Ensuring it’s ‘business as usual’ isn’t always as easy as it sounds. Most companies have to deal with unforeseen events which put them under significant pressure at some point or another.
However, using a risk management consultant like our team at New World Norm can significantly improve your ability to deal with the unexpected. So, what are the most common events which impact business continuity?
From security breaches to unforeseen weather disasters and geopolitical conflicts, all kinds of factors can affect your business.
With our management consultants in the UK, you can be prepared for anything life throws at your company.
Business continuity refers to a business’s ability to maintain essential functions and operations during and after such a disruptive event. Common events which affect business continuity can include natural disasters which can disrupt operations, damage infrastructure, and lead to data loss.
It’s vital to look at your cybersecurity in the modern age.
Nowadays, cybersecurity threats are one of the biggest threats to business continuity. These can include ransomware, phishing, and other forms of malware, which can compromise data integrity, disrupt operations, and result in financial losses.
IT infrastructure failures also contribute to downtime or slow productivity, including server crashes, network outages, or software glitches. All of these can disrupt normal business operations and lead to data loss.
Negative publicity on social media can also be a big risk. This can impact customer trust and loyalty, affecting the long-term viability of a business.
Other types of critical infrastructure can also fail, leading to power outages, transportation disruptions, or failures in communication networks. All of these can affect business operations.
Another common issue is supply chain disruptions.
These can often happen due to unforeseen events. Disruptions in the supply chain, whether due to geopolitical events, transportation issues, or other factors, can impact production and delivery.
Of course in the past few years, the Covid pandemic massively disrupted businesses all over the world. It had a big impact on workforce availability, and led to changes in consumer behaviour.
However, human factors can also come into play.
For instance, employee absenteeism, or a high staff turnover can affect business continuity. Key personnel being unavailable due to illness or leaving the organisation can be particularly challenging.
Another problem that risk management consultants can help with is changing regulations or compliance requirements. Failure to adapt to new regulations can lead to legal and financial consequences. All companies want to avoid legal disputes, lawsuits, or regulatory issues which can lead to financial and reputational damage.
Unfortunately, there’s also economic downturns which nobody can prevent. Recessions or financial crises can obviously impact consumer spending, affecting demand for products and services, and putting added pressure on businesses. This is an important factor to consider in any industry.
Geopolitical events, government instability, or changes in political leadership can also create uncertainties that affect businesses. The latest conflicts in Ukraine and Israel are a reminder of this.
Environmental concerns, climate change, and sustainability issues can also impact businesses, especially those reliant on specific resources or operating in environmentally sensitive areas.
Our risk management consultants can ensure that your organisation can continue its critical functions and services during and after any disruptive event.
We help organisations identify potential risks and vulnerabilities that could threaten their operations. By understanding these risks, we can implement measures to mitigate them and minimise the impact of disruptive events.
Your customers and clients rely on you to provide consistent and reliable products or services. Having a robust business continuity management program in place demonstrates a commitment to continuity and resilience, which can enhance customer trust and loyalty. It will also protect you against significant financial losses.
A business that can effectively manage and recover from disruptions is likely to maintain a positive brand reputation. On the other hand, a poorly handled crisis can lead to reputational damage that may take a long time to repair.
From your supply chain to employee safety and wellbeing, New World Norm ensures that no risks are overlooked.
We take a proactive approach that helps organisations prepare for and respond to disruptions, ensuring the continuity of critical operations and protecting the long-term interests of the business.
If you’re seeking international risk management consultants, simply get in touch for more information.
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