More than one in five retail organizations do not have a formal business continuity policy in place. That is according to a new report published by the Business Continuity Institute and supported by the Retail Business Continuity Association.
The Global Retail Resilience Report also highlights that, of those that do have a policy in place, less than half have key performance indicators attached, making it difficult to assess whether the policy is effective.
Some of the other findings in the report include:
- Less than one in ten respondents (9 percent) claimed their organization was certified to ISO 22301, the international standard for business continuity management, although 43 percent claimed to align to it.
- Nearly a quarter of respondents (22 percent) stated they had not conducted a formal business impact analysis.
- Nearly one in ten respondents (9 percent) admitted that their organization did not have a formal IT disaster recovery plan, while 12 percent claimed it was still in development.
- Fires are the number one concern for retailers (63 percent), closely followed by human illness (62 percent), cyber attacks (51 percent) and physical security (51 percent).
The report underscores the need to get continuity and resilience at the heart of the agenda for retailers, yet there are existing challenges in communicating the value proposition of resilience. There is a need to promote metrics that allow top management to sense the urgency of driving resilience within their organizations.
Download a full copy of the report after registration here.