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Business continuity is an organization’s ability to ensure operations and core business functions are not severely impacted by a disaster or unplanned incident that take critical systems offline.
As per Mckinsey & Company report on Corporate Governance, three out of four companies in India (including listed ones) are family owned and a large number of them suffer due to family discords. Only less than 13% of the family businesses survive until the 3rd generation.
Critical Risks Faced By the Company :
What happens when suddenly the key promoters go out of the Company on account of Death, Disability or Critical illness ?
As per Business Standard, Sep.13, In absence of a clearly defined succession plan, the working of any company is affected adversely.
The FALL is always sharper than the RISE.
The immediate impact is on the members of their family
Often the members of the family have no idea as to what kinds of securities (personal guarantees, collateral securities etc.) have been rendered by the promoters.
Besides the interest of all stake holders in the co. viz. share holders, creditors ,employees, customers is jeopardized as they all have taken a call on the MEN behind the project and not the project per say.
The repercussions could be far reaching…..
WE offer tailor made solutions based on the real risk perception of the company covering all risks as mentioned above.
Cover – Business Continuity
Winston Churchil – “I am convinced that for sacrifices which are inconceivably small, family business can be secured against catastrophes which otherwise would smash them forever”