Business Resilience

Business resilience can be defined as inclusive of business interruption, contingent business interruption, interdependencies, supply chain and disaster management/recovery. It combines all the aspects of value chain operational protection and provides a holistic macro review of your organization's resilience to loss.  Insurance can provide risk transfer for several of these areas, but not all. Having an end-to-end business resilience assessment completed can help identify risk exposures that are not transferable to insurance and thus need to be reduced/managed internally to protect your organizations revenue, market position and product/service deliverables to your customers.

As a starting point for the overall Business Resilience Assessment, a well-coordinated Business Impact Analysis (BIA) is one of the key steps. A BIA will feed data into the subsequent Business Continuity Plan (BCP), and can be used to identify risk areas that were previously hidden in plain sight. Assessing the exposures to your business, from upstream to downstream, is key to identify, record and develop improvement solutions to make your organization more robust and resilient.

A well-developed BIA should result in a detailed risk registry of action items, with owners and solutions, that allows your business to move forward, with purpose, and implement actions to reduce the overall loss exposures to your organization.

Creating a Business Continuity Plan (BCP) for your organization is one of the key processes and documents that will help provide protection from extended loss of operations. A BCP would be developed from the Business Impact Analysis (BIA) and will be specifically constructed to your organization.  While prevalent in today's world, a BCP should not be developed from a specific template as it leads to forcing your continuity plan into a pre-set structure that may or may not work for your organization.  The best process is to have a facilitator guide an internal team in the development, allowing your organization to own the process and construct a BCP that fits your needs and operational objectives.  

TSG can help your organization develop the right continuity plan that will work and evolve with your organization today and into the future.

If you have a BCP developed, let us conduct a review and provide constructive feedback as well as provide table-top testing to validate your organization's preparedness to activate the BCP.

One of the most broadly used resilience terms is "supply chain".  It is most notably used to describe an organizations procurement and logistics operations, but it is so much more.  Your organizations supply chain begins from the initial source of material/service to the final customer destination and everything in between.  This includes internal interdependencies with sister facilities as well as insurable CBI Tier 1 suppliers and customers.  In addition, procurement and risk management should collaborate on any supply chain initiatives.

At TSG, we help assess and identify the full supply chain, from as far upstream to as far downstream as possible.  We work to assess and understand current and future exposures as well as optimal improvement actions to protect and solidify your supply chains resilience.

TSG is also able to provide added knowledge on supply chain risk within your organization and/or to your organizations members, through presentations and speaking engagements. Let us bring our thought leadership to you and learn more about supply chain risk and protection.