As part of its commitment to continuity, Frasers Property operates under specific assumptions that underpin its BCM strategy. These assumptions guide the development, implementation, and evaluation of the organisation's BCM Plans.
Below are the key business continuity assumptions employed by Frasers Property:
Frasers Property assumes that not all operations are equally critical during a disruptive event. Therefore, the organisation identifies and prioritises essential business functions that must remain operational or recover quickly to maintain business viability.
These functions include property management services, tenant relations, and financial operations.
A fundamental assumption in Frasers Property's BCM strategy is that disruptions, whether natural disasters, cyberattacks, or supply chain interruptions, are inevitable.
This perspective drives the organisation to proactively prepare for various scenarios, ensuring that plans and resources are in place to address potential risks.
Frasers Property establishes specific RTOs and RPOs for its critical operations. These metrics define the maximum allowable downtime and acceptable data loss for each function.
By setting these benchmarks, the organisation ensures that recovery efforts align with its operational and strategic goals.
The organisation assumes that effective communication with stakeholders, including tenants, employees, investors, and regulatory authorities, is crucial during a crisis.
As such, Frasers Property integrates communication plans into its BCM framework to provide timely and accurate information.
BCM is not the responsibility of a single department; it requires cross-functional collaboration.
Frasers Property assumes that all departments, from IT and facilities management to HR and legal, must work together to develop and execute effective continuity strategies.
Given Frasers Property's diverse jurisdictions, the organisation assumes its BCM program must comply with local regulatory requirements and align with global standards, such as ISO 22301: Business Continuity Management Systems.
This alignment ensures legal compliance and enhances the credibility of the BCM framework.
Frasers Property assumes that business continuity plans must be dynamic, evolving documents.
Regular testing through simulations, drills, and tabletop exercises is essential to identify gaps and enhance the effectiveness of plans.
Additionally, updates are required to address changes in the business environment or emerging risks.
The organisation assumes that resources, including personnel, technology, and supplies, may be constrained during a disruptive event.
This assumption informs the design of contingency plans that optimise resource allocation and identify alternative solutions.
Frasers Property recognises that its operations often rely on third-party vendors, suppliers, and service providers.
The organisation assumes that these dependencies must be carefully managed to ensure continuity through contracts, service level agreements (SLAs), and contingency plans.
A core assumption in Frasers Property's BCM strategy is that the safety and well-being of employees are paramount.
Plans include robust measures to protect staff during crises, including evacuation protocols, remote work arrangements, and access to mental health resources.
By operating under these assumptions, Frasers Property creates a robust foundation for its BCM program.
These principles ensure the organisation is well-prepared to respond to and recover from disruptions, thereby protecting its assets, reputation, and stakeholders.
These assumptions' clear and robust nature positions Frasers Property as a leader in resilience and continuity in the property management sector.
Ensuring Continuity: BCM Best Practices for Frasers Property |
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To learn more about the course and schedule, click the buttons below for the BCM-300 Business Continuity Management Implementer [BCM-3] and the BCM-5000 Business Continuity Management Expert Implementer [BCM-5].