Are your Business Continuity Plans ready for the next crisis?
SX3 offers an independent evaluation service to help Claims businesses absorb the lessons of the Covid-19 crisis into their Business Continuity Plans and to assess fitness for purpose going forward.
UK Insurance businesses are urgently revisiting their Business Continuity Plans (BCP) following the outbreak of Covid-19 particularly given the very present prospect of a second wave.
Questions must be asked about assumptions made in the past and what lessons need to be learnt. For example, many larger companies planned some form of relocation to an alternative ‘hot’ site during a major event. How useful was that once the Government declared a mandatory working from home policy? How important is such a facility in the future?
The impact of the Covid-19 crisis will create new norms, for example increased home working, bringing with it new vulnerabilities. However, experience tells us the next crisis will be different from the last. Absolutely central to a business’ BCP is the understanding of the risks and mitigations incorporated in the plan. It is good discipline to have an independent review of plans to assure up to date understanding and capability.
The scope of any claims function BCP audit would be agreed with the client, but is likely in include such areas as:
- Maintaining business continuity:
- Which areas or functions of the business are critical?
- Which areas or functions of the business are likely to be hardest hit in certain scenarios?
- What mitigation was available – or should be available in future – to avoid business disruption?
- IT Constraints:
- The ability to switch voice to home working.
- Network capacity for remote access.
- Home workers Wi-Fi constraints.
- Availability of laptops and other tech necessary for home working e.g. printers.
- Monitoring KPIs and SLA’s with variable tech solutions.
- Ability of staff to adapt to working from home:
- Productivity, shift working, supervision, retaining staff engagement & morale
- Suitable home office space.
- Meeting effectiveness and video / conference call use and changes in etiquette.
- Catering for staff who were also primary care givers during the lockdown.
- GDPR:
- Dissemination of data because of homeworking creates increased data protection risks, how were these managed?
- Interaction with clients:
- Preparedness for use of video conferencing – are the right solutions in place?
- Where face to face is no longer available, how capable is video to video solutions?
- Key man dependencies:
- How robust is succession planning?
- Did Covid-19 highlight any key person risks and if so, how were these mitigated?
Any review can be bespoke to specific operational needs. SX3 can manage the whole review for you, or take on specific activities to complement your own review work.
SX3 contributes business expertise, market knowledge and an independent eye to claims functions Business Continuity Plans; aiding understanding of the risk profile and in identification of suitable mitigations.
SX3 Business Continuity Plan Contact:
Laura Phillips
+44 (0)7807 929032
laura.phillips@sx3.co.uk