From the course: Implementing the NIST Risk Management Framework
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Completing a business impact analysis (BIA)
From the course: Implementing the NIST Risk Management Framework
Completing a business impact analysis (BIA)
- [Instructor] An item that works with an asset inventory is a Business Impact Analysis or BIA. It's a form of a risk assessment to understand a business's critical assets and helps determine the priority for protection and recovery. The BIA should identify the operational and financial impacts resulting from the disruption of business functions and processes. Impacts to consider include lost sales and income, any delayed sales or income, increased expenses such as overtime labor, outsourcing, expediting costs, et cetera, regulatory fines, contractual penalties or loss of contractual bonuses, customer dissatisfaction or defection, and a delay of new business plans. In conducting a BIA, I suggest using a BIA questionnaire to survey those within the business who have detailed knowledge of how the business works. Ask them to identify the potential impacts if the business function or process that they are responsible for is…
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