Accountants are responsible for managing the finances of their clients, and as such, it's important that they have a formalized plan in place in case of any disruptions. While insurance is an essential component of risk management, it must not be the only strategy relied upon. Business continuity planning is increasingly important to ensure that operations can continue in the event of a crisis/disruption. This includes identifying potential risks and developing contingency plans beforehand. Risk management & business continuity give needed assurance which is crucial to minimize the likelihood of disruptions by identifying, and addressing potential issues before they arise. By combining insurance with the assurance business continuity planning and risk-management gives, accountants can better protect their clients' financial interests, as well as their own.
Having a plan for business disruptions is essential not only for accountants but for all businesses to mitigate and manage risks. Here are some additional points to consider: Business continuity planning involves identifying critical functions and how to maintain them during disruptions. This may include having backup systems and data protection, as well as identifying alternative resources and communication channels.
Risk-management entails assessing potential risks and developing strategies to minimize their impact. This may involve implementing internal controls, monitoring and evaluating performance, and developing emergency response plans.
In addition to natural disasters and cyber threats, disruptions can also arise from unexpected events such as work from home incidents or contracted business services disruptions. We cover 30+ areas of risk that cause serious business disruption.
Ultimately, having a comprehensive plan in place can help businesses maintain operations, protect their assets, and minimize financial losses during times of crisis. Accountants play a critical role in helping their clients achieve these goals; do you think it’s time to start focusing on your own operations?
Insurance is never a guarantee, it’s a last resort when all other aspects of risk management fail.
Don't leave your business vulnerable; get expert continuity & risk management help today from Dynamic Resilience Management.