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Risk Management Principles (Business Continuity Plan)

Develop a BCP for a manufacturing type organization that demonstrates the different types of risks, their evaluation and remediation through the following:
-Identification and evaluation of business or operational risks and their consequences
-The development of remedial actions designed to all the continuance of business functions to an acceptable level
-The development of a test plan for the business continuity plan (BCP)
-Comparison of your BCP with those suggested by government authorities
-Justification of the BCP in light of government suggested plans
-The development of an implementation plan for the BCP - ie ensuring that when the BCP is invoked it works.

-Demonstrated capacity to draw comparisons between the special features of business risks, operational risks and project risks
-Demonstrated understanding of managing business risks, operational risks and project risks
-Demonstrated understanding of implementing risk management principles in the development of organizational strategies to handle, monitor and control identified risks
-Demonstrated knowledge of the practical requirements of implementing Risk Management plans
-Ability to evaluate differences between the BCP of the organization with those suggested by the government authority and to justify the plan against the government authorities plan
-Logical and concise structure and organization of the report including adequate referencing
-Demonstrated comprehension and rigor in presentation

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Business Continuity Plan for a Manufacturing Firm

Business Continuity Plan is also known as Contingency Planning and is the capability of a business firm to go on with its operations with negligible interruption in the advent of natural or designed calamities like earthquakes, fires, floods, theft, failure of equipments, terrorist attacks and riots. Business Continuity plan starts with a plan that takes all the future risks and their resolutions in the form of secure schemes, which are essential for the survival of business operations (MphasiS Disaster Recovery/Business Continuity Plan, n.d.).

This is a decisive element of strategic planning, which plays a key role in the success or failure of the organizational strategy. Security of business has the prime importance for the sake of the business and all the stakeholders are affected directly or indirectly by the plan, so this part needs to be performed effectively by a manufacturing organization (A guide to business continuity planning, 2009). In this kind of plans, decisions related to the security of the manufacturing firm are developed by the top management of the organization, who has all the authorities of taking such kind of business decisions. As security is necessary for maintaining & protecting the seclusion, so this part needs to be performed intelligently by the responsible person or management team.
Development of Business Continuity Plan for Manufacturing Firm

As we know that every firm confronts a number of threats and risks related with its operations and location so it is essential for a firm to develop a business continuity plan as it will help the firm in a significant manner. Development of a business continuity plan follows some specific steps that also need to be followed by a manufacturing firm if it wants to develop a successful business continuity plan.

The well-developed and well-employed business continuity plan can help the manufacturing firm in reducing its operational risks. Operational risk is the risk of loss went through from internal processes as a consequence of external events. These internal procedures could have broke down entirely or merely been deficient. Operational risk that a manufacturing firm may confront can ...

Solution Summary

This solution is comprised of a detailed explanation of risk management principles.