Home
>
Strategic Planning
>
Corporate Contingency Planning

Corporate Contingency Planning

Part 1

A few weeks ago I attended a seminar sponsored by Independent Solutions Insurance Inc (Edmonton) entitled "Seminar On Disaster Preparedness", during this seminar I heard stories from individual company owners who told us of their misfortunes and how they coped with their crisis. In both cases these crisis were caused by accident, however, a potential catastrophe nonetheless. These individuals told their stories about how they had to deal with their traumas from onset through to completion. From listening to these stories, it quickly became clear to me that there were similarities; was their insurance coverage adequate, how long could their companies survive, without being operational, do they have adequate funding to start operations again, could they find suitable temporary business accommodations, employee morale and retention to name but a few.

It is clear to most entrepreneurs that starting any new business involves risk and risk is one of the reasons, many of us are entrepreneurs. There is a certain thrill in taking the gamble and making a business work. Many entrepreneurs however, do not consider instituting measures to manage the inherent risk of doing business. While taking a risk and winning is fun, prudent business owners take care to minimize their risk, just as you would in any other type of business venture in which you are involved. We call this being "risk intelligent"; one needs to have a continuous process of analysis and communication as an integral part of any business.

So, What Are The Risks

Every day we are exposed to many risks which can cause a financial loss. Fraud, Accidents, property damage, illness and death are all risks we have to consider. However, other risks, such as the possibility of being sued or becoming disabled and unable to work, are also important. We each have to decide how we will protect our vital assets should a risk become a reality.

RISK; is anything that threatens the ability of a corporation to accomplish it's mission. A corporations mission is to earn profits by selling it's products and services.

What Can Be Done

Appropriate contingency planning strategies protect against catastrophic losses, regardless of the cause. A company needs to adopt a risk aware culture, identify their risks and put in place a plan which will mitigate their losses. This plan needs to incorporate the entire risks of the organization, separating your external risks from your internal exposures. This process can be achieved by completing a risk threat analysis which basically outlines your assets and the threats posed against these assets. A more comprehensive analysis can be obtained by hiring a professional consultant who can guide your through the process and assist in the education of staff and preparedness of your organization. A basic analysis will break down your company into four parts; people assets, property assets, income assets and goodwill. Once we have identified the risks posed against these assets, we can then begin to formulate a plan of action which will deal with the risks identified and have that plan written into the companies policies and procedures in order that all members of the company can familiarize themselves with their individual responsibilities.

In the event a disaster takes place and you have failed to plan, you are planning to fail in the management of a disaster, the consequence of your actions could be catastrophic to your organization. Ottawa's commitment to fighting white collar criminals and unnecessary corporate failures, introduced the Westray Bill. This bill is designed to protect organizations from fraud and the negligent acts of owners, directors and managers. Watch out for part 2 of this series of articles when we look at a risk analysis in greater detail and discuss some basic internal controls. Future articles will include topics relating to corporate occupational fraud, preventing industrial espionage, money laundering, corporate security in the millennium and investigating corporate thefts.

Marwen's Contingency Planning; is a discipline that enables people and organizations to cope with uncertainty by taking steps to protect it's vital assets and resources. We recommend, just as you would walk around your car checking for defects, occasionally you should do the same with your business.

Martin Maylor, Director of Marwen Consulting Group Inc., a corporate security consultancy based in the Edmonton area, who has been working with corporations for over 15 years assisting them in understanding the risks of doing business, corporate occupational fraud, who commits fraud, why fraud is committed and what a company can do to harden their defenses. Mr Maylor is a frequent speaker at business groups, associations and can be reached at m.maylor@marwen.ca, http://www.marwen.ca or 780 4978245.

detailed home cleaning Lake Forest ..

In The News:

The Jetsons Act aims to position Pennsylvania as a leader in advanced air mobility by establishing regulations for hybrid ground-air vehicles.

Fake Geek Squad invoice emails are targeting users with convincing charges and urgent phone numbers to steal personal information and money.

Fox News Digital's artificial intelligence newsletter digs into a robot in Russia that faceplanted, George Clooney's alarm and OpenAI's rivalry with the New York Times.

Major data breach at Conduent exposes personal information of 10+ million people. Government contractor hit by cyberattack affecting Medicaid, child support systems.

Texas startup Janta Power raises $5.5M for innovative vertical solar towers that generate 50% more energy than traditional panels while using just one-third the land.

NASA's twin ESCAPADE spacecraft launched aboard Blue Origin's New Glenn rocket Thursday afternoon from Cape Canaveral, beginning their journey to Mars with arrival expected in 2027.

Learn how to set email reminders on iPhone and Android so you never forget to reply again. Simple built-in features help you stay organized and on top of messages.

Discover how Apple's passkeys revolutionize Mac security by replacing vulnerable passwords with biometric authentication and encryption for ultimate protection.

New survey reveals 78% of parents fear AI scams targeting their kids, yet nearly half haven't discussed these threats. Learn why this dangerous gap exists.

Chrome now autofills passport and driver's license info automatically. Google's latest browser update adds official document support with encryption and user control.

Scammers impersonate Department of Veterans Affairs employees claiming veterans owe money, but real VA communications only direct to VA.gov or official channels.

The AltoVolo Sigma hybrid-electric aircraft flies 500 miles at 220 mph while operating 80% quieter than helicopters, featuring safety systems and compact design.

Google search scam alert: fake customer service numbers can give scammers remote control of your phone. Learn how to spot these traps and protect yourself.

Electric vehicles overtake gas cars in total CO2 savings after just two years of driving, with emissions benefits growing over time as power grids get cleaner.

Louvre Museum reportedly used "Louvre" as password for surveillance system during $100M jewel heist. Learn how weak passwords put even famous institutions at risk.

Bipartisan AI jobs bill from Sens. Hawley and Warner would require companies to report AI-related layoffs and hiring to Department of Labor quarterly.

Joe A. from Shelton, Connecticut, lost $228,000 to a ZAP Solutions cryptocurrency investment scam after his divorce, highlighting rising online fraud.

AI-powered autonomous trucks from Waabi and Volvo target U.S. freight driver shortage with Level 4 self-driving technology and NVIDIA computing platform integration.

Survive flight disruptions with expert travel tips: Book early morning flights, download airline apps and know your refund rights during service cuts.

Apple's iOS 26.1 update delivers major security fixes, performance boosts and enhanced privacy controls for your iPhone. Discover why updating now protects your data.

Russian hackers use fake CAPTCHA tests to spread dangerous malware targeting governments and journalists. Learn how to protect yourself from these deceptive attacks.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Miami-Dade debuts America's first autonomous police SUV with AI cameras, drone deployment and real-time crime detection in groundbreaking law enforcement pilot.

Bank impostor scams cost Americans $2.9 billion as criminals use AI voices and caller ID spoofing to steal life savings. Learn nine essential fraud protection tips.

Foreign-owned apps secretly harvest personal data from seniors, making them prime targets for scams. Learn how to protect your privacy and stop data brokers today.

Corporate Contingency Planning

Strategic Planning