Business continuity planning is sometimes referred to as disaster recovery planning.

Business continuity management only involves the IT department.

Being in any business has certain risks. Business continuity management helps reduce the Total Cost of Risk.

Which of the following is not an acceptable way to treat risk?

Only large firms can afford to prepare a Business Continuity Plan, as the process is expensive and complicated.

Once a Business Continuity Plan has been developed, it should be reviewed and exercised regularly; at the very least, annually.

The term ‘Total Cost of Risk’ refers to the total cost to an organisation in financing all aspects of its business and community-related financial, commercial, technical and liability risk exposures. Without limitation, the Total Cost of Risk refers to the full direct and indirect costs incurred by an organisation in design, development and maintenance of its risk management program, including resource allocation and funds required for individual risk identification, risk analysis and controls, as well as costs associated with loss prevention, risk retention and risk transfer.