Video: Conducting a Business Impact Analysis

In this lesson, Nick Palazzolo, CPA, breaks down the sequential steps essential for conducting an effective business impact analysis, a key element of business continuity planning. He starts with the initiation and planning stage, where defining the scope and goals is crucial, and progresses through data collection using various methods such as interviews and document reviews. Nick then shifts focus to identifying critical business functions, assessing impacts over time, examining departmental dependencies, and estimating both financial and non-financial impacts of potential disruptions. Throughout the lesson, he uses practical examples, including a hypothetical scenario involving a hurricane, to illustrate how these analyses could inform strategic recovery plans. Emphasizing the dynamic nature of business environments, he concludes with the importance of regularly updating and reviewing the business impact analysis to ensure its relevance and efficacy.<br>