Factsheet - Business Continuity

Factsheet

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Author

IIA-Australia

Date

2023

Topics Explored

Risk Management, Organisation Resilience, Cybersecurity and Technology Governance

Format

Factsheet

Extract/Description

All organisations are reliant on business processes operating effectively and continuously. Without this, products and services cannot be delivered and business sustainability is lost. Business disruption can often occur when information technology (ICT) or operational technology (OT) is degraded or unavailable. Many organisations that experience a significant business disruption never recover. Business continuity planning seeks to prevent interruption to critical services and re-establish operations as quickly and smoothly as possible. Ideally business continuity will form part of organisation resilience.

Key Points

1. Three elements are common to a crisis – Threat to the organisation / Element of surprise / Short decision time. Consequently, a range of processes and activities are necessary to properly prepare for an unexpected crisis.

2. Business continuity is an important risk management activity for every organisation but it needs commitment and resources to be successful.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

No