- Credits: 2
- Format: OnDemand Webinar
- Field of Study: Accounting | Auditing
- Author/Speaker: Davis Jackson
|Course ID:||Advanced Preparation:||Experience Level:|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© April 2020||General Understanding of Accounting||eBook | Self-Study Audio | OnDemand Webinar | Live Webinar|
Ensuring the business continuity, the continuation of critical business operations in the event of an unforeseeable disaster is a chief responsibility of an organization’s management team including its financial officer or external CPA. According to Kit Tuveson, chairman of the International Facility Management Association and worldwide facility operations manager for Hewlett-Packard in San Francisco, only 40% of the companies that experience a disastrous event at their place of business will ever open their doors again. In addition, a study developed by the University of Minnesota found that the average company which was put out of business for as little as four and a half days experienced up to a 50% loss in its capacity to operate.
Many companies believe that because they are small that they are at less risk and are unable to afford the protection that larger companies can afford. However, it is the smaller companies that are at the greatest risk and therefore should be even more inclined than the larger companies because they are more likely to have all their eggs in one basket. For example, the smaller company commonly has only one work location, a limited number of employees, all of their assets stored at one location, etc.
- This course will introduce you to the process of developing, communicating, and testing a disaster recovery plan to avoid this potential pitfall and ensure the continuation of critical business operations in the case of an unforeseeable event.
- Throughout this course, the term “disaster” shall mean any unforeseeable event which has the potential ability to cause an interruption in the normal business operations of an organization. This would include natural disastrous events such as fire, flood, hurricane, earthquake, tornado, etc. in addition to electrical power failure, communication system malfunction, information system crashes, etc.
- We will begin by taking a look at a mock scenario of a company that experiences a flood during the normal course of a day. This company does not have a disaster plan in place and as a result, experiences a huge loss both financially and emotionally.
- You will then be introduced to some of the processes and procedures which this mock company and your company or clients can utilize to ensure the continuation of critical business operations in the event of an unforeseeable disaster in order to reduce your financial and emotional risk.
- This course will then revisit the mock scenario under the assumption that the company did have a disaster plan implemented when the flooding took place and compare the resulting damages imposed by the event.
- Finally, you will be provided with additional resources that you may choose to utilize when developing your own disaster plans and a glossary of some of the more common disaster recovery terms.
Who Should Attend:
- All Certified Public Accountants (CPAs)
Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s: