Emergency Response. Emergency Response services help take the first hit when the disaster strikes and if the disaster is serious enough the Emergency Response teams need to quickly get a Crisis Management team in place.

What parts of my business should I recover first? The one that brings me most money or the one where I spend the most, or the one that will ensure I shall be able to get sustained future growth? The identified sections are the critical business units. There is no magic bullet here, no one answer satisfies all. Businesses need to find answers that meet business requirements. How soon should I target to recover my critical business units? In BCP technical jargon this is called Recovery Time Objective, or RTO. This objective will define what costs the business will need to spend to recover from a disruption. For example, it is cheaper to recover a business in 1 day than in 1 hour. What all do I need to recover the business? IT, machinery, records...food, water; people...So many aspects to dwell upon. The cost factor becomes clearer now...Business leaders need to drive business continuity. Hold on. My IT manager spent $200000 last month and created a DRP (Disaster Recovery Plan), whatever happened to that? a DRP is about continuing an IT system, and is one of the sections of a comprehensive Business Continuity Plan. Look below for more on this.

    And where do I recover my business from... Will the business center give me space to work, or would it be flooded by many people queuing up for the same reasons that I am.     But once I do recover from the disaster and work in reduced production capacity, since my main operational sites are unavailable, how long can this go on. How long can I do without my original sites, systems, people? this defines the amount of business resilience a business may have.

    Now that I know how to recover my business. How do I make sure my plan works? Most BCP pundits would recommend testing the plan at least once a year, reviewing it for adequacy and rewriting or updating the plans either annually or when businesses change.

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