Question

How does risk assessments and cost/benefit analysis relate to business continuity and disaster recovery for business needs?

Answer 1

Risk Assessment refers to the process of determining which threats pose the most dangerous and likely disruptive to the business. A efficiently conducted risk assessment, performed in conjunction with a cost/benefit analysis enables a business to clearly identify main risks to its major critical resources and activities. The resulting information from this analysis helps the management in the identification where risks exceed its tolerance of risk and sets the stage for development of the business continuity plans and strategies in reducing the disruption likelihood, shorten the disruption period, or limit the impact to the delivery of the business’s key goods and services