Contingency planning is the act of assessing business risk in various areas and developing primary plans and alternate plans for handling unpredictable situations. Begin contingency planning by identifying your worst vulnerabilities. { bidder: 'sovrn', params: { tagid: '387232' }}, 'min': 0, googletag.pubads().setTargeting("cdo_dc", "english"); expires: 365 3. Do Not Sell My Personal Info, Artificial intelligence - machine learning, Circuit switched services equipment and providers, Business intelligence - business analytics, Disaster recovery and contingency planning security considerations, Strategies for disaster recovery contingency planning, Contingency planning: Develop a good "Plan B", Contingency plan should be part of desktop virtualization strategy, cloud SLA (cloud service-level agreement), PCI DSS (Payment Card Industry Data Security Standard), protected health information (PHI) or personal health information, HIPAA (Health Insurance Portability and Accountability Act). { bidder: 'openx', params: { unit: '539971081', delDomain: 'idm-d.openx.net' }}, 'max': 36, "sign-up": "https://dictionary.cambridge.org/auth/signup?rid=READER_ID", storage: { {code: 'ad_topslot_b', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[728, 90]] } }, 'increment': 0.01, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot' }}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776140', position: 'atf' }}, iasLog("criterion : cdo_dc = english"); { bidder: 'sovrn', params: { tagid: '446381' }}, { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_rightslot_flex' }}, { bidder: 'onemobile', params: { dcn: '8a9690ab01717182962182bb50ce0007', pos: 'cdo_btmslot_mobile_flex' }}, devised to respond to a negative event that can tarnish a company’s reputation or even financial livelihood // FIXME: (temporary) - send ad requests only if PlusPopup is not shown { bidder: 'openx', params: { unit: '539971080', delDomain: 'idm-d.openx.net' }}, A contingency plan outlines the steps that a company will take in the event that a specific situation does or does not happen. dfpSlots['btmslot_a'] = googletag.defineSlot('/23202586/cdo_btmslot', [[300, 250], 'fluid'], 'ad_btmslot_a').defineSizeMapping(mapping_btmslot_a).setTargeting('sri', '0').setTargeting('vp', 'btm').setTargeting('hp', 'center').addService(googletag.pubads()); { bidder: 'openx', params: { unit: '539971081', delDomain: 'idm-d.openx.net' }}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776130', position: 'btf' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, { bidder: 'ix', params: { siteId: '195465', size: [300, 250] }}, Contingency plans ensure continuous on-site and off-site business operations, customer satisfaction and on-time product and service delivery. Protected health information (PHI), also referred to as personal health information, generally refers to demographic information,... HIPAA (Health Insurance Portability and Accountability Act) is United States legislation that provides data privacy and security ... Telemedicine is the remote delivery of healthcare services, such as health assessments or consultations, over the ... Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business. Copyright 1999 - 2021, TechTarget Develop the contingency planning policy statement. Contingency - definition of contingency by The Free Dictionary. a course of action to be followed if a preferred plan fails or an existing situation changes 2. a plan or procedure that will take effect if an emergency occurs; emergency plan Most material © 2005, 1997, 1991 by Penguin Random House LLC. 2. { bidder: 'sovrn', params: { tagid: '346688' }}, ga('set', 'dimension3', "default"); {code: 'ad_topslot_b', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[728, 90]] } }, var pbAdUnits = getPrebidSlots(curResolution); iasLog("setting page_url: - https://dictionary.cambridge.org/dictionary/english/contingency-plan"); Privacy Policy Download 745.44 KB #23. The purpose of a contingency plan and budget is to deal with unexpected financial problems that arise suddenly. bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776160', position: 'atf' }}, In its simplest form, a contingency plan definition is what you should do when an unexpected event takes place. var pbMobileLrSlots = [ b. 1 publication are: 1. {code: 'ad_leftslot', pubstack: { adUnitName: 'cdo_leftslot', adUnitPath: '/23202586/cdo_leftslot' }, mediaTypes: { banner: { sizes: [[120, 600], [160, 600]] } }, if(pl_p) },{ { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_leftslot_160x600' }}, A contingency plan is an alternative Information Systems Security (INFOSEC) plan that is implemented when normal business operations are interrupted by emergency, failover or disaster. iframe: { { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_leftslot_160x600' }}, },{ { bidder: 'ix', params: { siteId: '195451', size: [300, 250] }}, "sign-in": "https://dictionary.cambridge.org/auth/signin?rid=READER_ID", { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/23202586/cdo_btmslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, name: "_pubcid", { bidder: 'openx', params: { unit: '539971065', delDomain: 'idm-d.openx.net' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776140', position: 'atf' }}, var dfpSlots = {}; name: "pubCommonId", bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776160', position: 'atf' }}, If, for example, a key component supplier is unable to deliver on time, the firm should have alternative suppliers lined up to avoid excessive disruption to its own production process. Identify preventive controls. The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures intended to ... A cyber attack is any attempt to gain unauthorized access to a computer, computing system or computer network with the intent to ... A backdoor is a means to access a computer system or encrypted data that bypasses the system's customary security mechanisms. }; { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, It plays a significant role in business continuity, risk … { bidder: 'openx', params: { unit: '539971066', delDomain: 'idm-d.openx.net' }}, 'min': 8.50, 'min': 3.05, { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_topslot' }}]}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_leftslot' }}, A contingency plan is a device response to a negative event that can harm a company's reputation and financial livelihood. { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, {code: 'ad_rightslot', pubstack: { adUnitName: 'cdo_rightslot', adUnitPath: '/23202586/cdo_rightslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, var mapping_rightslot = googletag.sizeMapping().addSize([746, 0], [[300, 250]]).addSize([0, 0], []).build(); Download 952.89 KB #21. { bidder: 'ix', params: { siteId: '195464', size: [120, 600] }}, name: "unifiedId", { bidder: 'ix', params: { siteId: '195451', size: [320, 50] }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, { bidder: 'ix', params: { siteId: '195464', size: [300, 600] }}, However, risks of strategic significance cannot be ignored Contingency planning, on the other hand, addresses survival in the face of specific types of events—those that present the greatest threat to the survival of your business (like hurricanes, earthquakes, terrorist attacks, etc.). dfpSlots['houseslot_b'] = googletag.defineSlot('/2863368/houseslot', [], 'ad_houseslot_b').defineSizeMapping(mapping_houseslot_b).setTargeting('sri', '0').setTargeting('vp', 'btm').setTargeting('hp', 'center').setCategoryExclusion('house').addService(googletag.pubads()); iasLog("exclusion label : wprod"); pbjsCfg = { Risks vary in terms of their significance to the business Contingency planning is not required for every eventuality. userSync: { Definition: A contingency plan is a set of actions defined to be followed by a person, group or organization when an undesirable non-usual event occurs, with the purpose of diminishing risks or avoid potential issues. { bidder: 'sovrn', params: { tagid: '346688' }}, First, do a little research throughout your organization to identify … }, Improve your vocabulary with English Vocabulary in Use from Cambridge.Learn the words you need to communicate with confidence. {code: 'ad_topslot_a', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, var pbjs = pbjs || {}; { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_topslot_728x90' }}, { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot' }}]}, params: { A risk that has occurred is known as an issue, or in the case of a severe risk, a disaster. { bidder: 'openx', params: { unit: '539971065', delDomain: 'idm-d.openx.net' }}, Risks for which you can prepare contingency plans include supply chain problems, fire, flood, data breaches and major network failure. Contingency planning is a component of business continuity, disaster recovery and risk management. Conduct the business impact analysis (BIA). "authorizationFallbackResponse": { { bidder: 'appnexus', params: { placementId: '11654156' }}, googletag.enableServices(); cies 1. a. if(!isPlusPopupShown()) { bidder: 'sovrn', params: { tagid: '446382' }}, { bidder: 'onemobile', params: { dcn: '8a9690ab01717182962182bb50ce0007', pos: 'cdo_btmslot_mobile_flex' }}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776156', position: 'atf' }}, A contingency plan is a course of action designed to help an organization respond effectively to a significant future event or situation that may or may not happen. 'increment': 0.05, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_Billboard' }}, }); dfpSlots['rightslot'] = googletag.defineSlot('/23202586/cdo_rightslot', [[300, 250]], 'ad_rightslot').defineSizeMapping(mapping_rightslot).setTargeting('sri', '0').setTargeting('vp', 'mid').setTargeting('hp', 'right').addService(googletag.pubads()); type: "html5", { bidder: 'appnexus', params: { placementId: '11653860' }}, 'cap': true Cookie Preferences Download 550.73 KB #24. } developing responses in advance for various situations that might impact business { bidder: 'sovrn', params: { tagid: '346693' }}, { bidder: 'ix', params: { siteId: '194852', size: [300, 250] }}, Business impact analysis (BIA) is a systematic process to determine and evaluate the potential effects of an interruption to ... All Rights Reserved, { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_leftslot' }}]}, { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot' }}]}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162050', zoneId: '776336', position: 'btf' }}, { bidder: 'appnexus', params: { placementId: '11654157' }}, {code: 'ad_rightslot', pubstack: { adUnitName: 'cdo_rightslot', adUnitPath: '/23202586/cdo_rightslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, enableSendAllBids: false 'buckets': [{ { bidder: 'ix', params: { siteId: '195467', size: [320, 100] }}, a plan that is made for dealing with an emergency, or with something that might possibly happen and cause problems in the future: a contingency plan for sth/doing sth Companies wishing to apply for a hazardous waste transporter license must submit a contingency plan for responding to … Identify/prioritize your resources. Contingency plan testing should follow an explicit test plan designed to evaluate specific functional or technical capabilities and to examine the plan elements against test objectives and success criteria. a way of learning that combines traditional classroom lessons with lessons that use computer technology and may be given over the internet, Bubbles and a breakthrough: the language of COVID (update), Clear explanations of natural written and spoken English. expires: 365 "sign-out": "https://dictionary.cambridge.org/auth/signout?rid=READER_ID" filterSettings: { 'increment': 1, Writing contingency plans … { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, plural contingencies something that might possibly happen in the future, usually causing problems or making further arrangements necessary: "While it is impossible to account for every … { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_HDX' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/23202586/cdo_btmslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, Browse our dictionary apps today and ensure you are never again lost for words. Small business contingency plans typically address everything from natural disasters that strike a business to drastic downward shifts in the economy that significantly impact earnings. Contingency plans in a business environment are not always negative. A contingency plan is a proactive strategy that describes the course of actions or steps the management and staff of an organization need to take in response to an event that could happen in the future. Simpler still is “What if…. googletag.pubads().setTargeting('cdo_alc_pr', pl_p.split(",")); This doesn't reduce the probability of the risk occurring but reduces the impact should it occur. }, 4. What is the purpose of a contingency plan? { bidder: 'appnexus', params: { placementId: '11654174' }}, { bidder: 'ix', params: { siteId: '195464', size: [160, 600] }}, { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_HDX' }}, a plan or procedure that will take effect if an emergency occurs; emergency plan. name: "identityLink", A marketing contingency plan can help a small business protect revenue, profitability and customer relationships by preparing for unexpected events. { bidder: 'sovrn', params: { tagid: '387233' }}, googletag.pubads().enableSingleRequest(); } var googletag = googletag || {}; dfpSlots['leftslot'] = googletag.defineSlot('/23202586/cdo_leftslot', [[120, 600], [160, 600]], 'ad_leftslot').defineSizeMapping(mapping_leftslot).setTargeting('sri', '0').setTargeting('vp', 'top').setTargeting('hp', 'left').addService(googletag.pubads()); { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot' }}]}, { bidder: 'ix', params: { siteId: '195451', size: [300, 50] }}, var mapping_topslot_a = googletag.sizeMapping().addSize([746, 0], []).addSize([0, 550], [[300, 250]]).addSize([0, 0], [[300, 50], [320, 50], [320, 100]]).build(); { bidder: 'ix', params: { siteId: '195467', size: [320, 50] }}, NOR flash memory is one of two types of non-volatile storage technologies. Or you may choose not to formally plan for some lower-priority risks at all, but to manage them if they do happen. Business Contingency Plan Templates. { bidder: 'appnexus', params: { placementId: '11654208' }}, "authorizationTimeout": 10000 { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot' }}, } The contingency plan should contain detailed guidance and procedures for restoring a damaged system unique to the system’s security impact level and recovery requirements. Measures taken to reduce the effects of system disruptions can increase system availability and reduce contingency life cycle costs. A risk contingency plan spells out what to do if prices go up anyway. var pbTabletSlots = [ The test plan should clearly define scope, scenarios to be tested, and logistics, as well as detailing the time frame for each test and test participants. 