Roundup
- Daniel Kahnemann has a new book titled "Thinking Fast and Slow".
- Someone in LinkedIn group "Business Continuity Management & Risk" is asking where to find metrics that show BCP is "worthwhile" for small businesses. Suggestions were to look at regulators and government offices set up to help small business (offices such as http://www.sba.gov/). Others are convinced no such empirical data is available, after having spent time looking for them previously.
Someone questions the question. Why the need for empirical data when it is clear that a catastrophe means end of the company?. Someone suggested looking at 9/11 as proof of the value of planning for disaster (mostly in convincing people that disaster CAN strike). But the original poster thinks more 'normal' disasters can be more compelling than extreme (and rare) ones such as 9/11. Someone suggests that the Bishopgate Bomb can provide a useful resource in comparing the impacts between those with BCP and those without.
The Waffle House apparently lives in hurricane country and has a very simple and effective BCP plan in place. More details in http://online.wsj.com/article/SB10001424053111904716604576542460736605364.html. The company is famous locally for their very quick Return to Operations ability (when the shops are still closed, locals know the danger is not yet over) and uses this to their advertising advantage.
Finally Tim Cousins from Australia makes a suggestion to read "The Risk/Earnings Ratio - New Perspectives for Achieving Bottom-Line Stability." (http://www.fmglobal.com/assets/pdf/P09232.pdf). Tim seems to be also the author of another recommended paper "Organisational Resilience Position Paper", available here: http://www.emergency.qld.gov.au/publications/pdf/Organisational_Resilience.pdf
Someone from the US recommends a read of "The Impact of Catastrophe on Shareholder Value" by Knight and Pretty and says he often uses this paper as a seling point. (This paper is mandatory reading in the IRM Risk Diploma, so I am quite familiar with it).
Dori makes the stunningly obvious (but forgotten!) point that insurance companies would have the best emprical data.
The silver lining in disasters is that they often provide the opportunity to restructure (re-engineer), using the sudden infusion of cash from insurance (such as Business Interruption Insurance).
In addition to empirical data, someone suggested to personalise the effects of a disaster. What would be the impact to you, Mr / Ms Business Owner, what is the cost of lost sales, claims, etc.?
