In plain language, BCP is how an organization prepares for future incidents that could jeopardize the organization's core mission and its longterm health. Incidents include local incidents like building fires, regional incidents like earthquakes, or national incidents like pandemic illnesses.

BCP Lifecycle

BCP may be a part of an organizational learning effort that helps reduce operational risk associated with lax information management controls. This process may be integrated with improving information security and corporate reputation risk management practices.

Business continuity planning should form part of any organizations Technology risk management framework .  From a compliance perspective, most publicly listed or government organizations are expected to have an appropriate business continuity plan in place.  Not only must it be in place, but you must also be able to prove that it is regularly tested, and meets the orgnizations (and your customers - if necessary) recovery objectives.