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Business Continuity Risks and Controls In Singapore Essay

Business Continuity Risks and Controls In Singapore Essay 

In this Business Continuity Risks and Controls In Singapore Essay, we will discuss the What is business continuity risk for Singaporeans organizations or companies? Business Continuity Policy and Procedure for Singaporeans, Who is responsible for the business continuity plan? Steps of a business continuity plan for Singaporean organizations, How do Singaporean measure business continuity risk? Business Continuity Plan Scope in Singapore, Business Continuity Risks Examples, etc.

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Introduction- Business Continuity Risks and Controls In Singapore Essay

Business continuity is a term that can be interpreted as the ability of an organization to provide essential products and services in the event of a disaster. Businesses must have plans for recovery, usually referred to as business continuity plans (BCPs), in case their operations are disrupted by natural disasters such as hurricanes, floods, or earthquakes.

For Singapore companies with physical assets, it may also be necessary to prepare for disruptions caused by terrorist attacks on buildings or infrastructure in Singapore. The purpose of the Business Continuity Risks and Controls essay is to discuss the risks associated with business continuity and how organizations can control those risks through BCPs.

Main body- Business Continuity Risks and Controls In Singapore Essay

What is business continuity risk for Singaporeans organizations or companies?

Business continuity risk is the probability that a Singapore organization or company, during a specified time period, will be in a position to adopt/resume its normal line of business. This can happen as a result of disaster (natural or human-caused) and threats (from terrorism to fire).

Business continuity means that the Singapore organization or company’s functions are not disrupted because it can continue operating in case of disasters and emergencies. Continuity refers to never stopping to “carry on continuing operations after some disruption.” Such disruptions might include short-term incidents such as power outages; longer-term events such as floods or forest fires; and acute crises like those following natural disasters.

Business Continuity Policy and Procedure for Singaporean 

The Business Continuity Policy and Control risk procedure ensures that all services are maintained by defining directions for resuming Singaporean business following an interruption to normal operations.

The key objective of a Business Continuity Policy is to ensure the continuing availability of company internal services, such as accounting, computing, customer service, data processing, and marketing. When operating a company on a 24×7 basis it is not unusual that interruptions will occur which may have a significant impact on your customers or the company itself.

To handle these situations well you need both good policies and procedures in place as well as regular practice periods where you can make adjustments before an incident occurs. Otherwise aggravating scenarios may play out without anyone being prepared for their consequences.

Who is responsible for the business continuity plan?

A business continuity plan typically is regarded as the responsibility of either a single person, a group, or an entire company in Singapore. The owner-manager of a small business may appoint someone who reports to him/her (e.g., deputy managing director) to take ownership of business continuity planning and oversee its implementation in order to ensure that the whole organization has both the skills and resources required.

Steps of a business continuity plan for Singaporean organizations

Business Continuity Planning is the process of analyzing a Singapore organization’s risks and vulnerabilities with respect to natural or man-made disasters and identifying ways to ensure the viability of the business activities within a crisis.

Processes should include:

  • Analysis of important data, physical assets, people, procedures, and legal actions.
  • The preparation for an interruption of business due to a disaster – both during and after it occurs.
  • Template development for documentation that will identify what needs to be done in response during any event.
  • Approval by all necessary parties (e.g., management).
  • Formulation of an Incident Response procedure for every type’s 911a emergency (earthquakes, hurricanes, fires, terrorist attacks) to ensure that appropriate resources are allocated and employed once the emergency has occurred.
  • Provision of regular training for all Singaporean staff who might be called on to perform day-to-day tasks or activities related to business continuity management.
  • Monitoring against internal changes in operations that could affect resumption capability after an incident; including any new equipment or programs being implemented.
  • Review of the business continuity plan at least annually to ensure that it is still appropriate for current circumstances and will be effective in an emergency situation.
  • Maintaining necessary records (e.g., written instructions).
  • Monitoring against external changes in operations that could affect resumption capability after an incident, such as new equipment or programs being implemented.

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How do Singaporean measure business continuity risk?

The Business Continuity Institute has a comprehensive but simple-to-use decision tree to measure business continuity risk.

The Tree consists of five steps:

Step One is to identify the risks and likelihoods that are present in your organization’s culture.

Step Two is, based on the results of Step One, to select building blocks for deciding how much to invest in each type of resilience solution (fire prevention, firefighting equipment, and systems) according to your objectives or the amount you have available for investment.

The last three steps involve timescales (days, weeks, or months), cover possible responses to impacts and disasters depending on your objectives and requirements, and provide guidance about what solutions you might need at what timescales.

Business Continuity Plan Scope in Singapore

A Business Continuity Plan (BCP) participates in the management-of-risk process by documenting the resources and processes needed to protect an organization’s ability to provide its products or services in Singapore.

In order for a plan to be considered comprehensive, it should include documentation of all potential risks that may have an impact on the operation of your business. By considering all possible risks, you can provide adequate protection for Singaporean organizations in light of future events.

A Business Continuity Risks and Controls should have contingencies for both natural disasters as well as technical failures that could potentially disrupt business operations in Singapore. The appropriate scope might vary based on factors like company size, location, regulatory requirements, financial risk tolerance levels, and previous experience with disaster recovery periods.

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Business Continuity Risks Examples

The following are examples of business continuity and control risks in Singapore that have been identified during the past year:

1) Lack of a backup generator for the data center.

2) High rates of staff turnover.

3) Inadequate maintenance on information systems hardware and software.

4) Security breaches on email or social media accounts.

5) Unexpected IT regulations imposed by government agencies such as HIPPA, SEC, PCI, or FTC.

6) Poor crisis communications plan.

7) Heavy customer service demands during an IT outage that result in less time for employees to stay on top of operational tasks at hand (e.g., ordering inventory).

8 ) Limited budget available to mitigate interest losses from unforeseen events like natural disasters or technical failures.

Conclusion:

The conclusion of this essay is to ensure that the company has a disaster recovery plan in place so it can recover from any disasters. This should be written down and updated annually with new information learned about how to better mitigate risks, if possible.

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