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CONTINGENCY PLAN

Contingency plans deal with the effects of a threat, rather than its causes. They are sometimes known as fall-back plans or as a plan B. A contingency plan will not make the risk any less likely to occur, nor make it any less harmful. However, it will give your team the means to deal with it immediately, with prepared systems, actions and resources. In our driver example, contingency plans include carrying a mobile phone and a list of numbers, having basic tools and a first aid kit in the car, maintaining a sound spare wheel and joining a roadside assistance scheme.

From

Cover of Risk Happens!

Note

Wise managers have contingency plans for dealing with situations that, if left untended, can lead to disruptions. Knowing how to create a contingency plan will enable your team to respond to events that threaten your operations.