Question

When does a company need to identify mission-critical business functions and quantify the impact a loss of such functions may have on the organization in terms of its operational and financial position, what should be performed

Answer 1

Answer: Business Impact Analysis

Explanation:

Business Impact Analysis should be carried out at least once every two years. It may be longer for some business while for some businesses such as banks, one year is ideal.

A Business Impact Analysis examines the effects a disruption in normal business activities due to unforeseen events such as disasters would have on a business so as to determine the strategies to put in place to mitigate or prevent the worst of these possible outcomes.

Recovery strategies can include how to handle loss of income, higher expenses or displeased customers among others.