10 Jul Business Continuity Planning Helps Businesses in Puerto Rico Become More Resilient
Businesses in Puerto Rico have had their fair share of challenges in the past 4 years, with unpredictable shifts that have wiped out some, but strengthened others. At FPVG, we believe it’s a great time to reinvent our businesses and push forward with innovation. There’s no time like the present to seize that new and intimidating digital learning curve. I remember a few years back, when, right out the gate, I kickstarted my professional career by fulfilling an internship at one of the most prestigious corporations in Puerto Rico. I was quickly exposed to the high-demand tasks of helping to develop a Business Continuity (BC) plan. This stepping stone was crucial not only to land a subsequent job opportunity as a Business Continuity Analyst but to develop proactive, critical thinking that we could have never imagined would be of such critical importance. This experience prominently highlighted the importance of having a well-developed BC strategy and how to translate such a plan into actionable, sustainable procedures. Our final exam? The response and aftermath of Hurricane Maria… the ultimate test, to say the least.
Fast forward to 2020, where earthquakes, power outages, connectivity issues, and a global pandemic have made more evident than ever that BC is much more than a plan or strategy; it is the bloodline that supports a business during a real emergency. We are exposed every day to risks, and many businesses suffer from the skewed viewpoint that “because nothing has happened, it probably won’t”. Threats are real (from external sources as well as from within your organization), and a proactive approach (versus a reactive strategy) is exponentially beneficial for businesses. Aside from substantial financial losses, lack of a sound BC plan poses other risks for businesses, such as hits to one’s reputation (which sometimes cannot be fiscally quantified but could be the most difficult to recover from).
BC Planning also serves a dual purpose: to start training your staff to think more proactively and with a heightened awareness of the potential threats that can leave them without a job. A team that is connected through this training will work harder and smarter to upkeep the standards set forth in the BC plan, will be more interested in becoming familiar with the BC plan and will ultimately help promote better health across the entire organization. BC plans fail when they are not adequately designed, but also when the personnel designated to oversee their execution are untrained, unaware, or simply uninterested.
Although it’s impossible to foresee all scenarios, as your BC Strategy Consultants, we will do our best to equip your business for success at unprecedented moments. Regardless of your sales volume, tangible net worth, or the number of employees, all organizations are exposed to risks that can cause an interruption in their business. Therefore, we need to identify risks, prioritize solutions, and develop a reasonable, complete, and accurate BC.
Over to you: How can we help transform your business and infuse resilience through an articulated and sustainable BC Plan? CONTACT US TO LEARN MORE.
About the author: Wilfredo Vera Pujols, CISA, CDPSE
A skilled consultant in the areas of Internal Audits and Compliance, Vera holds a BBA in Information Services from the University of Puerto Rico Mayaguez and a Master’s in Computer Sciences from the illustrious Polytechnic University of Puerto Rico. He has used his excellent preparation in the last 3 years of his specialty in Auditing and Consulting, Internal Controls, and SOX for our diverse clientele. Among some of his major clients are Evertec, Triple S of Puerto Rico, and Banco Popular, to name a few. We are sure that this ISACA member, along with the expertise of FPV & Galíndez’s skilled Consulting Department will provide strategic solutions for any IT and Cybersecurity needs your organization may have.