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Contingency Planning

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12 views6 pages

Contingency Planning

Uploaded by

anasansu343
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Contingency planning:

Contingency planning is a systematic process of identifying potential risks,


disruptions, or unexpected events that could impact an organization's operations,
and developing strategies and actions to mitigate, manage, or respond to those
situations. The goal of contingency planning is to ensure an organization's ability to
continue essential functions and minimize the negative impacts of unforeseen
events. Here are the key components and steps involved in contingency
Definition of Contingency planning

IFRS Contingency planning Guide 2012:

"Aims to Prepare an organization to respond well to an


emergency and its potential humanitarian impact. It involves
anticipating a specific hazard based on specific events or
known risks at local, national, regional or even global levels
(e.g., earthquakes, floods or disease outbreaks), and
establishing operational procedures for response,
based on expected resource requirements and capacity"
Components and Step involved in Contingency
planning:
Risk
Assissment

Documentati Impact
on Analysis

Testing and
Prioritization
Training

Risk
Communicati Mitigation
on Plan and
prevention

Resource Response
Alloaction Planning
Types of Contingency
planning

• Business contingency plan (BCP)


• Disaster Recovery plan(DRP)
• Crisis Management plan (CMP)
• Emergency Action plan (EAP)
Importance of Contingence
Plan
• Protection
• Details
• Recovery
• Familiarity
• Empowered Staff
Conclusion:
contingency planning is not just about anticipating
the worst, but about creating a resilient framework
that allows for adaptability and quick recovery. By
maintaining readiness, organizations can ensure
continued operations and safeguard their long-term
objectives, even in the face of unforeseen
difficulties.

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