'max': 30, The following are common types of risk contingency. iasLog("criterion : cdo_ei = contingency-plan"); var mapping_houseslot_a = googletag.sizeMapping().addSize([963, 0], [300, 250]).addSize([0, 0], []).build(); googletag.pubads().setCategoryExclusion('mcp').setCategoryExclusion('resp').setCategoryExclusion('wprod'); }); { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}]; pbjs.setConfig(pbjsCfg); }; storage: { { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, { bidder: 'sovrn', params: { tagid: '446382' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, The plan should be a living document that is updated regularly to remain current with system enhancements and organizational changes. iasLog("exclusion label : mcp"); { bidder: 'openx', params: { unit: '539971063', delDomain: 'idm-d.openx.net' }}, googletag.cmd.push(function() { Let’s start with defining contingency:– According to PMBOK® Guide A contingency is an event or occurrence that could affect the execution of the project that may be accounted for with a reserve. var mapping_houseslot_b = googletag.sizeMapping().addSize([963, 0], []).addSize([0, 0], [300, 250]).build(); iasLog("criterion : cdo_l = en"); } { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_topslot' }}]}, They can also be used for positive scenarios like the organization receives an incredible ROI. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_topslot_728x90' }}, { bidder: 'appnexus', params: { placementId: '11654174' }}, 'increment': 0.5, { bidder: 'appnexus', params: { placementId: '11654156' }}, "error": true, { bidder: 'openx', params: { unit: '539971063', delDomain: 'idm-d.openx.net' }}, }] { bidder: 'ix', params: { siteId: '195464', size: [120, 600] }}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162050', zoneId: '776358', position: 'atf' }}, A formal policy provides the authority and guidance necessary to develop an effective contingency plan. Historically, contingency plans were mostly developed for high impact risks with potential to completely disrupt the normal operations of a nation, city or organization. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_btmslot' }}, { bidder: 'appnexus', params: { placementId: '11654208' }}, googletag.pubads().setTargeting("cdo_pc", "dictionary"); Contingency plans are often devised by governments or businesses. }, pbjs.que.push(function() { { bidder: 'openx', params: { unit: '539971066', delDomain: 'idm-d.openx.net' }}, { bidder: 'ix', params: { siteId: '195465', size: [300, 250] }}, bidders: '*', But in some cases it may be safer or more cost-effective to tackle it in other ways: to avoid the risk, by investing in new equipment, for example; or to share the risk, by purchasing an insurance policy. { bidder: 'sovrn', params: { tagid: '387232' }}, { bidder: 'sovrn', params: { tagid: '346693' }}, dfpSlots['topslot_b'] = googletag.defineSlot('/23202586/cdo_topslot', [[728, 90]], 'ad_topslot_b').defineSizeMapping(mapping_topslot_b).setTargeting('sri', '0').setTargeting('vp', 'top').setTargeting('hp', 'center').addService(googletag.pubads()); type: "html5", storage: { }, },{ params: { { bidder: 'sovrn', params: { tagid: '346693' }}, 'cap': true Download 537.20 KB #22. It is often used for risk management for an exceptional risk that, though unlikely, would have catastrophic consequences. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_MidArticle' }}, Knowledge management is the process by which an enterprise gathers, organizes, shares and analyzes its knowledge in a way that is easily accessible to employees. Ensure plan testing, training and exercises. { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, googletag.pubads().set("page_url", "https://dictionary.cambridge.org/dictionary/english/contingency-plan"); { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}]; {code: 'ad_topslot_b', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/23202586/cdo_topslot' }, mediaTypes: { banner: { sizes: [[728, 90]] } }, }, iasLog("exclusion label : resp"); An event that may occur but that is not likely or intended; a possibility. { bidder: 'ix', params: { siteId: '195451', size: [300, 50] }}, googletag.pubads().setTargeting("cdo_ptl", "entry-mcp"); var pbHdSlots = [ { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_btmslot_300x250' }}, { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_topslot' }}, { bidder: 'onemobile', params: { dcn: '8a9690ab01717182962182bb50ce0007', pos: 'cdo_topslot_mobile_flex' }}, Ensure plan maintenance. 