Wednesday, December 18, 2019

Word of the Day: business impact analysis (BIA)

Word of the Day WhatIs.com
Daily updates on the latest technology terms | December 18, 2019
business impact analysis (BIA)

Business impact analysis (BIA) is a systematic process for determining and evaluating the potential effects of an interruption to critical business operations as a result of a disaster, accident or emergency.

A BIA is an essential component of an organization's business continuance plan. It includes an exploratory component to reveal vulnerabilities as well as a planning component to develop strategies for minimizing risk. The end result is a business impact analysis report, which describes the potential risks specific to the organization studied.

 

One of the basic assumptions behind conducting a BIA is that while every component of an organization is reliant upon the continued functioning of every other component, some components are more crucial than others and require a greater allocation of funds in the wake of a disaster. For example, a business may be able to continue more or less normally if the cafeteria had to close, but would stumble if the information system crashed.

The analysis quantifies the importance of business components and suggests appropriate funding to protect them in the event of a disaster. The possibilities of failures are likely to be assessed in terms of their impacts in areas such as safety, finances, marketing, business reputation, legal compliance and quality assurance.

Quote of the Day

 
"By mapping business impact analysis and risk assessment analysis data, you can zero in on the most critical business processes and the risks and threats that could disrupt them." - Paul Kirvan

Learning Center

 

Using a business impact analysis template: A free BIA template and guide
Download our free business impact analysis template and guide to assist you in your business continuity planning strategy.

Risk assessment analysis and BIA data in BC plans
Analyzing risk assessment analysis and business impact analysis data is a key factor in preparing a proper business continuity plan.

Create your best GRC program with business continuity and DR
Both a GRC program and business continuity planning help an organization achieve its goals. The best GRC and BC/DR processes can complement each other.

A free business continuity plan template and guide
This free business continuity plan template and guidelines will help your organization outline what it needs to do to keep running during an unplanned incident.

Quiz Yourself

 
The risk assessment guidelines for school buses addressed traffic conditions _______ small and large vehicles interact at a range of speeds.
a. where
b. in which

Answer

Stay in Touch

 
For feedback about any of our definitions or to suggest a new definition, please contact me at: mrouse@techtarget.com

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