The challenge: find a better way to manage Business Continuity Planning
A global alternative investment management firm, which manages more than $40 billion in assets, needed a better way to manage its Business Continuity Planning (BCP) and execution. The firm conducts four global BCP tests a year, each one involving over 50 resources dispersed around the world.
Cutover was chosen as the solution because it creates an “operational theater” that enables status monitoring and full visualization, elevates virtual team collaboration, and forms the much sought-after system of record throughout the implementation event.
Greater flexibility and insurance against failure with improved Business Continuity Planning
When the firm initially began using Cutover, the teams imported the planning spreadsheets they used at the time. However, they quickly became proficient at building plans directly within Cutover and no longer use spreadsheets in this capacity.
Cutover provided greater flexibility and insurance against unexpected changes ruining events. For the very first BCP test in Cutover, the Implementation Manager was rushed into hospital due to a medical emergency. If this had happened before Cutover, the team would have had to cancel the event, but they decided to continue with the help of the SaaS-based platform, due to the accessibility and visibility provided. The event was executed successfully and the Implementation Manager was able to monitor progress from his hospital bed on his cell phone. Previously, without this key person, progress could not have been made, and the test would have been halted.
Reduced risk with better BCP
Cutover provided the following benefits to the firm:
- Business continuity event plan invocation
- Reduced risk relating to the invocation and control of a business continuity event plan
- Enhanced communication and improved collaboration and culture around the execution of BCP events.
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Future expansion into new use cases
After a year of using Cutover for its BCP test planning and execution, the firm is now starting to use Cutover for other diverse use cases including a major office move.