Airmic (the Association of Insurance and Risk Managers) has given its support to new business continuity standard PAS 56.
The document, drawn up by the British Standards Institution and Business Continuity Institute, sets out a process which any company wishing to safeguard its business continuity can follow. Although not yet officially recognised, it is rapidly gaining acceptance, said Airmic.
Airmic's council, while encouraging the use of PAS 56, said it needed to be strengthened in certain areas.
Airmic chairman Nick Chown said: "PAS 56 is an important step forward, and creates a recognised framework where none previously existed.
"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 risk managers to become familiar with it"
Chown added that several insurers were likely to ask commercial clients whether they were 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 15 key criteria, enabling an organisation to benchmark its own arrangements in each one, said Airmic.
"This document has the potential to do for business continuity what the Risk Management Standard has achieved for risk management," said Chown.
Business continuity came top of a list of risk managers' concerns in a survey conducted by Airmic in June.
