Business Impact Analysis-Free-Samples for Students-Myassignment

Question: Discuss about Business Impact Analysis. Answer: Definition of Business Impact Analysis (BIA) Business Impact Analysis is an organised process through which a situation is analysed and evaluated where a crucial business function is interrupted due to any emergency, accident or natural disaster (Jarvelainen 2013). Definition of Business Continuity Plan (BCP) The purpose of a Business Continuity Plan is to create a plan of action by identifying threats and risks confronted by an organisation. This is done to ensure the security of assets and employees of the company so that they are functional even in the face of any crisis (Snedaker 2013). Relation between BIA and BCP In the event of any disaster, a company creates an organised strategy to identify the threats and risks faced by it that can damage the company assets or employees and interrupt their functionality. This is known as Business Continuity Plan (BCP) that not only identifies the issues but also finds possible remedies to ensure the protection of the assets as well as personnel and continuity of their function (Torabi, Soufi and Sahebjamnia 2014). In case, the BCP fails to safeguard the interest of the company and a crucial function of the company is interrupted; the company analyses and evaluates the situation through an organised process to resolve the issue as soon as possible. This process is known as Business Impact Analysis (BIA). Business Function Table Business Functions Qualitative Business Impact Value IT systems, applications and resources affected. Recovery Time Objective (RTO) Internal and external voice communication with customers in real time. Major Applications 1 day Internal and external email communication with customers via store and forward messaging. Minor IT systems and Applications 1 day Domain Name Server (DNS) for internal and external Internet protocol (IP) communications. Minor IT systems 1 day Internet connectivity for email, store, and forward customer service. Major IT systems 1 hour Self-service website for customer access to information and personal account information. Minor IT systems and Applications 1 day e-Commerce site for online customer purchases or scheduling 24x7x365. Critical IT systems and Applications 1 hour Payroll and human resources for employees. Critical Resources 1 day Real-time customer service via Web site, e-mail or telephone requires customer relationship management (CRM). Major IT systems and Resources 1 hour Network Management and technical support. Major Resources 1 hour Marketing and events. Major Resources 1 week Sales orders or customer/student registration. Minor Applications and Resources 1 day Remote branch office sales-order entry to headquarters. Major Resources 1week Voice and email communications to remote branches. None IT systems and Applications 1 day Accounting and finance support: Accounts payable, Accounts Receivable, etc. Major IT systems and Applications 1 hour Table 1: Business Function Table Source: (Nielsen and Denmark 2013 References Jrvelinen, J., 2013. IT incidents and business impacts: Validating a framework for continuity management in information systems. International journal of information management, 33(3), pp.583-590. Nielsen, P.B. and Denmark, S., 2013. Measuring International Organisation of Enterprises and Sourcing of Business Functions. In International Statistical Institute: Proceedings of the 2013 World Statistics Congress. Snedaker, S., 2013. Business continuity and disaster recovery planning for IT professionals. Newnes. Torabi, S.A., Soufi, H.R. and Sahebjamnia, N., 2014. A new framework for business impact analysis in business continuity management (with a case study). Safety Science, 68, pp.309-323.