Which of the following is a critical step in carrying out a business impact analysis (BIA)

From BCMpedia. A Wiki Glossary for Business Continuity Management (BCM) and Disaster Recovery (DR).

1. Business Impact Analysis or BIA is a phase within the BCM planning process. It is the process of analyzing the effect of interruptions to business operations or processes on all business functions.

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Related Terms: Business Impact Analysis Questionnaires (BIAQ), BCM Planning Process or Methodology, DR Planning Process or Methodology.

Note (1): The BIA should identify all critical business functions, qualify and/or quantify losses as a result of such interruptions, determine the tolerable downtime and minimum resources needed to recover the critical business functions.

Note (2): Typically, for the first BCP project the organization is involved in, all business units should be involved during the BIA. For subsequent BCP projects and if there are no significant organizational changes, then only business units with critical business functions will be involved.

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(Source: Business Continuity Management Institute - BCM Institute)

2. Process of analyzing activities and the effect that a business disruption might have upon them.

(Source: ISO 22301:2012 – Societal Security – Business Continuity Management Systems - Requirements) - clause 3.8

3. Process of analysing business functions and the effect that a business disruption might have upon them.

(Source: AE/HSC/NCEMA 7000:2012)

4. Process of analyzing business functions and the effect that a business disruption might have upon them.

(Source: British Standard BS25999-1:2006 Code of Practice for Business Continuity Management)

5. The process of determining the impacts on the organization due to interruptions to business operations or processes. The BIA should qualify and/or quantify losses as a result of such interruptions. Where possible, the loss impact should include both business disruption (number of days) and financial standpoints. BIA is determined without consideration for risk source, type or magnitude.

(Source: Singapore Standard 540 - SS 540:2008)

6. The management level analysis by which an organization assesses the quantitative (financial) and qualitative (non-financial) impacts, effects and loss that might result if the organization were to suffer a Business Continuity E/I/C. The findings from a BIA are used to make decisions concerning Business Continuity Management strategy and solutions.

(Source: Business Continuity Institute - BCI)

7. The process of analyzing all business functions and the effect that a specific disaster may have upon them. 1) Determining the type or scope of difficulty caused to an organization should a potential event identified by the risk analysis actually occur. The BIA should quantify, where possible, the loss impact from both a business interruption (number of days) and a financial standpoint. SIMILAR TERMS: Business Exposure Assessment, Risk Analysis.

(Source: Disaster Recovery Institute International / Disaster Recovery Journal - DRII/DRJ)

8. A management level financial analysis that identifies the impacts of losing an organization’s resources. The analysis measures the effect of resource loss and escalating losses over time in order to provide reliable data upon which to base decisions on mitigation, recovery, and business continuity strategies

(Source: ASIS International - ASIS International)

9. A management level analysis, which identifies the impacts of losing company resources. The BIA measures the effect of resource loss and escalating losses over time in order to provide senior management with reliable data upon which to base decisions on risk mitigation and continuity planning. (Associated terms:Business Impact Assessment,Business Impact Analysis Assessment).

(Source: HB 221:2004 Business Continuity Management)

(Source: Australia. A Practitioner's Guide to Business Continuity Management HB292 - 2006 )

10. A management level analysis that identifies the impacts of losing the entity's resources.

(Source: NFPA 1600 Standard on Disaster/Emergency Management and Business Continuity Programs, NFPA 1600:2007)

11. The process of analyzing the financial and non -financial impact due to a disruption on business operations. The BIA measures the effect of resource loss and escalating losses over time in order to provide top management with reliable data upon which to base decisions on Risk Mitigation and continuity planning.

(Source: Malaysia BCM Standard MS1970:2007)

12. A management level analysis, which evaluates the risks of disruption, including a consideration of the impacts of capability loss over time and the needs for and inter-dependencies of resources.

NOTES:

• The BIA measures the effect of capability loss, including escalating losses over time and effects on inter-dependencies, in order to provide senior management with reliable data upon which to base decisions on risk treatment and planning for stabilization, continuity and recovery
• Also referred to as business impact assessment.

(Source: AS/NZS 5050.1 Australian and New Zealand Standards for business continuity management.

Part 1: Business continuity management system specification)

13. A management level analysis, which evaluates the risks of disruption, including a consideration of the impacts of capability loss over time and the needs for and inter-dependencies of resources.

NOTES:

• The BIA measures the effect of capability loss, including escalating losses over time and

effects on inter-dependencies, in order to provide senior management with reliable data upon which to base decisions on risk treatment and planning for stabilization, continuity and recovery

• Also referred to as business impact assessment.

(Source: AS/NZS 5050.2 Australian and New Zealand Standards for business continuity management.

Part 2: Business continuity management practice standard)

14. An assessment of the minimum level of resources e.g. personnel, workstations, technology, telephony required, overtime, after a Business Continuity Incident to maintain the continuity of the organisation's Mission Critical Activities at a minimum level of service/production. The BIA measures the effect of resource loss and escalating losses over time in order to provide senior management with reliable data upon which to base decisions on risk mitigation and continuity planning. Generally considered to be part of a BIA it is an integral part of any subsequent resource Gap Analysis.

(Source: Business Continuity Institute - BCI)

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