The paper "Crisis and Business Continuity Management" is a great example of management coursework. Nowadays, companies across the globe are facing an unparalleled number of threats. The severity, as well as the occurrence of climate-related events, has increased tremendously, and reliance on the multifaceted network of supply chains and technology is growing. Such trends have brought about vulnerability to businesses due to the increasing number of emerging and existing risks. However, developing a business continuity strategy to manage such risks is crucial for the continued existence of the organisation. According to Smith (2012, p. 5), no business enterprise can completely control its business environment; hence, it is imperative for organisations to have crisis management as well as business continuity management (BCM) capability to be able to manage disaster or crisis when they occur.
Business preparedness that is fit-for-purpose, efficient and robust is crucial, and satisfaction is intolerable, considering that threats and challenges are part of the contemporary business climate. Presently, BCM is essential for long-lasting competitive advantage and is also crucial in identifying possible effects of losses within the organisation (Mwaiwa & Odiyo, 2015, p. 148).
The aim of this essay is to explain whether Business Continuity Management (BCM) should be an essential responsibility of senior management in the United Kingdom-based international holiday tour operator. Discussion ‘ Business Continuity’ according to Hiles (2014, p. 6) can be defined as the organisation’ s ability to continue offering products/services at predefined levels that are considered acceptable subsequent to a disruptive event. According to Business Continuity Institute (BCI), BCM is a holistic process of management, which recognizes possible effects that put the organisation at risk and offer a framework for building resilience as well as the ability to respond effectively with the purpose of protecting the key stakeholders’ interests, its brand, reputation and activities that create value (Smith, 2003).
BCM is very crucial for the tour company senior management considering that the UK tour companies are facing a lot of challenges. One of the challenges is the recession, which has certainly reduced consumer spending (Green, 2011). Consequently, a number of tour operators have been compelled by the market situation to reduce their capacity so as to meet their holiday programmes.
Owing to the travel seasonal nature, tour operators require effective financial markets where they can easily access capital at affordable rates. Besides that, tour operator need means of safeguarding their client money, but because of confidence in the banking sector is reducing the tour firms are facing increasing pressure. The tour operator faces the challenge of economically and politically risky destinations such as Greece and Ukraine. Lack of good intelligence in countries facing political or economic risks can create a challenge for the tour operator. More challenges are presented by the new UK regulations, whereby the tour operator is expected to adhere to new regulations meant for consumer protection like the Flight-Plus ATOL.
Consumer protection is very crucial across Europe, and the laws introduced to protect consumers have an enormous effect on way tour firms operating in Europe. In view of this, BCM should be considered as a crucial tool for managing such challenges.
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