Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: March 26, 2020
The Firm
201-896-4100 info@sh-law.comBusiness Continuity Plans (“BCPs”) and Disaster Recovery Plans (“DRPs”), which are nearly universal in today’s business environment, face an extraordinary test from COVID-19’s dramatic impact on all aspects of daily life and the economy. Most, if not all, BCPs and DRPs have proven inadequate. Nearly all businesses are discovering numerous gaps that pose varying degrees of risk in plans that are simply not designed to cope with such broad and deep social and economic disruptions. Moreover, these gaps are emerging as businesses themselves face mounting financial pressures.
Understandably, there is a strong temptation for businesses to focus on mitigating current crises and managing day-to-day affairs. With resources already strained, it may seem prudent to leave tomorrow’s problems for tomorrow. But now is in fact the best time to take advantage of lessons learned from the current crisis in order to optimize your firm’s recovery and make changes to existing plans that will save time and money when the next crisis comes.
What should your firm be doing now?
Charting out how your business will move from its current Plan through gap status to the Plan’s future state should begin now, while the urgency of the moment can help drive the critical changes needed to ensure that your business is optimally prepared to face the next crisis.
If you have any questions or if you would like to discuss the matter further, please contact us at 201-896-4100.
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