Business continuity management is defined by ISO 22301 as a component of comprehensive risk management in the enterprise, with some overlap with information security management and IT management. Implementation and certification can help an organization demonstrate compliance with its partners, owners, and other stakeholders. Furthermore, ISO 22301 assists in acquiring new clients by making it easy to demonstrate that it is the best in the business. The most recent revision of ISO 22301 was released in October 2019. ISO 22301:2019 has taken the position of ISO 22301:2012, which was based on the British standard BS 25999-2. The ISO 22301:2019 standard adds more flexibility and less prescriptiveness to enterprises and their consumers. So, here are some of the advantages that ISO 22301 provides:
- Operational resilience: The ability to maintain business operations in the face of a minor or severe event is becoming increasingly crucial for organizations of all sizes. A Business Continuity Management System (BCMS) enables a corporation to prepare for such events. This increases competitiveness and reduces the amount of operational downtime a business will experience if the unexpected occurs.
- Emergency preparedness: ISO 22301 enables businesses and organizations to respond appropriately in the case of disruptive situations, avoiding waste or unnecessary loss. Business continuity management identifies the products and services that are critical to the organization's survival by proactively assessing the impact of the disruption. It aims to ascertain what remedies and contingency planning will be required in the event of an incident.
- Corporate governance: Compliance with ISO 22301 contributes to meeting corporate governance criteria. Essentially, the standard can give evidence that the organization has taken the necessary steps to comply with regulatory obligations that necessitate an effective business continuity management program.
- Crisis management: The total coordination of an organization's reaction to a crisis in an effective and timely manner is referred to as crisis management (CM). The purpose of individuals in charge of crisis management is to avert or minimize harm to the organization's revenue, reputation, or capacity to operate. Meeting the ISO 22301 standard demonstrates that the necessary precautions are in place.
- Disaster recovery: Following an acute occurrence, disaster recovery efforts focus on returning the organization to "business as normal" and putting it on course for complete recovery. It is critical to distinguish this from business continuity management, which is concerned with ensuring that the firm can continue to lower the likelihood of natural disasters and function during a crisis.
- Protection of reputation in a crisis: ISO 22301 certification demonstrates to stakeholders that your organization's business continuity capacity is acceptable for its size and breadth. It fosters increased trust, similar to ISO 27001, especially when certified by an independent certifying organization. With the help of an ISO 22301 consultant, it is easy to achieve the certification. It helps to understand business requirements by detecting probable failures and dangers. Businesses can then show stakeholders, customers, vendors, and regulators that they have a strong business continuity management system and processes in place. ISO 22301 will help boost stakeholder confidence in the organization's ability to respond to disruptive occurrences and events and maintain vital business processes in the event of a disaster.
- Preparation for technology failures: Technology failures can be extremely harmful to an organization's revenue and reputation, ranging from telecommunications failure to loss of access to stored data. ISO 22301 guarantees that all measures to minimize such interruption are in place and that all departments are prepared for the worst-case scenario.
- Reduce business interruption insurance costs: A BCMS that complies with ISO 22301 provides an organization with more useful insights on the effects of a possible calamity. This allows the company to better evaluate the type and value of insurance coverage it needs, perhaps saving money in the long run.
- Plan for the sudden loss of critical resources: As a result, if the impact of disruption is identified in advance, an organization will be in a strong position to sustain business continuity. Business continuity management systems aid in determining what responses will be required if a disruption happens, and ISO 22301 gives the capability to appropriately respond in the event of such a disturbance.
Source: https://punyam.wordpress.com/2022/08/17/what-benefits-does-the-iso-22301-system-offer-to-the-company/