Good things as well as bad things happen in retail. The likelihood of a meteorite hitting a warehouse is extremely low, but it happened; an earthquake destroying over 50% of world production of a key component is unbelievable, but it happened; or even the sun shutting the power grid down over vast areas of Canada, but it happened.
The Retail Business Continuity Association is always looking for ways to improve members response to events that are outside of 'business as usual' and harmful to the member companies.
Benchmarking against each other has set a standard that we can measure ourselves against and help management colleagues recognise the level of resilience in place and how that fits with the risk appetite of each business.
We have now used our experience to put together a set of benchmarking questions relevant to a wide range of retailers and sent it out to the BCI membership across the world. From Australasia to North America the responses have been coming in, but we would like to encourage even more companies to respond, as the more data we collect, the better we can judge where we are. The better we can judge where we are, the better we are able to help others.
If you are in retail and would like to understand more about business continuity, then please start by completing our survey. It will only take a few minutes and you can find it by clicking here.
John Frost MBCI is Head of Business Continuity at Marks and Spencer, and the Chairman of the Retail Business Continuity Association.