It is crucial to have a strong Business Continuity Management (BCM) strategy in place which allows for a strategic and independent unit within the organisation that can respond and adapt quickly in the face of disruptions, emergencies, disasters, and crises, said GRC Consulting Services Sdn Bhd (GRCCS).
Its chairman, Tan Sri Abd Karim Munisar said the adoption of BCM standards is one way for organisations to systematically identify risks, carry out business impact analysis, and develop contingency plans to enhance organisational resilience.
“This is where the Business Continuity Institute (BCI) United Kingdom (UK) and business continuity (BC) practitioners should further champion the need for BCM as its own independent function in every organisation since those who oversee the BCM function should be qualified BC professionals,” he told Bernama after the launch of the fifth GRCCS International Conference and Exhibition 2023, here today.
Abd Karim said many organisations in Malaysia still position BCM under Risk Management or Operational Risk Management, but as the world is facing continuous and overlapping disruptions in adverse climate events, inflation, economic slowdown, cyber-attacks and geo-political conflicts such as the Russia-Ukraine war, there is a need for leaders in recognising effective BCM in building resilience as the imperative condition for securing a sustainable and inclusive future for the organisations.
“BCM is almost certainly to better prepare organisations for disasters and tail risk events even if those specific events were not exactly contemplated.
“This is because the organisation will be naturally better at coming together in a crisis situation, and would be able to leverage on some of the core elements of response and BCM plans that have already been developed and tested,” he explained.
Meanwhile, GRCCS managing director and chief executive officer Affeiz Abdul Razak emphasised the importance of making business continuity a priority in the boardroom of every organisation.
“If they do not invest in BCM, subsequently, when they are met with disruptions and disasters without being prepared, the cost will be more to them and will have an impact on their reputation and business.
“Hence, there will be more cost incurred in the long term if they do not have BCM in place,” he stressed.
BCI executive director from the UK, David Thorp said GRCCS and the institute share a common goal of establishing a sustainable business continuity ecosystem for Malaysia, and having this conference is a key platform for that initiative.
He also said the BCI will issue the Continuity and Resilience Report 2023 for global updates on Business Continuity Management soon.
Themed 24/7 Resilience, the two-day GRCCS International Conference and Exhibition is supported by the BCI, UK, the world’s leading institute for business continuity.
This flagship event features an international conference programme with an array of international speakers and an exhibition promoting BC products and services.
GRCCS is an established consultancy specialising in governance, risk and compliance advisory services.
