In this lesson, delve into the crucial steps of developing a business continuity plan with Nick Palazzolo, CPA. Discover the importance of assessing risks, identifying mission-critical applications and data, and the specific roles and responsibilities in disaster recovery. Nick breaks down the five essential stages of the plan, from initial risk assessment to testing the robustness of the strategy. Further into the lesson, the conversation shifts towards understanding the different types of recovery sites: hot, warm, and cold. Learn the distinctive features of each site and their significance in ensuring a company can resume operations swiftly after a disruptive event. The lesson concludes with Nick emphasizing how these sites contribute to minimizing operational downtime, a key aspect that could come up in multiple-choice questions on the exam.