Wise executives have long known the importance of risk and impact assessment and the need for contingency planning. With today’s threats, this has never been more important. Buncefield proved the need to:
develop a BCP to protect reputation, brand, and share value and market share;
communicate to key stakeholders;
communicate to emergency services and staff;
keep investors and customers informed;
have alternative sites for operations and for a control center;
read and understand the emergency plans of the local authorities;
ensure that key standby resources are in place, such as information (status, contacts); accommodation (operations and work area); and reserves (stock, spare equipment, etc.).
Buncefield cost local businesses £70 million, much of it uninsured. It is imperative to check insurance cover. The impact of a major disaster could last for months, or even years.
1 Oxford Metrica, www.oxfordmetrica.com
2 British Standards Institute/Business Continuity Institute Publicly Available Specification 56.
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