Common challenges in BCM

Manoj Kumar, Partner

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HLB HAMT - Accounting Firm in UAE
Phone:- +971 4 327 7775
Mobile:- +971 55 807 4568
Email:- dubai@hlbhamt.com

    Get Free Consultation




    A huge number of business organizations are struggling to implement BCM or Business Continuity Management. But ideally, this should not be the case, since a standard BCM is not that complicated as it may sound. The goals of BCM program are simple and clear, and can be easily identified. Still, there are umpteen organizations that fail to implement BCM program.

    A strong problem arises in terms of the habits of a business organization and the thinking pattern. The symptoms that reflect this particular problem are following:

    • Miscalculation and underestimation of risk
    • Improper understanding of roles and responsibilities
    • Slowness in terms of reacting or collecting information
    • Inability to understand insurance limitations and contractual boundaries
    • Improper balance of business requirements and insurance recovery

    The common challenges in BCM are being discussed below in more detail.

    • When a business firm fails to visualize the bigger picture and think critically, it ends up in underestimating risk. Sticking to the patterns that have been followed since long often makes a business entity fail when it comes to thinking critically. On the contrary, in case of an incident of business continuity management, the long-followed practices are simply eradicated such as existing resources, people and even buildings.
    • Many firms fail to prepare an effective project charter or the governance of a project. Inadequacy in handling this task results in a number of loopholes. Hence, the goal of business recovery does not get properly defined. This results in an overall misunderstanding of roles and responsibilities.
    • Being slow in reacting results from uncertainty in the way of reacting. Being slow in gathering information is also a big challenge in BCM. It is a true fact that governance is very important; but a plan needs to be tested before being implemented.
    • Often times, BCM is considered to be of less priority since it does not generate revenue. Thus, proper allocation of time and money is rarely done for BCM. The unclear mission statement does not generate commitment from the different levels of an organization for driving the BCM program. The absence of executive support, strategic alignment and senior management support results in failure of BCM program. Thus, the governance model should include the involvement of senior management.

    In order to overcome the challenges in BCM, continuous up gradation in program is necessary. An efficient BCM team needs to have procedures, which should be incorporated in the management life cycle for covering all possible risks.

    Ready for the Challenge

    BCM, the acronym for Business Continuity Management is a process which helps in identifying the threats, risks, and vulnerabilities that could possibly hit the continued operation of a business firm and so provides a guideline for constructing organizational flexibility and the ability for a sound response. The main purpose of BCM is to make the business firm more elastic to potential threats and let it continue with its functions and operations under such threatening situations and all sorts of adversities. This can only be possible with the implementation of the right kind of resilience strategies that could possibly alleviate the impact of a potential treat and encourage the development of business as per its plans. Such strategies also help to recover from the threats, which apparently cannot be lessened.

    It is because of the stupendous increase in the number of man-made incidents in the past few years that requirement for a strong emergency response and recovery process has gone on a sharp rise in a number of organizations. Thus, it can be rightly said that it is no longer wise to keep Business Continuity Management program on files. Since studies reveal that 40% of businesses going through a disaster get wiped out of business within five years, customers, regulators and prospects these days are rightly demanding greater management of BC programs. This gives result to the concept of an ongoing maintenance of plan and augmented employee awareness. We also harp on exercising greater dynamic testing of our BCM program.

    Being well-versed about the current market trends and the regulatory guidelines, we partner with our esteemed clients and ensure serving the best kind of risk management work. We understand how crucial it is to maintain security and that compliance is a continuous task. So we are there at every step to assist our clients. Our services in this regard include the following:

    • Planning and assessment of audit
    • Development of business continuity plan
    • Maintenance of business continuity plan
    • BIA or Business impact analysis
    • Maximization of personnel safeguarding
    • Alleviating the threat of loss of data
    • Effective management of synchronized
    • Assistance in terms of business continuity and disaster recovery
    • Effective virus planning

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    HLB HAMT, UAE launches China Desk service

    HLB HAMT

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    HLB HAMT - Accounting Firm in UAE
    Phone:- +971 4 327 7775
    Mobile:- +971 55 160 1291
    Email:- dubai@hlbhamt.com

      Get Free Consultation




      HLB HAMT, UAE now offers the CHINA Desk services aimed at supporting Chinese companies in Middle East, particularly for the companies operating in United Arab Emirates.

      The HLB HAMT China Desk initiative was supported by HLB Liaoning Zhongheng CPAs in China.

      The HLB HAMT China Desk provides support to Chinese companies operating in this region with comprehensive consulting support, including audit and assurance, accounting and advisory, payroll, Organisational and management consulting, corporate finance and Investment strategy consulting and IT consulting.

      HLB HAMT China Desk also helps Chinese companies to enter the other Middle East and African markets with support of HLB Member firms in ME and Africa. M&A support, raising foreign investments, Executive search, payroll management and other vital tasks for the opening of a representative office are among the services offered.

      HLB HAMT China Desk is the first initiative of its kind for HLB International in Middle East and Africa, who already has Global China Desks in 20 countries worldwide as part of its Global China Service. HLB International’s China Desks provide the comprehensive range of services targeting Chinese companies looking for opportunities for international growth. The HLB Global China Service is the first initiative of the kind among the mid-sized global networks, focusing on Chinese outbound work at the global level rather than on country by country basis.

      HLB HAMT, founded in 1999, provides auditing, advisory and consulting services through its 8 offices across UAE and Qatar. As part of HLB International network, it offers the clients total benefits of a larger International organization without diluting the attention and personal services that one expects from a local firm. HLB Hamt has a team size over 200 professional experts who serve clients to solve their problems, provide advice on financial issues and simplify the complexities of managing the business.

      For further information

      www.hlbhamt.com

      HLB HAM China Desk Contact:

      Mr. Meng Qijun
      HLB HAMT
      Level 18, City Tower 2,
      PO Box 32665, Sheikh Zayed Road,
      Dubai, United Arab Emirates
      Ph (Off): +971 432 77 775
      Mob     : +971 55 955 9036
      Email   : meng.qijun@hlbhamt.com

      Get in touch

      Whatever your question our team will point you in the right direction

      Start the conversation
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