After reading about weather disasters and other events that destroy lives and disrupt businesses, I thought I’d refresh my knowledge of business continuity practices. Here are some notes from a business continuity course from Project Management Institute.
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- Transferring risks.
- Assign ownership of the risk to people/organizations that can deal with it better.
- Can be costly. Do cost benefit analysis first.
- Transfer all or part.
- Methods.
- Insurance policies. Most common.
- Premium for protection against loss.
- Specially designed contracts.
- Shift specific risks.
- Penalties. Could discourage contractor.
- Performance bonds.
- Guarantees, warranties from suppliers.
- Insurance policies. Most common.