It has been more than two months since Russia invaded Ukraine. Since then, the conflict between the two nations has exacerbated the global shipping and supply chain dilemma since the advent of the COVID-19 pandemic.
There's increased economic uncertainty. Commodity prices, most notably energy, have risen dramatically as supply interruptions have become more likely.
North American trade restrictions and sanctions and those imposed by the European Union, the United Kingdom, and Russia will affect a wide range of industries due to the following consequences:
Contract disputes
Force majeure issues
Litigation as a result of broken contracts,
Restrictions on interaction with financial institutions
Restrictions on secondary market transactions
Raw materials and technology trade disruptions
Renewed cybersecurity concerns
All of this highlights that now, more than ever, business continuity plans are a company's saving grace. It's the driving force for businesses to thrive in uncertain times.
A business continuity plan prepares your company to withstand significant disruptions. It clears up the misunderstanding that comes with any crisis by laying out a clear plan for everyone to follow.
To take it one step further, you need to recognize the necessity of integrating war into your BCM efforts.
How do you add the "war" element to your BCM efforts? You may consider the following:
1. Supply chain reaction
The international supply routes of an organization could be disrupted by war. Supply chain routes should be reviewed by business continuity planners, as well as how goods and services might be diverted if necessary.
2. Alternate equipment
The war may alter a company's equipment needs. It would be wise to check with the site provider to see if they have the equipment specified in your contract or if they can handle alterations.
3. Alternate means
If travel restrictions exist, critical employees may have difficulty getting to the other location. Make sure those staff have multiple ways to get to the site in the event of an emergency.
4. Off-site backups
Due to heightened cybersecurity issues, there is a need for backup services. Off-site backups are versions of your files, data, and other systems saved to an off-site location. The backup layout can be on various media, but the data physically stored off-premise distinguishes it.
BCM next can fulfill your need for reliable off-site backups. The way your business continuity plans are managed is about to change thanks to a smart assistant.
Do you want to thrive despite the war? Allow BCM next to be part of your business continuity plans.
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