Learn all about contingency plans. See the definition of contingency plan, what the contingency planning process is like, and see examples of...
Identify the trigger that will set your plan in action:In this example, what signs should decision-makers have watched for to know when a likely outage was beginning? These might include security breaches, looming natural disasters or any other event that has preceded outages in the past. Creat...
The contingency plan is a proactive strategy, different from a risk response plan, which is more of a reaction to a risk event. A business contingency plan is set up to account for those disruptive events, so you’re prepared if and when they arrive. While any organization is going to pl...
Definition:A contingency plan is a set of actions defined to be followed by a person, group or organization when an undesirable non-usual event occurs, with the purpose of diminishing risks or avoid potential issues. It is commonly understood like a sequence of activities to be executed in cas...
In this post, understand what contingency planning is, learn how to create your own plan, and discover examples you can use for inspiration.
Content: Typically outlines the actions to be taken immediately prior to, during, and after the risk event. It may contain elements such as emergency response, communication procedures, resource allocation, and timelines. For example, in an IT project, a contingency plan for a potential sys...
Learn about and how to implement your own business contingency plan. With a contingency plan in place, you can prepare for the unexpected. Get started building your own plan with these templates.
Planning for natural disasters is an example of a contingency plan. Say some of your employees are based in the Midwest, and a tornado touches down where three of your workers are based. The same might hold true if a hurricane strikes the Florida coast, where your business has a large off...
CONTINGENCYPLAN Yubeck Investments Limited CONTINGENCY PLAN Version 1.0 September 2004 Author Susann Ng
A thorough contingency plan minimizes loss and damage caused by an unforeseen negative event. For example, a brokerage company may have a backup power generator to ensure that trades can be executed in the event of a power failure, preventing possible financial loss. A contingency plan can also ...