Business resilience plans can help you build the resilience that can help businesses survive a financial crisis.
The BBC Business Resilience team explains what they are and how to apply them.
What is business resilience?
Business resilience is the ability to manage and recover from a financial loss or disaster.
It is the kind of resilience that people want to see in their own businesses, as well as for their customers.
How does it work?
The business resilience plan should help you: identify and plan for a potential financial loss The timeframe of the plan The financial impact on the business and your customers The scope of your financial plan (e.g. annual or quarterly) The business and financial impacts of a financial risk A description of the measures you have in place to protect the business from the financial risks and the consequences if you fail to meet them The risks and benefits of your plan The impact of any changes to your business’s financial situation The timeframe for implementation How do I apply?
A business resilience business plan should be submitted to the Planning and Infrastructure Commission (PIP) as soon as possible after it is approved by the Business Resiliency Commission (BRC).
You can find the latest business resilience plans at the Business Strategy Board website.
Business resilience: what you need to know Business resilience means you have a plan to recover from an economic downturn.
But the main focus is on what you can do in the event of a crisis to help your business survive and survive well.
The Financial Services Authority has a range of business resilience training courses available to help businesses improve their business resilience.
How can I apply for a business resilience resilience plan?
You can apply for one by: completing an application form to the PIP Business Resillience Commission (BRC) for your business The BRC will send you an email with the plan details The plan must be approved by an independent body, including the BRC and a representative of your business.
The BRP will then make a decision on your application, and it is up to you to decide whether you want to accept or reject the plan.
You can see what your BRC has approved by visiting the BSC website.
Your business can also apply for help by contacting the Business Support Centre, the business’s nearest branch.
You must apply for both the BRS and the BRC’s support before you can apply to the BCR.
Who can apply?
Businesses with a financial plan can apply either for an application or a response to a BRS decision.
Businesses can only apply for an RESP, and not an RESP for a BRC decision.
What will I get if I get a business recovery plan?
When a business is approved, a business plan will be put into place that is similar to an individual business plan.
The plan will give you the information you need when it comes to how your business can cope with a loss or financial crisis, and what you will do if your business is forced to close.
What happens if I don’t get the business recovery plans?
The PIP has the authority to make changes to the business resilience scheme.
Changes to the plan can include: giving the business an option to apply to an independent board to replace the business with a new plan (as it was in the original application) The plan can also be amended or withdrawn by the PIB to give the business the flexibility it needs to make the changes.
How long does it take to complete a business response to the BRP decision?
After a business has been approved by both the BRN and the BSR, it is the responsibility of the business to make a business compliance plan that sets out the steps that the business has taken to prepare for the impact of a loss, a financial hardship, or a financial catastrophe.
If you do not have a business, you can contact the PUPO for advice on how to make sure your business compliance plans are effective.
What are the steps businesses must take to prepare a business regulatory response?
A BRC business compliance response is a document outlining the steps a business must take before it will comply with the BRPs regulations.
This document includes information about: what the plan contains What the plan is about What the steps are to take to ensure your business complies with the regulations The plan should also include a list of resources for any questions about the business plan, including guidance for: people in your business (such as people who are responsible for the business) A local authority who is responsible for a particular area of the local economy The BRC can also make a statement of what the relevant authorities will do in response to any breach of the plans regulations.
Business compliance plans should include details about: how to protect yourself from financial losses or a disaster The steps businesses will need to take if they fail to follow the plan (for example, by not keeping all of their information up-to-date) What happens after a business responds to the plans compliance plan?
If the BPR does not make a ruling on the plan, or if the B