A risk assessment is a process of recognizing possible threats and vulnerabilities and analyze what could happen if they occur. Risk assessment is very important in creating business continuity plans.
Make plans and put them in documentation
First of all, you need to look at all the potential hazards that could occur. There should be proper measures that all employees and workers have to follow in case of occurrence of these events. This will help in training the employees so that there will be no hassle at the time of a hazard. Some of the possible hazards are natural disasters, weather issues, power failure, fire, theft, IT hardware and software failure etc. What should be the measure to tackle these issues depends upon nature of your business and resources that you have.
Look out for early signs
It is very important to have some early warning signs so that possible measures could be taken before these hazards can do any damage. Of course come hazards have more clear early signs then others. For example, weather forecasts can be checked frequently but there might be no early sign of an earthquake.
Formulate response plans
Response plans should be formulated by weighing the effect of the incident on business operations compared to the likelihood of its occurrence. For example, if a snow storm is forecast to bring 12-24 inches of snow in a days’ time period then the team would need to assess travel restrictions and employee safety concerns to decide if office closures, cancellation of deliveries, and slowing down manufacturing process are worthy of.