Setting up a business continuity plan improves the efficiency of the energy firms and helps allocate the right resources to keep them up and running during disruptions.
FREMONT, CA: Some risks like power outages, equipment failure, staff shortages, and extreme weather are universal in nature, and they affect businesses of all types. The energy industry also faces ongoing risks from severe weather, attacks, technical failure, and industrial actions. These risks can only be mitigated through energy business continuity management. Business continuity planning is critical for energy companies in particular because their customers have high-level dependence on power. How quickly an energy company can return to business will have a significant influence on its business. Below are best practices to consider in the continual effort to improve the business continuity program.
• Establishing a Team
It is a good idea for energy companies to assign the responsibility for emergency preparedness to a team. For this, firms should select a few managers to take charge of the business continuity management project. It is always advisable to assign one person to lead the planning process and ensure that emergency managers have the authority to get things done. This team shall be responsible for developing a business continuity plan, establishing alert levels developing training programs, performing a trial run of the plan, and implementing it.
• Business Continuity Training Programs
Business continuity training that includes crucial personnel, experienced leadership, best practice guidelines, and proper documentation ensures established processes will be implemented as planned. Company training should be tailored to minimize impacts on workers and infrastructure while ensuring adequate business continuity responses. It is always preferred to perform cyclical internal training program audits to create corporate assurance and add business continuity program value.
Business continuity audits conducted in energy firms can often reveal the planning in inadequacies and mitigation opportunities. With an eye of the objectives, plan audits can bolster a business continuity program and minimize the chance of incidents resulting in crippling operations, revenue, and productivity.
Business continuity program effectiveness in energy firms can be optimized through efficient interoperability and collaborations. When diverse organizations work together for a greater good, recovery time can be minimized. Business continuity leaders should continually meet with government agencies and community organizations throughout the planning cycle to discuss likely emergencies and the available resources to mitigate the effects on operations.
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