Protect Your Business With BCP Policy By 3E Accounting Singapore
April 21st, 2020 by David Martin
For any person who runs a successful business, the first priority is to protect the company from unforeseen circumstances. No business can survive and thrive effectively if it lacks the proper planning to bounce back from any disaster.
It’s the hallmark of any great organization that develops and implements a BCP (Business Continuity Plan). Such a plan safeguards the interest of the organization as well as the employees. BCP Singapore stands for Business Continuity Plan.
It is a plan that is created to ensure that the business operations are not affected during a crisis or disaster situation. Its primary purpose is to shield the business from any disaster. Today’s world is increasingly becoming unpredictable and prone to catastrophe. In such a scenario, a BCP plan is all the more necessary for companies.
Some of the risks and disasters that can hamper the business activities include earthquakes, floods, sudden power outages, fires, and pandemics like SARS and COVID-19 most recently.
Learn how to build a BCP here.
Singapore is a country with a thriving business scene. Like other countries that are known for excellent business practices, companies in Singapore also give great importance to developing and implementing policies for the protection of the businesses.
In Singapore, if you are looking for an example of an excellent BCP policy in a company, you have the specimen of 3E Accounting Singapore. Like all reputable organizations, 3E Accounting also has a highly efficient and effective BCP policy in place.
Being one of the top companies in Singapore, 3E Accounting, has always led others in ethical business practices. Here you can learn about the importance of a BCP for your business.
3E Accounting can help you in detail in developing a BCP plan for your Singapore Company. They can assist you in components such as:
Establishing goals and objectives
This step helps you in identifying the essential steps that need to be taken about BCP.
Listing down core activities and functions that keep the business running
This step helps you identify those business areas that will be the most impacted in case of an emergency or crisis. These areas can then hold priority in your BCP.
Conducting a business impact analysis
This analysis helps in identifying and evaluating the probability and impact of any crisis in your organization. This is done through a crisis risk rating on a level of 0 to 10.
Conducting a risk mitigation analysis
After doing a risk rating, you will need to develop a risk mitigation plan. This will be done based on the impact rating you did in the previous step. In this step, you will have to identify measures that will either reduce the likelihood or the impact of the risk on the organization.
Defining roles and responsibilities for all employees
How successful a BCP turns out to depend on the involvement of the employees. You will have to develop a team that will work on drafting policies and also keeping the policies updated in response to changing threats. Moreover, there would be a need to keep the employees involved in the process of BCP planning.
Communicating the BCP plan in the organization, training the employees, a test run of the BCP plan, and doing an annual review.
In the end and most importantly, there would be proper communication of the program to the employees. An annual schedule of activities would be conducted regarding updating of BCP policies and improvement in these policies and processes.
You can get detailed guidance about this at the 3E Accounting Singapore website. Apart from having a BCP policy of their own, they also help other companies in this regard. They have free BCP resources and downloadable templates that you can use for your own company.
There is much evidence of companies that failed because of a lack of efficient BCP in place. You should always plan for any emergency or disaster and guard your business against sudden changes. With the help of 3E Accounting, you can very quickly develop your own BCP plan for your Singapore Company and conduct your business without worry and stress. This will not only protect your business but also establish a good reputation as a business.