Effectively assess the impact and quantify potential business losses when an emergency disruption occurs by using a BIA checklist.
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The Business Impact Analysis (BIA) is an important part of the business continuity process. This involves analyzing business-critical functions and identifying and quantifying the impact that their loss has on the company's business. Business-critical functions are all those business processes that are important for the achievement of the company's goals and whose failure in the short or long term endangers these goals.
A business impact analysis template is used to evaluate and document these potential negative effects on the company. It is used by management to measure the potential financial/operational loss and minimum recovery times of critical functional areas in case of failures. As part of Business Continuity Management (BCM), BIA is an important first step in prioritizing those areas that are important for planning.
The BIA should DISCOVER the operational and financial impacts which came as a result of malfunctioning business processes. Some things to consider are:
First the risks of a company are identified - usually in a risk analysis. Once this has been done, a business impact analysis is carried out. This is intended to determine how the identified risks affect specific business processes.
For such an analysis, it is initially assumed that all business functions of the company are in the green zone, i.e. the company is fully capable of growth and competitiveness and is financially sound. For this to remain so, the BIA must determine which external and internal incidents could have a negative impact on business activities, disrupt organizational structures in the long term, and how to counteract them.
In this process, a business impact analysis checklist helps managers to define business professionals and to draw up, validate and modify plans for the crisis. The BIA template should take the form of a questionnaire, the interview character of which is used for personal interviews with employees and/or data collection.
It makes sense to integrate the description of an incident into such a business impact analysis form. Such a scenario could be:
Such descriptions of incidents help the respondents to imagine a real risk. This makes it easier to determine which business areas are of what significance for the company.
It is not always easy for those responsible for representing the sense behind a business impact analysis throughout the entire company. A Business Impact Analysis Form is a first step to create a basis for the process that everyone can understand. If you want to establish a business impact process in your company, you should always consider the following tips:
Lumiform's mobile app reduces the time needed to capture responses and enter data. Each BIA template is simply filled out via tablet or smartphone - online or offline. The desktop software is used to create the questionnaires and later evaluate the data. This significantly reduces the risk of documentation errors.
Easy communication with all team members allows you to improve internal processes and solve incidents up to four times faster. With Lumiform, you can react immediately to changes in the documentation of processes.
On-site employees always receive the latest version of the BIA template and are guided by the system through all documentation processes. Clean, transparent documentation helps to find the right solution for incidents. But Lumiform's digital solution offers many more advantages for the business impact process: