Definition of a disaster - and what it can mean

A disaster is defined as any disruption to critical business processes which would potentially result in severe financial loss, an inability to achieve service levels, as well as embarrassment and loss of credibility for the company concerned

In the event of a disaster occurring, for whatever reason, the impacts to the business could be any one, or all of the following:

• Damaged reputation (the company image and credibility may be harmed as a result of negative media publicity)
• Financial losses (penalties, cash flow, legal implications)
• Productivity losses (infrastructure and communication loss, idle systems and unproductive people)
• Revenue losses (Financial trading, settlements).

The statistics

International research has been conducted on companies that have experienced a serious disaster - without tested Business Continuity Plans in place - and the following statistics were determined:

• 40% will face outright collapse
• 40% will fail within the ensuing 18 months
• 12% will fail within 5 years only
• 8% will survive in the long term

The Isle of Man Corporate Service Providers Act (2001) states that Corporate Service Providers (CSPs) MUST have in place an adequate Business Contingency plan to safeguard their clients' interests at all times.

How ServiceTech can help you

Our Consultants will help you to understand how people, processes and technology in your company would be affected in the event of disruption to your business. We can help you identify what you need to do to safeguard your clientsÍ interests. Our Consultants are all graduates, professionally certified, experienced and have worked for some of the largest companies in the United Kingdom. Their offshore financial experience covers Life Assurance, Banking, Stock broking and Trust and Company Formation.

ServiceTech Consultants can design and implement solutions to ensure you minimise business risk and client vulnerability.

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