The operational risks in organizations, such as model risk, cybersecurity
risk, conduct risk, and vendor risk, are on a rise owing to the stiff
regulatory compliances and fines and increasing economic uncertainties. In
order to deal with these, the enterprises are demanding real-time risk
assessment, robust risk mitigation, and greater risk accountability from
business and management lines. In addition to this, as the financial services
are expanding their businesses, the need for processing accountability and
transparency and ensuring proactive risk mitigation is also growing.
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Basically, BCM is a proactive planning process which makes
sure that the products and services of a business are delivered without any
delay in the event of any disruption. This is done through the development of
plans, strategies, and actions that provide alternative solutions for keeping
the operations or businesses going and ensuring that the enterprise doesn’t
face any serious damage or loss.
A key trend in the BCM market is the growing adoption of business impact analysis (BIA), which is because BIA assists SMEs and large enterprises in identifying critical activities and processes, such as return of investment. Several aspects included under BIA are storage optimization, increased expenses, regulatory fines, contractual penalties, delay of new business plans, modern workload protection, lost/delayed sales and income, network security, and customer dissatisfaction.
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As per a research conducted by P&S
Intelligence, the global BCM market reached a value of $359.2 million in
2018 and is projected to attain $875.7 million in 2024, advancing at a 15.4%
CAGR in the coming years. Apart from risk management, the different solutions
provided by BCM are government, risk, and compliance, crisis management and
audit management. Furthermore, BCM also offers managed and professional
services to the enterprises.
Take for instance the surging cybersecurity risks, due to which the businesses have become more aware of the significance of being able to respond and recover from such attack. Since business continuity management (BCM) solutions and services can protect enterprises from business disruptions in the event of a cyberattack and help them deal with other operational risks, their demand is rising.
