How can you use business continuity audits to improve your company's resilience?

1 What is a business continuity audit?

A business continuity audit is a process of evaluating how well your company follows its business continuity management (BCM) framework. This audit can cover the alignment of BCM objectives with business goals, the effectiveness of BIA, risk assessment, and risk mitigation methods, the adequacy and suitability of BCM strategies and solutions, the compliance of plans and documentation with standards and regulations, the readiness and capability of staff and stakeholders to execute plans, and the performance and outcomes of tests, exercises, and reviews. All these aspects are essential to protect critical assets, resources, and operations from various threats.

2 Why are business continuity audits important?

Business continuity audits are essential for improving your company's resilience. They can enhance your awareness and understanding of your business continuity strengths and weaknesses, as well as provide actionable insights and recommendations to address any issues or gaps in your BCM. Audits can also improve your confidence and credibility in your business continuity plans and capabilities, while demonstrating your commitment and accountability to customers, regulators, and investors. Moreover, they ensure compliance and alignment with the latest standards, regulations, and best practices in your industry, supporting continuous improvement and learning in BCM.

3 How to conduct a business continuity audit?

Conducting a business continuity audit requires a systematic and structured approach. Start by defining the objectives, scope, and criteria of your audit based on your business needs and expectations. Next, select and train the audit team, which can include internal or external auditors, or a combination of both. Then, plan and schedule the audit activities such as document review, interviews, observations, and tests. Afterwards, collect and analyze evidence to evaluate your BCM performance and compliance against the audit criteria. Lastly, report and communicate your audit findings, conclusions, and recommendations to the relevant parties. Additionally, follow up and monitor the implementation and effectiveness of the corrective and preventive actions.

4 What are some best practices for business continuity audits?

To ensure the quality and value of your business continuity audits, you should align your audit objectives and scope with your business goals and needs. Additionally, use a risk-based approach to prioritize audit areas and focus on the most critical aspects of your BCM. It's beneficial to apply relevant standards, frameworks, and guidelines to guide your audit criteria and methodology, such as ISO 22301, ISO 19011, or NFPA 1600. Involvement of staff, stakeholders, and partners in the audit process is essential, as they can provide valuable feedback and input. Furthermore, it is important to document and record audit activities, evidence, and results in a clear and consistent manner. Finally, it is recommended to review and update audit plans and procedures regularly to reflect any changes in the business environment, risks, and requirements.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?