Improving Business Sustainability by Connecting Business Continuity Management and Risk Management

Mošková Erika and Buganová Katarína ()
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Mošková Erika: Department of Crisis Management, Faculty of Security Engineering, University of Zilina, 1. Mája 32, 01026 Žilina, Slovak Republic
Buganová Katarína: Department of Crisis Management, Faculty of Security Engineering, University of Zilina, 1. Mája 32, 01026 Žilina, Slovak Republic

WSB Journal of Business and Finance, 2023, vol. 57, issue 1, 38-45

Abstract: Business continuity management is a tool that provides a structured framework for building business sustainability with the ability to respond effectively, protecting the interests of key stakeholders as well as other key activities that create value for the business. It is the disruption of the enterprise’s key activities that can cause problems that enterprises may not be able to handle without proper help and can lead to bankruptcy. The action of various factors from the external as well as the internal environment can change the overall development of the enterprise depending on its reaction to the given change, at the same time, in connection with its initial readiness, ensured prevention of the enterprise. Maintaining business continuity is closely related to ensuring the smoothness of business processes. Business continuity management is a management process that identifies potential threats and their impact on the enterprise’s business operations. Therefore, the article aims to highlight the benefits of the implementation of business continuity management in enterprises, which would ensure the course and smoothness of business operations. At the same time, in combination with risk management, it is possible to reach a better understanding of the enterprise and its activities that ensure the running of the enterprise. The importance of business continuity management and risk management lies primarily in the enterprise’s readiness to face unexpected situations, while the appropriate selection of methods, techniques, and procedures can help to activate and create a sustainable enterprise system. By implementing business continuity management and risk management, it would be possible to achieve an improvement in the enterprise’s response to adverse situations but also in the overall course of the executed processes concerning the operation of the enterprise. Interruption of business operations can be caused by various factors, which have an impact mainly on the ability of the business to function even in difficult, unpredictable situations. Therefore, in this context, the main emphasis is placed on prevention, preparedness, and the ability of the enterprise to respond promptly to changes in the environment and the ability to transform its activities in its entire structure.

Keywords: Business continuity management; continuity; enterprise; risk management; sustainability (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:wsbjbf:v:57:y:2023:i:1:p:38-45:n:1005

DOI: 10.2478/wsbjbf-2023-0005

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