“Chance favors the prepared mind.”
– Louis Pasteur French chemist & microbiologist (1822 – 1895)
Naturally, disruptions of any sort could have incredibly damaging repercussions to the company, not only in terms of tangible financial losses, but also intangible hits to the company’s reputation and the clients’ confidence in the company. It is therefore a critical business imperative that a working plan be put in place to ensure that in the event of an unplanned disruption, operations are restored as quickly and effectively as possible.
As a result the Central Bank of Nigeria (CBN) is putting effort to promote the professional practice of BCM.
Why Business Continuity Management?
- Susceptibility to Terrorist attacks (in all the states of the federation)
- Pressure From Audit Committees
- Pressure From Financial Institutions
- Pandemic Concern & Changing Business Environment
- New Threats & Risks Since 9/11
- Demands From Customers
- Cost Of Insurance
- Perceived As Competitive Edge
- Reliance On Third Parties (Supply Chain)
- Increased Regulatory & Self-regulated Requirements
- Corporate Social Responsibility (CSR) & Corporate Governance