All companies must have a comprehensive plan in place in case of a disaster, according to Lisa Beth Lentini Walker, CEO and founder, Lumen Worldwide Endeavors, and Amanda Hill, internal audit manager for Western Union. Lentini Walker and Hill will discuss best practices regarding third-party relationships, disaster planning, and recovery strategies at FRA and Compliance Week’s Third-Party Risk Management & Oversight Summit San Francisco 2019 at Marines’ Memorial Club, Dec. 9-10.
A good business continuity plan takes three components into consideration: possible risks, an understanding of capabilities, and an awareness of any blind spots or gaps that may exist throughout the overall operations, explains Lentini Walker. An imperative subset to an effective business continuity plan is disaster recovery. When it comes to preparedness, Lentini Walker recommends extensive planning and practice to ensure the plan is second nature should a disaster arise.
