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Disaster recovery plans - Coggle Diagram
Disaster recovery plans
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The disaster is of a nature unconnected with the company's business and outside the control of management
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Disaster recovery plans are most needed in industries where a lengthy or widespread shutdown of operations could be catastrophic, such as in the banking industry, energy supply industry and airline indsutry
All companies should have such plans, which need to kept under continual review and about which employees need to kept fully aware and where appropriate, trained
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Consideration should be given to the realistic length of time the disaster recovery plan will need to be in operation
Disaster recovery planning and business continuity planning are used interchangeably but are different. BCP goes beyond procedures that should be taken in an emergency, it is intended to establish, in advance, a plan of what a company needs to do to ensure that its key products and/or services continue to be delivered in the longer term, i.e a plan for the sustainability of the business
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A BCP should seek to make the company ready to take advantage of the longer term threats to the business thus giving the company competitive advantage over competitors who are not planning for the future sustainability of their business
It is important for the board to be involved in both disaster recovery and BCP as both are critical to the ongoing activity of the business
The CS should ensure that there are opportunities during the board meetings and other events for the board to discuss with management arrangements that are being made for both
A review of the disaster recovery plans and BCP may also be a part of the annual review of the effectiveness of internal controls by the board or audit committee