Business Continuity and Disaster Management
THE INSURANCE TIMES|February 2023
Business Continuity Management is inextricably linked to the Risk Management - one is the consequence of the other. Where Business continuity Management (including Planning and Testing) comes into force is through impact.
Business Continuity and Disaster Management

In preparing for battle have always found that plans are useless, but planning is indispensable.

General Dwight Eisenhower

No business can afford to have the lights off, not for a second! One can monitor and reduce risk, but incidents will happen.

What is Business Continuity Management:

Organization's business strategies and decisions are based on the assumption that the Organization will continue to operate as normal ona daily basis. While Risk Management is about identifying possible risks and putting into place treatments to try to prevent an occurrence that impacts on its operations, Business continuity Management BCM) detail is the necessary procedures and strategies that are to be auctioned should an actual disruption occur. The objective of Business Continuity Management is to ensure the uninterrupted availability of all key business resources required to support essential or critical) business activities.

The Business Continuity Management framework sets out the process and tools necessary to enable rapid response to incidents, recovery of key processes and restoration to the core business activities Business As Usual). The Business Continuity Management Framework is based on the preparation of

  • “Business continuity Plans BCP) for key areas and activities of the Organization
  • “Disaster recovery planning for critical infrastructure and resources
  • “ Communication and media liaison strategies, and
  • “ Crises management and recovery, and emergency planning.

Link to Risk Management

Denne historien er fra February 2023-utgaven av THE INSURANCE TIMES.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra February 2023-utgaven av THE INSURANCE TIMES.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA THE INSURANCE TIMESSe alt
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
THE INSURANCE TIMES

"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."

About Dr Anil Subba Rao Paila

time-read
10 mins  |
November 2024
IRDAI Corner
THE INSURANCE TIMES

IRDAI Corner

Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024

time-read
4 mins  |
November 2024
Insurance Caselaws
THE INSURANCE TIMES

Insurance Caselaws

The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.

time-read
5 mins  |
November 2024
New Product Launches
THE INSURANCE TIMES

New Product Launches

Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation

time-read
5 mins  |
November 2024
Gunford: Marine Insurance Fraud or Purely Coincidence!!
THE INSURANCE TIMES

Gunford: Marine Insurance Fraud or Purely Coincidence!!

Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.

time-read
10+ mins  |
November 2024
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
THE INSURANCE TIMES

How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector

India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.

time-read
4 mins  |
November 2024
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
THE INSURANCE TIMES

Exclusion clauses in Insurance Contract: Enforceability and Interpretation

The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.

time-read
10+ mins  |
November 2024
Risk Management 2.0 in the new Gen Z Milieu
THE INSURANCE TIMES

Risk Management 2.0 in the new Gen Z Milieu

I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.

time-read
2 mins  |
November 2024
International News
THE INSURANCE TIMES

International News

Growing demand in Europe: Munich Re remains disciplined while further expanding

time-read
5 mins  |
November 2024
Life Insurance News
THE INSURANCE TIMES

Life Insurance News

About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.

time-read
6 mins  |
November 2024