AIRMIC urges adoption of UK business continuity standard

AIRMIC (the Association of Insurance and Risk Managers) has given its support to the PAS 56 business continuity standard. The document, which was launched in early 2003, was drawn up by the British Standards Institution and the Business Continuity Institute. It sets out a process for any organisation that wishes to safeguard business continuity. Although not yet officially recognised, it is rapidly gaining industry acceptance.

The Council of AIRMIC, whilst encouraging risk managers to adopt PAS 56 as a benchmark of good practice, is nonetheless calling for it to be strengthened in various areas.

“PAS 56 is an important step forward, and creates a recognised framework where none previously existed,” said AIRMIC chairman Nick Chown. “We would welcome some strengthening of the standard, notably in relation to crisis management, crisis communications and supply chain continuity. For all that, this represents an impressive start and we recommend that risk managers become familiar with it.”

Mr Chown added that several insurers were likely to ask commercial clients whether they are PAS 56-compliant when renewing policies.

PAS 56 is a fully risk-based approach to developing a business continuity plan that utilises risk analysis and impact assessment. It covers fifteen key criteria, enabling an organisation to benchmark its own arrangements in each one.

“This document has the potential to do for business continuity what the Risk Management Standard has achieved for risk management,” said Mr Chown.

Business continuity came top of a list of risk managers’ concerns in a survey conducted by AIRMIC in June.

•Date: 10th December 2003 •Region: UK •Type: Article •Topic: BC general
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