The next step that the enterprise should do after performing a business impact analysis (BIA) considering a number of risk scenarios is to assess risk mitigation strategies. A risk mitigation strategy is a plan of action that aims to reduce the likelihood or impact of a risk event, or to transfer or accept the risk1. Assessing risk mitigation strategies involves evaluating the costs, benefits, feasibility, and effectiveness of various options for addressing the risks identified in the BIA. Assessing risk mitigation strategies can help the enterprise prioritize and implement the most appropriate and efficient solutions for protecting its critical business processes and resources from potential disruptions2. According to the Business Continuity Planning Process Diagram, assessing risk mitigation strategies is the fourth step in the business continuity planning process, following the BIA3.
The other options are not the next steps that the enterprise should do after performing a BIA. Performing a risk controls gap analysis is a step that precedes the BIA, as it helps to identify the existing controls and their effectiveness in preventing or reducing the risks4. Updating the disaster recovery plan (DRP) is a step that follows after assessing risk mitigation strategies, as it involves documenting the procedures and resources for restoring the critical business functions and IT systems in case of a disaster5. Verifying compliance with relevant legislation is a step that is done throughout the business continuity planning process, as it ensures that the enterprise meets the legal and regulatory requirements for its industry and location6. References := 1: Risk Mitigation Strategies - ISACA72: How to Conduct a Comprehensive Business Impact Analysis: A Step-by-Step Guide33: Business Continuity Planning Process Diagram - ISACA84: Business Impact Analysis:
Definition and How To Conduct One15: The Complete Guide to Business Impact Analysis with Templates - Creately46: How To Conduct Business Impact Analysis in 8 Easy Steps - G25