Data integrity is critical for the successful implementation of Business Continuity Plans (BCPs) and risk management strategies at any business entity as failure in any part of the organizations’ business processes can translate to a loss of revenue.
In terms of national and regional data, there is a big requirement for us to understand the data credibility in a timely manner, for any business entity to map out BCPs, risk management strategies to mitigate the disaster risks, loss of revenues and minimize time to full recovery. Eventually, it will help create resilient businesses and economies, said Azam Barkeer Markar, Assistant Vice President Business Development and Head of Sustainability at Aitken Spence.
He expressed these views speaking at the Asia Pacific International Symposium held in Colombo recently, under the theme ‘Partnerships A Catalyst in Saving Lives and Businesses.’
“The government does a lot of work in collaboration with various local and international organizations in terms of disaster mitigation and prevention. I’m sure the government also realizes that there is a room for improvement in terms of proliferating that data and making it available on time in a transparent and credible manner,” he said. Noting that globally business entities are as big as countries, he said in Sri Lanka, business entities especially in the private sector are quite large and their impact is felt across value chains and millions of livelihoods.
“A lot of businesses are stepping up their efforts to address sustainable business challenges. In Sri Lanka, there are many companies who would look at managing their environmental and social impacts. It is part of their businesses now to look at risk management as something that is integral as HR , marketing or finance and we see many companies looking at that in a central way,” he said.
He said further that private sector represents millions of employees, much more than the government sector employees.
“The disruption to the private sector means, the disruption to the entire Sri Lankan economy. In other words, our livelihoods will be lost and people will have difficulties when it comes to earning money,” he said. In this context, he stressed that the government has to make sure that the private sector is got involved, right from the beginning in terms of planning, implementation of disaster mitigation and prevention initiatives, spearheaded by the government.
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