12.7 Controlling major loss events Flashcards
List three potential impacts of a major loss event.
Financial impacts Asset damage Injury or death Negative media attention Fines and sanctions Reputational impact
What is crisis management?
The process by which an organisation deals with a disruptive and potentially unexpected event that threatens to harm the organisation, its stakeholders, or the public.
Give three examples of crisis events.
Fires Chemical spills Death Terrorist attack Technology systems failure Data breaches
Why is crisis planning difficult?
Most organisations will not have experienced a crisis and so have no experience.
What is scenario analysis?
A process where relevant experts (managers, specialists etc.) meet to imagine the casues that could create a crisis event and the resultant impacts.
Ashby identifies 5 areas around which the control of crisis events is managed.
1 S_____ d______ - looking for early warning signs
2 Preparation and p_________ - steps taken to prepare for an event.
3 Containment and d______ c______ - steps taken to limit adverse effects
4 Business r_________ - reducing duration of issues with effective recovery arrangements
5 L________ from the crisis - e.g. post-reviews
Signal detection prevention damage control recovery Learning
What is the purpose of a business continuity plan?
To help with damage control and to support business recovery.
How frequently are business continuity plans typically tested?
Annually
