What is the third professional practice in Business Continuity Management?

The third professional practice in Business Continuity Management is Business Impact Analysis (BIA). This practice is crucial as it helps organizations identify and evaluate the potential effects of disruptions to their business operations.

BIA involves determining the critical functions of an organization and assessing how various threats could impact those functions over time. It provides insights into the resources and personnel needed to maintain or restore these critical functions, facilitating informed decision-making regarding business continuity strategies. By identifying the most significant risks and their potential impacts, organizations can prioritize their recovery efforts and allocate resources effectively.

This practice serves as a foundation for developing a comprehensive business continuity plan because it informs risk assessment and helps to establish recovery objectives. In contrast, while Program Planning, Risk Monitoring, and Resource Allocation are important elements of Business Continuity Management, they do not specifically focus on the impacts of disruptions or the prioritization of recovery efforts, which are central tenets of the Business Impact Analysis.