Marsh recommends BCM during recession
Insurance broker and risk adviser Marsh has stated that business continuity management (BCM) can prove helpful for businesses trying to negotiate their way through the current economic difficulties.
Firms (particularly those in manufacturing and retail) can benefit from conducting a business impact analysis which can yield a more comprehensive appreciation of the situation and thereby deliver a competitive edge, especially important at this time.
Marsh’s BCM leader, Martin Caddick, explains that the instinctive reaction of many businesses can be to try and call in debts quickly whilst seeking to lengthen their own credit terms with suppliers.
A business impact analysis can help firms by clearly identifying the most valuable aspect of a given business (such as reputation) and possible vulnerable areas, such as supply chains.
Perhaps most importantly, a thorough analysis can also identify what the most important area of investment is to maximise the chances of successfully riding out the economic storm.
Category: Insurance News
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