Business Impact Analysis (BIA) is the process of analysing business processes and IT system resources necessary for the running of those business processes while identifying financial, operational and service effects which may occur as a result of interrupting daily business or organizational operations. It is a fundamental step in Business Continuity Planning (BCP) as well as in effective recovery of business processes in the event of unwanted occurrence which may disrupt the execution of the same.
Why Do We Use Business Impact Analysis?
The purpose of Business Impact Analysis is to define the critical business processes of an organization and relating to them specify possible threats which occur due to interdependence, resource unavailability as well as other effects which may disrupt the daily business and determine their impact on the same if such should take place. Being part of the process Business Continuity Planning, Business Impact Analysis shows its value in recommending the measures for the increase of effective adaptation of the organization to possible unwanted events. It is a means of meticulous prep work for the possibility of business breakdown and subsequent quick recovery in order to maintain the client’s trust, preserve the interests of potential shareholders and stakeholders in the organization should and if such occurrences came to be.
Who are the Prospective Users?
Croatian current legal regulations are considering business continuity with increasing attention. At the moment, in the form of a recent legal act issued by the Croatian National Bank, called ‘Decision about Appropriate IT System Management’, (the official Gazette of the Republic of Croatia 80/07), which entered into force on January 1, 2008, the obligation of establishing business continuity planning process is binding primarily for banks in order to ensure the consistency of critical and/or vital business processes, as a part of which the banks will be required to perform and document the Business Impact Analysis in order to determine the impacts of certain business processes being unavailable, that is the IT system resources necessary to carry out such processes, on the bank’s business.
What is the Scope of the Analysis?
Business Impact Analysis includes the following:
identification of business processes and their classification considering criticality and/or necessity,
identification of IT system resources necessary to carry out the business processes, their interdependence, and connectivity to other IT systems,
risk assessment connected to particular business processes,
determining the acceptable level of particular risks,
determining acceptable timeframe of particular business processes being unavailable, that is the time necessary to recover the business process (Recovery Time Objective - RTO),
determining the time (in relation to the unwanted and/or unexpected occurrence commencement time) in which the bank shall be able to recover its data (Recovery Point Objective - RPO)
Why should You Let CROZ Perform Business Impact Analysis for You?
The fundamental precondition in performing a Business Impact Analysis is high expertise in the business analysis field and excellent knowledge of the IT world, as well as a quality methodology for performing all the activities related to analysis. The company CROZ, along the expertise and experience it possesses, is willing to perform the Business Impact Analysis, as well as participate and provide services in every segment of the process Business Continuity Planning: making of system recovery strategy, business continuity plan and implementation of the necessary procedures and IT systems as determined by the strategy.
