Crises don’t discriminate. Whether they are economic, geopolitical, technological or environmental, you can expect to have to deal with a major one soon. And how well you minimize the impact of that crisis is the difference between achieving your business objectives, and completely missing them, disappointing your customers, employees, partners, and shareholders in the process. Lucky for you (if you believe in luck and not the probability of chance events), Forrester’s risk experts have updated The Governance, Risk, And Compliance Playbook For 2016. I also recently finished a series of reports on the state of business continuity (which I have creatively named part 1, part 2, and part 3) to give you a jump start on your GRC efforts. Below, I’ve highlighted some of our most recent and exciting GRC research:
Aug. 29, 2015 marked the 10-year anniversary of Hurricane Katrina. During the storm and the ensuing chaos, 1800 people lost their lives in New Orleans and across the Gulf Coast. Many of these deaths, as well as the extensive destruction, could have been avoided or minimized if there had been better planning and preparedness in anticipation of just such an event, and if there had been much better communication and collaboration throughout the crisis as it unfolded. Responsibility falls on many from government officials (at every level) to hospitals to businesses to individuals. If there is any silver lining to such a destructive event, it’s that it forced many in the US to be much better prepared for the next major catastrophe. Case in point, in October 2012, Superstorm Sandy barreled through the Caribbean and the eastern US, affecting almost half of the states in the US. The storm caused unprecedented flooding and left millions without access to basic infrastructure and thousands without homes, but this time, about 200 people across 24 states lost their lives.
As a follow-up to my blog post yesterday, there’s another area that’s worth noting in the resurgence of interest in BC preparedness, and that’s standards. For a long time, we’ve had a multitude of both industry and government standards on BCM management including Australian Standards BCP Guidelines, Singapore Standard for Business Continuity / Disaster Recovery Service Providers (which became much of the foundation for ISO 24762 IT Disaster Recovery), FFIEC BCP Handbook, NIST Contingency Planning Guide, NFPA 1600, BS 25999 (which will become much of the foundation for the soon to be released ISO 22301), ISO 27031, etc. There are also standards in other domains that touch on BC, security standards like ISO 27001/27002.
And when you come down to it, several of the broad risk management standards like ISO 31000 are applicable. At the end of the day, the same risk management disciplines underpin BC, DR, security and enterprise risk management. You conduct a BIA, risk assessment, then either accept, transfer or mitigate the risk, develop contingency plans, and make sure to keep the plans up to date and tested.
In my most recent research into various BCM software vendors and BC consultancies, as well as input from Forrester clients, BS 25999 seems to be the standard with the most interest and adoption. In the US at least, part of this I attribute to the fact that BS 25999 is now one of the recognized standards for US Department of Homeland Security’s Voluntary Private Sector Preparedness Accreditation and Certification Program. The other standards are NFPA 1600 and ASIS SPC.1-2009. I’ve heard very few Forrester clients mention the latter as their standard.
During the last 12 to 18 months, there have been a number of notable natural catastrophes and weather related events. Devastating earthquakes hit Haiti, Chile, China, New Zealand, and Japan. Monsoon floods killed thousands in Pakistan, and a series of floods forced the evacuation of thousands from Queensland. And of course, there was the completely unusual, when for example, ash from the erupting Eyjafjallajökull volcano in Iceland forced the shutdown of much of Western Europe’s airspace. These high profile events, together with greater awareness and increased regulation, have renewed interest in improving business continuity and disaster recovery preparedness. Last quarter, I published a report on this trend: Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And 2011.