Whether or not you are a firm believer in the potentially disastrous effects of climate change, El Nino, or solar flares, there are many indisputable disasters that should concern you regarding company assets. We rely so heavily on our assets and systems as they become smarter, more connected, and more expensive, yet many asset managers still do not have a comprehensive business continuity plan that includes a properly tested disaster recovery plan. Planning for a worst-case scenario is critical as the probability and potential impact of a disaster continues to grow.
A suitable plan allows for a smooth continuation of business operations according to predefined procedures should a disaster occur, thereby helping maintain internal consistency. Emergency response plans should take into consideration all possible causes of a major disruption to normal operations, including:
Natural disasters that a facility’s region is at risk of experiencing, such as ice storms, earthquakes, or hurricanes
Accidents, such as power failures, fire, gas leaks, chemical spills, collisions, or utility disruptions
Deliberate attacks, such an act of war, a workplace shooting, or a cyberattack.