What are the best practices for developing and maintaining an effective Business Continuity Plan?

Best practices involve securing senior management support to ensure organizational commitment; performing thorough and regular risk assessments to address emerging threats; engaging staff across departments for diverse insights during plan creation and drills; keeping the plan concise yet comprehensive with clearly assigned roles and procedures; frequently testing the plan through tabletop exercises or real-life simulations to validate readiness; and continually updating the plan to reflect changes in technology, regulations, or organizational structure.