Where to Find the TCS Process for Business Continuity Management
The TCS Business Continuity Management Process has been developed to help you prepare your business to recover quickly and effectively after disruptive events.
Whether you are just starting or want to learn more, this guide will help you get the information you need to plan effectively and execute the process.
The best place to start learning about the process is with this comprehensive guide on the TCS Process for Business Continuity Management. You will be ready to apply it in your own business soon enough.
What is TCS?
TCS is a global professional services company providing consulting, technology, outsourcing, and other services. The company operates in 106 countries and has 954,000 employees as of August 2022.
One of its main offerings is business process outsourcing (BPO) which it offers through its TCS BPO arm.
It also provides application development and maintenance services with its TCS e-Solutions subsidiary. Other key offerings include infrastructure management, analytics, and mobility solutions.
The TCS process
The business continuity management process is essential because it provides a framework for how companies should prepare and respond to disasters. The method includes five phases:
- Prevention and mitigation: Prevention and mitigation include identifying potential risks and developing strategies to minimize or avoid these risks.
- Crisis management: Crisis management deals with unplanned events such as natural disasters.
- Recovery: Recovery is restoring an organization’s ability to continue delivering products or services after a disruption.
- Assessment: Assessment is an essential first step in any BCP/DRP cycle. It provides a detailed understanding of the risks, threats, vulnerabilities, and consequences that could affect your organization’s ability to continue operations. The assessment process identifies and estimates the magnitude of losses that would occur should one or more of those contingencies arise.
- Post-incident review: post-incident reviews allow organizations to make improvements based on what happened during the event.
What is business continuity, and why is it important?
Business continuity is a system to ensure that a company can continue operating even if some natural or human-made disaster disrupts it.
It is essential because, without a plan in place, a disaster will likely disrupt your business and make it difficult, if not impossible, to resume operations as quickly as you would like.
Research has shown that over 60% of companies will be out of operation within two weeks of an event. A complete 80% will be out of business within six months.
Many resources are available to help you create a plan for your organization that includes three phases: preventing interruptions, recovering from interruptions, and minimizing damage from disruptions.
How to find the TCS process for business continuity management
To find the TCS process for business continuity management, one must first consider what defines a business and how it is structured.
There are two general types of businesses: unincorporated and incorporated.
- Unincorporated businesses include sole proprietorships, partnerships, and LLCs. All of these entities are classified as non-public companies.
- Incorporated businesses include corporations and limited liability corporations (LLCs). The incorporation process includes drafting articles of incorporation, electing officers, and issuing shares of stock or memberships in an LLC.
A corporation can be either public or private. A private company restricts ownership to not more than 100 shareholders, while a public company has at least 1,000 shareholders.
Additionally, there are four levels of incorporation: single-member LLCs and corporations with only one owner, multi-member LLCs with at least two owners, and single-shareholder corporations with more than 100 owners.
Public corporations need to file periodic reports, including their annual report and proxy statement, before shareholders may vote on important matters.
Privately owned corporations do not file periodic reports with the Securities Exchange Commission (SEC). However, they are still required by law to submit information to potential investors when they make specific solicitations of funds.
For instance, if a privately owned corporation solicits money from the public to invest in its operations, it would need to provide its most recent balance sheet within six months before making such a solicitation. Such submissions are considered filed and made available for viewing online through the SEC Edgar filings system database.
Similarly, publicly traded corporations submit quarterly and annual reports to the SEC. When publicly traded corporations offer information, they detail expenses, assets, liabilities, equity investments in other entities, and so on.
These reports are also open for review by stakeholders. After reviewing these documents, one will know where to find the TCS process for business continuity management.
What is the difference between BCP and BCM?
BCP and BCM are critical components of any organization’s overall risk management program.
BCP is a plan that deals with how an organization will respond in the event of a disaster, while BCM focuses on the processes that need to be in place before a disaster so that it can recover more quickly.
BCP has two primary considerations:
- How will you respond when a disaster strikes?
- What do you need to have in place before disaster strikes?
BCM encompasses these same principles, but its scope also includes business continuity planning (BCP), disaster recovery planning, and preparing for disasters before they occur.
One way to think about the difference between these two types of plans is this: if your building catches fire, your response will fall under BCP. Whereas if you take precautions against fires by installing sprinklers in your building ahead of time, your preparations will fall under BCM. It is important to note that BCM does not replace BCP but instead supports it.
The TCS process for business continuity management is created to help you get through a significant disruption that impacts your ability to conduct normal business operations. These disruptions can be natural disasters, human errors, or acts of terrorism. This process aims to minimize negative impacts on the company and its customers.