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.

efficient cleaning crew Northbrook ..

In The News:

Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.

Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.

Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.

Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.

New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.

FDA approves first human trial for Paradromics' brain-computer interface that could restore speech for paralyzed patients through neural technology.

New phishing platform QRR targets Microsoft 365 users across 1,000 domains in 90 countries. Learn how to spot fake login pages and protect your accounts.

OpenTable now uses AI to track your dining habits and share insights with restaurants. Learn what data they collect and how to protect your privacy.

Google's discontinued Nest thermostats still secretly upload home data to company servers despite losing smart features, raising serious privacy concerns.

New Android malware NGate steals NFC payment codes in real-time, allowing criminals to withdraw cash from ATMs without your card. Learn protection tips.

DoorDash confirms data breach exposing customer names, emails, addresses after social engineering attack. Learn how to protect yourself from scams.

Concerned about Google's AI scanning your Gmail? Learn how to disable Gemini features that access your emails, Drive files and Chat messages for privacy.

Google warns Android users about dangerous fake VPN apps hiding malware that steals passwords, banking details and personal data from phones and tablets.

Apple's digital passport feature lets iPhone users breeze through TSA checkpoints this holiday season using Digital ID technology at 250+ airports.

A new phishing scam targets family photos with fake "Cloud Storage Full" alerts. Criminals steal credit card information through fake sites. Learn protection tips.

South Korean scientists create ultra-thin fabric muscles that turn clothes into robotic assistants, lifting 33 pounds while weighing under half an ounce.

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

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

Fake AI apps disguised as "ChatGPT" and "DALL·E" are flooding app stores with dangerous malware that steals data and monitors users without detection.

Fake buyers demand specific vehicle reports from unknown sites to steal credit card information from car sellers, but warning signs can help identify these scams before paying.

Android users can now manage apps across multiple devices more easily with Google Play Store's updated remote uninstall button in the latest update.

NASA's Perseverance rover discovers shiny metallic rock on Mars that could be a meteorite from an ancient asteroid, containing high levels of iron and nickel.

Holiday scams spike during Black Friday and Cyber Monday as criminals exploit your leaked personal data. Learn how to protect yourself from fake stores and phishing.

Corporate Contingency Planning

Strategic Planning