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The core and the foundation of any disaster planning and recovery strategy - any plan - is risk management. And risk management - and its fundamental ingredient, risk reduction - is what a disaster planning and recovery strategy is all about. The lower the probability that an undesired event will happen, the lesser will be the need for recovery which leads to fewer occasions wherein the recovery plans will have to be implemented.
Risk cannot be eliminated but it can be reduced. Every reduction in the level of risk is equitable to an increase in the possibility that the company will survive in an undesired event. There are four essential components in Risk Management, namely:
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Risk Assessment
Identification of all the potential undesired events and
measure the level or the likelihood of each risk present
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Vulnerability Analysis
Bringing about the awareness of loopholes or weak links
in the client's existing operating environment
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Business Impact Analysis
Determine the levels of impact of these undesired events
or risks on the client's business operations
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Risk Mitigation
Formulation of action plans to mitigate risks which have
significant impact, consequences and effects on the client's
business operations |
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2005 All rights reserved.