Understanding Contingency Plan developing a good plan B

A contingency plan is a plan for a “what if” scenario that could ruin your project or business. A simple example of a contingency plan is to back up all website data in case a website gets hacked. If this scenario happens, restoring the data after regaining access and changing passwords is easy.

Are we not prepared? The team might have to recreate the entire website from memory or build a website from scratch. That’s a significant expense and can mean several extra days (or weeks!) of downtime.

A contingency plan deals with eventualities like the above. But, it’s about managing and lowering risk and setting up for speedy disaster recovery.

After completion of this program, participants will be better able to:

• Understand the concept and crux of a Contingency plan as part of risk-based thinking
• Identify any potential risk - and their action priority with the risk-based thinking concept
• Formulate strategic objectives and plan of Contingency Plan
• Conduct comprehensive preparedness and readiness of contingency plan with audit
• Develop the required strategy implementation support systems & resources of the Contingency Plan
• Set up an appropriate simulation plan for improvement and sustaining business