Participants of a recent event at Crosby’s Molasses in Saint John unanimously agree that emergency assessment and business continuity planning are critical, but making it a priority among the other commitments and resource constraints can be a challenge.
Yes, this topic is a bit like having insurance…when there is a need, you are very glad that you have done the due diligence. In just in our area alone we have had manufacturers experience:
- Employee Violence and threats
- Bomb threats
- IT Ransom
- Product Recall
- Food Poisoning at a company event
- Loss of critical personnel
- Supplier emergency effecting critical raw material supply.
- Risk through acquisition
- Product tampering
Any one of these unexpected events can result in business interruptions which, of course, translates to lost revenue or lost opportunities.
Participants identified many aspects of risk and the process of handling or preventing but a couple of points stood out:
- Our own cultures- are they a risk or asset
- Not being able to get and keep good employees – how does that effect our ability to deliver – is it a risk?
- How will media be handled – is there a designated spokesperson to manage communicating and community perceptions?
How do organizations approach such a large initiative?
- Identify the risks
- Analysis and evaluate each risk
- Determine a risk treatment
By rating the likelihood of a certain risk occurring and well as the consequences and business impact of each risk, the information can be input to a risk rating matrix to determine areas of focus, prevention and a potential business resumption plan.
Keep in mind that other manufacturers who may have this process in place, and through EMC membership and sharing, it is not necessary to re-invent the wheel!
Thank you to our participants and to Crosby Molasses for hosting this event and providing wonderful tour and gift package.