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Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual$6.39
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Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual
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Course
Contingency Planning Paper
Institution
Bolsa Grande High
Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual’. Business continuity planning is an expanded version of contingency planning that typically encompasses a more comprehensive and extended r...
Contingency plans are often designed for risk management to identify, analyze, and
prepare for any outcome, or event that may have catastrophic consequences. Often business
success reflects the ways a business plans and mitigates all unexpected risks that may lead to
catastrophic consequences. Thus, business contingency plans play a great role in the success of a
business as it enables proactive preparation and active risk management instead of reactive
decisions after an emergency or unforeseen event has occurred. Business continuity planning
refers to the processes in which a company or business creates a system of prevention and
recovery to handle potential threats as well as enable the ongoing operation before, during, and
after the execution of disaster recovery. A resilient business has plans, procedures, and policies
to help mitigate any risks or disasters that may affect its continuing operations (Mike Chapple,
2018). Recognizing the significance of a business continuity plan and disaster recovery may be
the key factor that underpins the successes, continuity and time take to return to normal operation
after a disaster or a threat.
A business contingency plan is vital for business continuity, disaster recovery, and risk
management. The plan safeguards and protects all personnel and assets and ensure they can
return to normal operation quickly after a disaster. A business continuity plan normally involved
identifying and analyzing all risks, disasters, or threats that can affect the operation of a business,
making it an essential part of the risks management strategy of the business. Risks include
cyber-attacks, weather-related events, and natural disasters. Threats and disaster mean a higher
cost and loss of revenue which results in to drop in profitability. Thus, the organization cannot
only rely on insurance since insurance does not cover all the costs (Steve ford, 2020). An
effective and comprehensive business continuity plan should include: how the threats, risks, or
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