Business Impact Analysis (BIA) is an objective approach that assesses the organisational activities and determines their criticality, dependencies, and recovery priorities. BIA is a key process in developing a business continuity management system (BCMS) according to ISO 22301. BIA helps to identify the potential impacts of disruptions to the organisation's critical functions and processes, such as financial losses, reputational damage, legal liabilities, regulatory penalties, customer dissatisfaction, etc. BIA also helps to determine the recovery time objectives (RTOs), recovery point objectives (RPOs), and minimum business continuity objectives (MBCOs) for each critical function and process. BIA provides the basis for developing business continuity strategies and plans that ensure the continuity and resilience of the organisation.Reference:

ISO 22301 Auditing eBook, Chapter 2: Business Continuity Concepts and Principles, Section 2.3: Business Impact Analysis1

ISO/TS 22317:2021(en), Security and resilience --- Business continuity management systems --- Guidelines for business impact analysis2