[BCM] [FP] [E2] [C4] Business Continuity Strategy Phase

Chapter 4

For Frasers Property

Introduction

The Business Continuity Strategy Phase is a crucial component of the Business Continuity Management (BCM) Planning Methodology for Frasers Property.

This phase involves identifying, assessing, and implementing strategies to mitigate risks, prevent disruptions, and recover critical business functions effectively.

The strategies are categorised into mitigation, preventive, and recovery strategies to ensure business resilience and continuity.

Mitigation Strategies

• Mitigation strategies focus on reducing the likelihood and impact of disruptions by addressing vulnerabilities in business operations.
• For Frasers Property, key mitigation strategies include:

Risk Assessment and Management

• Conducting periodic risk assessments to identify potential threats to critical business functions.
• Implementing risk mitigation plans to address identified vulnerabilities.

Infrastructure and Facility Resilience

• Implementing structural reinforcements for key properties to withstand natural disasters.
• Investing in redundant power supply and backup systems to ensure uninterrupted operations.

Diversification of Supply Chain

• Establishing multiple suppliers and service providers to reduce dependency on a single source.
• Developing alternative procurement strategies to ensure the continuous supply of essential materials.

Cybersecurity Measures

• Enhancing IT security protocols to protect against cyber threats and data breaches.

• Conducting regular security audits and employee training on cybersecurity best practices.

Preventive Strategies

• Preventive strategies are proactive measures designed to minimise the chances of disruptions occurring. These strategies for Frasers Property include:

Business Continuity Awareness and Training

• Conducting regular BCM training sessions for employees at all levels.
• Establishing a culture of resilience through awareness programs and tabletop exercises.

Redundant Communication Channels

• Implementing alternative communication systems ensures seamless internal and external communication during a crisis.
• Utilising cloud-based communication tools to enable remote access to critical information.

Preventive Maintenance Programs

• Scheduling routine maintenance of key infrastructure, IT systems, and equipment.
• Conducting periodic inspections of critical facilities to identify and address potential issues before they escalate.

Regulatory Compliance and Governance

• Ensuring compliance with local and international business continuity regulations and standards.
• Establishing a governance framework to oversee BCM implementation and enforcement.

Recovery Strategies

Recovery strategies focus on ensuring the rapid restoration of business operations following a disruption. The key recovery strategies for Frasers Property include:

Business Impact Analysis (BIA) Implementation

• Identifying the recovery time objectives (RTO) and recovery point objectives (RPO) for critical business functions.
• Prioritising resources for the most time-sensitive operations.

Incident Response

• Developing an incident response framework for immediate containment and resolution.
• Establishing a dedicated incident response team to coordinate response efforts.

Disaster Recovery for IT Systems (Work with the IT Team)

• Implementing robust data backup and recovery solutions, including off-site and cloud-based backups.
• Establishing an alternative IT infrastructure to enable business continuity in case of system failures.

Alternative Work Arrangements

• Setting up remote working capabilities to enable employees to continue operations during disruptions.
• Identifying alternate office locations or coworking spaces to maintain essential functions.

Summing Up …

The Business Continuity Strategy Phase is essential for ensuring the resilience of Frasers Property's operations.

By implementing comprehensive mitigation, preventive, and recovery strategies, Frasers Property can reduce risks, minimise disruptions, and ensure the swift recovery of critical business functions.

Through continuous improvement and strategic planning, the organisation can maintain its competitive edge and uphold stakeholder confidence in its commitment to business continuity.