US Firms Unprepared for Disaster
Thirty six per cent of chief financial officers (CFOs) interviewed in a new survey said their companies are not prepared for a catastrophic event or other major disruption. The survey, developed by Robert Half Management Resources, includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with more than 20 employees. Paul McDonald, executive director of Robert Half Management Resources, explained that while the New York Stock Exchange and the National Association of Securities Dealers have proposed rules that would require business continuity plans for member organizations, all firms could benefit from contingency planning. ‘The basic elements of a strategy include the prioritization and recovery of both critical business processes and supporting systems. Companies should avoid focusing solely on one aspect of a business continuity plan, such as IT systems, at the risk of overlooking another critical function such as customer service,’ McDonald added.