March 13 marked the beginning of Business Continuity Awareness Week 2005 in a number of countries across the globe.
Launched by the Business Continuity Institute in 2001, the initiative aims to encourage businesses to raise awareness of the importance of Business Continuity Management as an integral management tool.
‘Since Hurricane Ivan many businesses have placed an increasing importance on having robust business continuity and disaster recovery plans,’ said Torrin Stafford, Manager Deloitte Enterprise Risk Services.
‘With the beginning of hurricane season less than four months away, Business Continuity Awareness Week serves as a useful reminder that we must all be prepared for the unexpected.’
Today, regulators, shareholders and customers now increasingly expect companies to have robust BCM plans and yet a recent survey performed by the Business Continuity Institute in the UK showed a number of revealing facts:
Outside of the finance industry, many large business continuity plans are not as comprehensive as they need to be.
Businesses believed that the most significant threat to their operations are terrorism, fire and flood risk.
Despite firms having physical disaster recovery plans, a significant minority had no plans for less serious disruptions such as unavailability of key staff, server downtime and supplier failure; the most likely of recovery events to occur in the workplace.
Sixty per cent of business do not test their disaster/business continuity plans annually.
Jeremy Smith, Senior Manager for Deloitte, added, ‘Every organisation must have a well developed and thoroughly tested plan in place. At Deloitte we provide an extensive range of business continuity consultancy services as well as physical disaster recovery services and are currently working with a number of firms to help them develop and refine their plans – particularly as we head into the next hurricane season’.
WHO THEY ARE
Operating in the Cayman Islands since 1973, Deloitte is a member firm of Deloitte Touche Tohmatsu. With 5 Partners and 150 professional and support staff, the Cayman Islands practice delivers services in four professional areas: audit, tax, consulting, and financial advisory services.