Business Process
Business Process: A structured set of activities or tasks that produce a specific service or product for a particular group of customers. Business processes are fundamental to an organization’s operations and are optimized for efficiency, effectiveness, and adaptability.
Business dependency assessment
Business dependency assessment: An analysis process that identifies the critical operational elements within an organization, such as people, information, and processes, which are necessary to deliver the key products and services. This process also identifies the interdependencies between these elements and the impact that a disruption to them might have. Understanding these dependencies and their […]
Business risk
Business risk: The potential for loss, damage, or destruction of an organization’s value—be it in terms of physical or non-physical assets—caused by internal or external vulnerabilities that may prevent it from achieving its objectives. Such risks can arise from various factors, including financial uncertainty, strategic management decisions, legal liabilities, accidents, and natural disasters. Ensuring adequate […]
Business function
Business function: The specific activities and processes that are performed by a business to achieve its objectives. It is used to define the core operations of the business. For example, the production function of a manufacturing company or the sales function of a retail store.
Business Service Provider (BSP)
Business Service Provider (BSP): A company that offers organizations various business solutions and services, often through software as a service (SaaS) model. BSPs might specialize in delivering applications for enterprise resource planning, customer relationship management, or human resources management, among others. When engaging with BSPs, organizations must assess the providers’ security measures to ensure the […]
Budget
Budget: A detailed financial plan outlining an organization’s expected revenues and expenses over a specific period, typically a fiscal year. Budgets serve as a blueprint for how a company intends to manage its financial resources, allocating funds to various departments, projects, and initiatives. They are essential tools for financial planning and control, helping businesses prioritize […]