Business Continuity and Contingency Planning - Are you ready?
As a Lloyd's Managing Agency you will be well aware that Minimum Standard MS3 (Governance) for operating at Lloyd's requires you to:
"Establish, implement and maintain a business continuity programme and take reasonable steps to ensure continuity in the performance of your activities"
Lloyd's Minimum Standard MS3-GOV 1.5 What does it say?
Lloyd’s has published plans to add Business Continuity and proof of scheduled Disaster Recovery execution to Lloyd’s Minimum Standards in 2017.
What will this mean to Lloyd’s Managing Agents?
Is There a Recognised Standard for Business Continuity?
What Does ISO22301 Cover?
All Managing Agencies will be responsible for demonstrating Business Continuity Plans and that they conduct controlled Disaster Recovery exercises.
Yes, ISO22301 is globally recognised as a best practice BC standard.
Everything BCP. It can help you identify and manage current and future threats to your business, take a proactive approach to minimising the impacts of incidents, minimise downtime and improve recovery time, and demonstrate resilience to customers and suppliers.
What will this mean to Lloyd’s Managing Agents?
All Managing Agencies will be responsible for demonstrating Business Continuity Plans and that they conduct controlled Disaster Recovery exercises.
Is There a Recognised Standard for Business Continuity?
Yes, ISO22301 is globally recognised as a best practice BC standard.
What Does ISO22301 Cover?
Everything BCP. It can help you identify and manage current and future threats to your business, take a proactive approach to minimising the impacts of incidents, minimise downtime and improve recovery time, and demonstrate resilience to customers and suppliers.
Building a Business Continuity Plan
Analyse the Business Functions
Determine Business Continuity Strategy
Develop and Implement Business Continuity Response
Business Impact Analysis
Business Continuity Strategy
Emergency and Crisis Management Plans
Assess critical processes; identify resources required to recover.
Arrangements and procedures to recover critical processes in event of disruption.
Plans and procedures to manage serious disruptions.
Risk Assessment
Business Recovery Plans
Assess risks to critical processes; identify appropriate treatments.
Plans and procedures to recover critical processes.
Analyse the Business Functions
Business Impact Analysis
Assess critical processes; identify resources required to recover.
Risk Assessment
Assess risks to critical processes; identify appropriate treatments.
Determine Business Continuity Strategy
Business Continuity Strategy
Arrangements and procedures to recover critical processes in event of disruption.
Develop and Implement Business Continuity Response
Emergency and Crisis Management Plans
Plans and procedures to manage serious disruptions.
Business Recovery Plans
Plans and procedures to recover critical processes.
Managing Business Continuity
Disaster Recovery Exercises
Business Continuity Management
Continual commitment to scheduled testing, assessing and updating the BCP.
Constant awareness campaigns to staff, suppliers and the commitment to the customer.
Maintain and review arrangements/plans to ensure they are suitable and up-to-date.
Audit regularly to provide ongoing assurance.
Disaster Recovery Exercises
Continual commitment to scheduled testing, assessing and updating the BCP.
Constant awareness campaigns to staff, suppliers and the commitment to the customer.
Business Continuity Management
Maintain and review arrangements/plans to ensure they are suitable and up-to-date.
Audit regularly to provide ongoing assurance.
Benefits of Using a Standard Such as ISO22301
Where to Start?
Fifth Step
ISO22301 is an established and globally recognised Business Continuity standard that provides structure and a proven path to success. Once implemented and mastered it will provide a top down leadership approach that will ensure your business continues to function in the face of significant interruptions.
1) Seek support from your board, and stakeholders from each part of your business.
2) Engage an expert, which will significantly reduce the overall cost, effort and impact of establishing a Business Continuity Plan. Once the Plan is set up correctly, it will become part of your regular business operations; easily tested and improved.
At Fifth Step we are not just paper experts we are practitioners, our own business is ISO 22301 certified. Our Subject Matter Experts can guide you through identifying the current state of your Business Continuity posture; through to delivering and testing a solution that suits your business size and complexity. Importantly we can ensure you meet the requirements of MS3 quickly and seamlessly.
Benefits of Using a Standard Such as ISO22301
ISO22301 is an established and globally recognised Business Continuity standard that provides structure and a proven path to success. Once implemented and mastered it will provide a top down leadership approach that will ensure your business continues to function in the face of significant interruptions.
Where to Start?
1) Seek support from your board, and stakeholders from each part of your business.
2) Engage an expert, which will significantly reduce the overall cost, effort and impact of establishing a Business Continuity Plan. Once the Plan is set up correctly, it will become part of your regular business operations; easily tested and improved.
Fifth Step
At Fifth Step we are not just paper experts we are practitioners, our own business is ISO 22301 certified. Our Subject Matter Experts can guide you through identifying the current state of your Business Continuity posture; through to delivering and testing a solution that suits your business size and complexity. Importantly we can ensure you meet the requirements of MS3 quickly and seamlessly.
Fifth Step is Uniquely Positioned to Support the Lloyd's Managing Agencies Meet their Regulatory Commitments and Face the Challenges of Lloyd's Minimum Standards relating to Business Continuity, Disaster Recovery, Cyber and Information Security.
For an initial chat about how Fifth Step can help you please contact Wayne Jolly, Head of Security
Copyright Fifth Step 2017