Contingency plans

Definition

Contingency plans are predefined strategies or actions developed to address unexpected events or emergencies that can impact an organization's operations. They serve as a proactive measure to ensure that businesses can quickly adapt and continue their activities with minimal disruption.

Related terms

Risk Management:

The process of identifying, assessing, and controlling threats to an organization’s capital and earnings.

Business Continuity Planning (BCP): A process involved in creating systems of prevention and recovery to deal with potential threats to a company.

Crisis Management:

The application of strategies designed to help an organization deal with sudden and significant negative events