Business Continuity Management Needs an Overhaul

 
 
By Dennis McCafferty  |  Posted 09-09-2013 Email
 
 
 
 
 
 
 
 
 
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    1-Trending Topic
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    Trending Topic

    More than half of organizations have seen an increase in inquiries from key customers and business partners in the last five years about their business continuity management (BCM) capabilities.
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    2-Integration Effort
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    Integration Effort

    62% are now integrating BCM with other risk-management initiatives.
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    3-Outsourcing Initiative
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    Outsourcing Initiative

    64% involve critical third parties in their BCM efforts.
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    4-Risky Business
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    Risky Business

    One-quarter do not currently conduct a process to manage and assess vendor resiliency.
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    5-Most Challenging To-Dos for Crisis Management
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    Most Challenging To-Dos for Crisis Management

    Integrating global and regional locations into a consistent crisis management framework: 42%, Quickly rightsizing response to medium-size crisis events: 23%, Addressing turnover in the crisis-management team and resulting loss of knowledge and experience: 23%
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    6-BCM Areas That Will Change the Most in the Near Future
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    BCM Areas That Will Change the Most in the Near Future

    Crisis management: 50%, Vendor resiliency: 31%, Methodology: 19%
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    7-Social Snub, Part I
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    Social Snub, Part I

    57% of organizations do not officially use social media as part of their crisis management.
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    8-Social Snub, Part II
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    Social Snub, Part II

    Only 13% use social media to monitor reactions to the organization's response to a crisis or a potential emerging one.
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    9-Top Social Media Sites for Crisis Management
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    Top Social Media Sites for Crisis Management

    Facebook: 19%, Twitter: 19%, LinkedIn: 8%, Blogs: 7%, Google+: 5%, YouTube: 5%
 

It's a sign of the crisis-ridden times: Organizations today are taking a long, hard look at the way they conduct business continuity management (BCM), according to new research from PwC US. The resulting Business Continuity Insights Survey clearly demonstrates mounting concern in light of both natural and manmade disasters, not to mention cyberattacks on networks. As for what's on the to-do list? Incorporating BCM into overall risk-management strategies remains a top priority. Companies also need to do a better job of standardizing BCM policies and practices throughout all of their global locations. Interestingly enough, while reaction from members of the public on social-media outlets can deliver a "make or break" verdict on crisis response, these outlets do not play a significant BCM role for most organizations. "Some have started to delve into the social media sphere," says Phil Samson, a principal in PwC's risk-assurance practice and the firm's BCM service leader. "Yet, the majority is still hesitant about utilizing social media as a crisis management tool." An estimated 300 global executives took part in the research. To call up a Webcast about the survey, click here.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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