April 17, 2018 | Category: Insurance
We must be prepared to face natural disasters like hurricanes Irma and Maria. Every business is at risk, and to ensure the continuity of your business when disaster strikes, it is essential that you mitigate that risk.
Developing a business continuity plan is one of the strategies that can make a difference. Having a continuity plan will allow you to increase the capacity of your business so you can continue to provide goods and services even after a significant interruption of your operations.
1. Analyze your business and assess the risks.
Determine which parts of your business are vital for its survival. To do that, list the functions, processes, employees, locations, and systems that are essential for the continued operations of your company or organization:
2. Select your strategies.
Now that you have identified the risks and the business areas that you should maintain operational, assess the alternatives and strategies appropriate to your business’s needs. These may be:
3. Develop a plan.
After choosing your strategy, you must develop and implement it within your business. This is the phase of putting the plan into action, and to do that, you need to define:
4. Test the plan.
Once a year, you should test the plan by holding drills, doing a step-by-step analysis, or running simulations. You should consider that not every event may require that the plan be implemented. Determine whether your plan is effective and which aspects need to be improved or eliminated. You should also determine what you need to do to keep the plan up to date.
If you would like help in drawing up a continuity plan that fits your business, call Popular Risk Services1 at 787-731-6900.
Insurance products are not deposits, are not insured by the FDIC or other federal government agencies, are not insured by the bank, and may lose value.
1Popular Risk Services is an Insurance Producer duly authorized by the Insurance Commissioner’s Office to manage life, disability, miscellaneous, title, health services, and variable insurance in Puerto Rico.
Banco Popular de Puerto Rico, its subsidiaries and affiliates do not offer tax, legal or accounting advice. If you would like to receive legal, tax or accounting advice, you should consult a professional specialized in these areas. Investment products and services are offered by Popular Securities LLC, registered broker dealer and member of FINRA and SIPC. Investment products are not insured by the FDIC, are not deposits or obligations, are not guaranteed by Banco Popular de Puerto Rico and may lose value. Insurance products and services are offered by Popular Risk Services an Insurance broker duly licensed by the Office of the Commissioner of Insurance of Puerto Rico. Popular and Banco Popular de Puerto Rico are not registered brokers. Insurance products are not FDIC insured, or other government agencies, are not deposits or obligations and are not guaranteed by the Bank or its subsidiaries or affiliates. Some insurance products may lose value. Popular Securities and Popular Risk Services are subsidiaries of Popular and affiliates of Banco Popular. Popular One is an integrated services platform through which Popular Securities and Popular Risk Services are offered.
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