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4 Steps to a Comprehensive Business Risk Assessment

March 10, 2017

When it comes to creating an efficient, comprehensive disaster recovery plan, one of the most important steps is to assess the risks your small-to-medium business may incur in the event of a natural or manmade disaster. By doing so, your company will be able to plan accordingly so it can recover quickly in the event of a disaster. So what exactly does a risk assessment involve? Our Bryn Mawr business continuity service is here to break down the basic steps for you: 

  1. Make a list of as many disaster scenarios as you can possibly think of – From fire to flood to burglary, there are many things that can go wrong at your business. In order to make sure your company is ready to handle anything, it's crucial to identify every possible disaster situation that could affect your business's ability to function. We recommend thinking through both the worst-case scenario and the best-case scenario for each.
  2. Identify the risks associated with each type of disaster – Now that you've made a complete list of disaster situations that could potentially hurt your company, it's time to consider the specific risks that may come with each scenario. For instance, you might predict the possible effects of a flood on your organization's property, customers and employees.
  3. Determine which company assets should be prioritized in each scenario – Once you've identified the risks associated with each type of disaster situation, the next step is to rank your company's assets based on which ones need to be addressed first in an emergency. This will most likely vary based on the particular type of crisis. For example, your top priorities during a fire or flood will probably be very different than they would be for a cyber attack.
  4. Don't forget to perform updated risk assessments as your company changes – To ensure that your business risk assessment is current at all times, you'll want to update it every few months or whenever a new asset is added to your organization.

By following these steps to complete a risk assessment, your company will have the foundation it needs to create a detailed, effective disaster recovery plan. For more on that next step, check out our recent blog post!

You Don't Have to Prepare for Emergency Situations Alone!

Here at Alura Business Solutions, we know that preparing for hypothetical disasters can be burdensome for business owners. Luckily, our business continuity service in Bryn Mawr is here to help your company safeguard its data and ensure business can continue as usual in the wake of a catastrophic event.

To learn more about why we've been known as the business continuity service Bryn Mawr organizations can trust since 2005, give us a call at 844-558-7200.

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