Managing the Financial Crisis – Does Business Continuity Have a Role?

Are your business continuity and crisis management programs responsible for addressing financial crises, as well?  Should they be?

Certainly, for many companies, the impacts resulting from the current economic crisis could pose a threat to the solvency of the organization.  And, although the residual effects, physical damages and time sensitivity may not be the same as in the more traditional, physical crises that our plans usually address, I think there are some Command Center, communications and business impact components of traditional business continuity and crisis management programs that could be leveraged during these times.

The concept of contingency planning certainly has a role here.  You could, in a Command Center-like environment, gather your Senior Management teams and start planning contingencies for the various scenarios that could play out and their impacts on your organization.

I am not sure I agree that the BCP/DR planners have a real role here – but, I think we should explore the possibility of using our methodologies and program intellectual capital with regards to critical processes and costs of down-time to help evaluate where changes could be made; how to manage the crisis; and how to most effectively communicate corporate decisions during these times.

Without a doubt – it is a corporate crisis.  And, many of us wear a hat labeled Crisis Management in our respective organizations.  Just wondering how the two come together – if, indeed, they do.

Thank you for your input.