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Unexpected events could cause a crisis that could threaten the very viability of your business. Don’t take a chance. To calculate the risks, use this formula: Threat x Vulnerability x Impact = Risk.
- Threat – What is the likelihood that an event (natural or manmade) will occur?
- Vulnerability – What are the risk factors or gaps that could increase the likelihood and/impact of the event?
- Impact – What is the impact or costs that an unplanned event could have on your business? How could it negatively affect your team and interrupt your business processes or technology?
- Risk – By looking at the threats, vulnerabilities and potential impacts, you’ll have a broader understanding of the risks to your business.
Take the quiz above to see how well you’re prepared, or get started today on a new or refreshed business continuity plan that could help you manage the damage to your business. Your goal is to think about natural or manmade risks to discover your vulnerabilities and then estimate the impact on your business. When a crisis hits, this advanced planning and preparation will help you through the stressful situation.
Read the full story from Erie Insurance: “Is Your Business Prepared for Any Kind of Disaster?“
