Business continuity management
Business processes’ interruptions can have severe consequences for performing functions and achieving the CBCG objectives. Those consequences can be the impossibility of fulfilling the mission and strategic objectives, significant financial losses and damage to reputation.
Business continuity management is a management process that builds the organisation’s resilience and ability to respond to business disruptions efficiently.
The business continuity management framework is fully aligned with the operational risk management framework. The CBCG’s Business Continuity Management Policy is aligned with the EU’s Business Continuity Management Policy and the leading business continuity management international standard, ISO 22301.
The business continuity management lifecycle follows the PDCA (Plan-Do-Check-Act) approach through the following stages:
- Understanding the organisation
- Determining measures ensuring business continuity
- Defining and implementing responses to business interruptions
- Testing, maintaining, reviewing and reporting
The lifecycle’s first phase - Understanding the organisation, carries out a Business Impact Analysis for each critical business process resulting from assessing the business functions’ criticality based on unavailability.
As expected, the results of the assessments and analyses showed that the CBCG has several business functions that are critical from the point of view of ensuring business continuity, and a significant number of business functions and processes need to ensure high resistance to business interruptions.
The second phase in implementing the system includes Determining measures ensuring business continuity. This phase implies making strategic decisions regarding business continuity, and appropriate measures are chosen from the available options that will meet the resilience requirements derived from the conducted analyses.
Based on the established measures for ensuring continuity, the third phase Defining and implementing responses to business interruptions performs activities on implementing measures by providing conditions for Business Continuity Plan preparation and/or updating.
The Business Continuity Plan and all other business continuity management system elements are subject to regular testing, maintenance and review. The CBCG’s management is regularly informed about all important aspects related to business continuity.