Glossary of Compliance
Compliance Glossary
Our list of curated compliance glossary offers everything you to know about compliance in one place.
Business Impact Analysis
A Business Impact Analysis (BIA) is a critical process that predicts the potential consequences of a disruption to your business. It collects information necessary for creating proper recovery strategies.
The extent and complexity of your BIA should align with your organization’s size and intricacy. Larger and more complex institutions may have a more detailed list of business processes to review during their BIA.
For example, while smaller institutions might address “Administrative” functions as one process, larger ones may break it down further into processes like “Accounts Payable,” “Human Resources,” and “Payroll.”
Examples of standard business processes that might be assessed include:
- Administrative
- Investment
- Trust
- Back-office
- Customer service
- Information technology
- Accounting
- Lending
- Marketing
- Compliance
- Retail
Disruptions and their impacts
The BIA helps you anticipate various disruptions and their potential impacts on your business, such as:
- Data breaches or cyberattacks could harm your security
- Scheduling delays could mess up your plans
- Natural disasters or power outages could stop your operations
- Equipment failures could slow things down
- Losing key employees or suppliers could be a big setback
Additional reading
Sprinto named as Security Compliance Leader in G2 Summer 2022 Report
Vanta vs Drata vs Scrut: Which Compliance Platform is the Right Fit?
Information Security Policy – Everything You Should Know
Sprinto: Your growth superpower
Use Sprinto to centralize security compliance management – so nothing
gets in the way of your moving up and winning big.
