8 Elements of a Business Impact Analysis for Compliance
Atom Creek encourages implementing a compliance program that assists organizations like yours in reducing risk and increasing operational efficiencies. It also ensures that your company follows all applicable laws and industry standards.
A “Business Impact Analysis” (BIA) is a critical component of an effective compliance program. It assesses the impact of a disruption on important company processes (due to an accident, disaster, etc.).
A BIA is required to:
1. Determine any gaps in existing compliance agreements (whether regulatory such as HIPAA, GDPR, or CMMC).
2. Ensure adherence to cyber liability insurance coverage and other IT compliance standards specific to your organization, industry, geography, and so forth.
Conducting a BIA for compliance
There is no one way to conduct a BIA. It differs from one company to the next. However, to comply, a BIA must:
1. Determine the important processes and functions.
2. Create a business recovery plan.
3. Determine resource interdependence.
4. Monitor the movement of sensitive data.
5. Assess the effect of an incident on operations.
6. Prioritize processes and functions based on their importance to business continuity.
7. Determine your recuperation time requirements.
8. Determine the impact of a disruption on compliance.
To get started, pose hard questions like:
1. What should I do to immediately to become compliant?
This inquiry aids in identifying compliance deficiencies that require immediate action. Here are a few examples of common compliance gaps you may encounter:
- Poor firewall management.
- Improper documentation of sensitive data flows.
- Inadequate incident prevention practices.
- Failure to record preventive steps.
2. Do you have a data governance strategy in place that considers compliance requirements relevant to your organization?
A successful data governance policy guarantees that data is managed properly, ensuring compliance with internal and external requirements.
3. How long will it take to connect known compliance gaps?
It is critical to fill compliance gaps as soon as possible. If it is going to take too long, you may consider outsourcing your compliance issues to an expert IT service provider like Atom Creek.
4. Do you have in-house expertise?
If your company employs a compliance specialist, they can effectively handle compliance gaps.
5. Even if you have in-house expertise, can the work be completed within an acceptable timeframe?
Having in-house expertise is ineffective if fixing compliance gaps takes too long. The longer the issues go unsolved, the more likely it is that vulnerabilities may result in data exposure and data loss incidents, as well as regulatory fines.
6. Does it make sense to have a partner to accomplish your compliance goals?
It is often more convenient for your organization to have a partner who can successfully manage your compliance-related difficulties. With the assistance of someone like Atom Creek, you can fix risks much more quickly and lower the likelihood that your organization may face non-compliance-related charges.
You must guarantee that regular risk assessments are part of your non-compliance hunting approach, in addition to conducting or renewing your BIA at least once a year. Using BIA and risk assessments guarantees that nothing accidentally falls out of compliance.
Regular risk assessments aid in detecting, estimating, and prioritizing hazards that impact an organization’s people, assets, and operations. While a risk assessment informs you of your company’s dangers, a business impact analysis (BIA) teaches you how to swiftly get your company back on track after an incident to avoid severe consequences.
Implement an effective compliance program!
Compliance can be difficult to achieve and manage on your own, especially if you lack the resources and experience to keep up with changes in compliance standards. This can result in inefficient operations as well as greater risk. You may easily improve your compliance program without spending a fortune by teaming with an expert IT service provider like us at Atom Creek!
Contact sales@atomcreek.com right away to get a meeting set up and see whether we could be a fit for your company.
