Word of the Day: business impact analysis (BIA)

Word of the Day Daily updates on the latest technology terms | March 16, 2020 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 Trending Terms business continuity action plan disaster recovery plan business continuity risk analysis risk assessment SWOT analysis 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 use of a spreadsheet when a data warehouse was required created a situation _______ effective analysis was impossible. 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 Visit the Word of the Day Archives and catch up on what you've missed! FOLLOW US About This E-Newsletter This e-newsletter is published by the TechTarget network. To unsubscribe from Whatis.com, click here. Please note, this will not affect any other subscriptions you have signed up for. TechTarget, Whatis, 275 Grove Street, Newton, MA 02466. Contact: webmaster@techtarget.com Copyright 2018 TechTarget. All rights reserved.