After the dreadful situation with the COVID-19 pandemic, businesses felt the need to implement a concrete Business Continuity Management System (BCMS) that protects them from disruptions. Most organisations are hence seeking to achieve the ISO 22301 certification which offers a practical solution for business continuity. It is an international standard that specifies the requirements that organisations must fulfil to have a robust BCMS.
For achieving the certification, you need to develop, document, implement, monitor, and improve the BCMS. This increases the resilience of your business and makes it capable of responding to any global crisis, pandemic, disaster, or internal crisis. Clearly, this makes ISO-certified BCMS the most important tool for organisations amidst the constantly threatened business landscape.
In this blog post, we are going to discuss in detail the benefits of having the ISO 22301 BCMS in your business. Take a look.
Here’s Why the ISO 22301 Certification is Helpful for Your Organisation
1. Helps to protect your business assets and turnover
Whatever disruptive event or emergency arises in your business, the ISO-certified BCMS will help you to address it tactfully. It will ensure minimal impacts of the situation on your assets, operations, and hence, the turnover. Therefore, there is no chance of the situation aggravating further and becoming a greater risk for your organisation.
By minimising the impacts on your operations and revenue, the BCMS also ensures that the wages and wellbeing of the employees are unaffected.
2. Reduces costs of recovering from a risk
When your organisation has an effective BCMS, it means you are regularly assessing the potential risks and implementing plans of actions to deal with them. Thus, you can prevent the worst-case scenario in your business. As you become aware of a situation earlier, you can prepare and adapt to it to minimise the disruption in your operations. It reduces the time you need to get back to the usual flow of your business and hence, reduces your costs.
3. Improves the corporate reputation of your business
Holding the ISO 22301 certification will build the reputation of your business. It demonstrates that your organisation can save its operations from the impacts of disruptive events. Thus, it gives recognition to your business and may make it more competitive. Your business becomes more capable of bidding on tender contracts and winning them.
4. Helps to gain stakeholder confidence
The ISO 22301 certified BCMS provides evidence of your business’s preparedness for emergency situations to your stakeholders including customers. The visibility of resilience is extremely important to win their confidence and make them a constant part of your business. They would understand that your business is equipped enough with resources, strategies, and practices to respond to any disruptions and recover quickly.
Thus, a strong BCMS will help to strengthen your association with your stakeholders and ensure higher customer retention.
5. Improves decision-making
Lastly, when you have a strong BCMS implemented that aids in identifying risks, you can have better decision-making. It will help you to assess the different aspects of your business, collect data and identify risks. Thus, along with recognising the threats, you can make informed decisions. Thus, you will always be prepared with contingency plans that are necessary for ensuring business continuity.
Key Takeaway
Clearly, there are compelling reasons for businesses to achieve the ISO 22301 certification for Business Continuity Management System (BCMS). From the above reasons, you can conclude the key purpose of having the certification. It enhances your business’s capability to recover from any disruptive event and continue operations so that minimum impacts are caused to employees, assets, revenue, and reputation.