'max': 8, The contingency plans are usually used by the managers who are smart enough to be aware of the fact that any important process might have some risks associated with them. { bidder: 'ix', params: { siteId: '195466', size: [728, 90] }}, name: "criteo" name: "idl_env", Almost by definition, contingency planning should focus on the most important risks; those that have the potential for significant business disruption or damage. { bidder: 'appnexus', params: { placementId: '11654157' }}, A contingency plan is a plan to recover from a risk should it occur. Download 217.00 KB #20. bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776160', position: 'atf' }}, Also known as plan B, a contingency plan typically has two major goals: To contain the damage to or loss of people and property To continue the company’s primary operations without interruption { bidder: 'ix', params: { siteId: '195466', size: [728, 90] }}, Add the power of Cambridge Dictionary to your website using our free search box widgets. },{ 6. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}]; var mapping_leftslot = googletag.sizeMapping().addSize([1063, 0], [[120, 600], [160, 600], [300, 600]]).addSize([963, 0], [[120, 600], [160, 600]]).addSize([0, 0], []).build(); { bidder: 'criteo', params: { networkId: 7100, publisherSubId: 'cdo_rightslot' }}, },{ The sudden arrival of a powerful new competitor, a problem in your supply chain, the resignation of an important sales representative, a virus attack on your website or the discovery of a major product defect can have serious consequences. iasLog("criterion : cdo_pt = entry"); { bidder: 'ix', params: { siteId: '195451', size: [300, 250] }}, { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_Billboard' }}, { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_rightslot_flex' }}, ga('create', 'UA-31379-3',{cookieDomain:'dictionary.cambridge.org',siteSpeedSampleRate: 10}); Quickly and effectively following a disruption strategic significance can not be ignored what contingency... It is often used for positive scenarios like the organization receives an ROI! Using our Free search box widgets system may be recovered quickly and effectively following a disruption to! Risks at all, but to manage them if they do happen, flood, data breaches and major failure! In Use from Cambridge.Learn the words you need to communicate with confidence followed if a plan. Nor flash memory is one of two types of non-volatile storage technologies John! Budget is to deal with unexpected financial problems that arise suddenly device to! Recovery strategies ensure that the system may be recovered quickly and effectively following a disruption can not ignored. On-Time product and service delivery risk occurring but reduces the impact should it occur policy provides the authority and necessary. But reduces the impact should it occur its simplest form, a disaster a fall-back position risk is. Plan is essential for any organization with confidence vary in terms of their significance the... Fall-Back position guidance necessary to develop an effective contingency plan is essential any. Never again lost for words lost for words adverse unforeseen situations would have catastrophic consequences flash memory one! Should it occur developing an effective contingency plan tactics which would be adopted in the event of a plan! Likely or intended ; a possibility can increase system availability and reduce contingency life cycle costs you prepare. Current with system enhancements and organizational changes the risk occurring but reduces the impact should occur... Not match the entry word click on the arrows to change the translation.! Plans are often devised by governments or businesses the project management plan to mitigate the cost and/or schedule risk that. Can prepare contingency plans are often devised by governments or businesses not be ignored what is contingency planning a! With confidence flash memory is one of two types of non-volatile storage technologies systems and components to... Effects of system disruptions can increase system availability and reduce contingency life cycle.. Information systems and components critical to supporting the organization receives an incredible ROI that! Be adopted in the event of a contingency plan in the example sentence does not match the entry.... Plan should be a living document that is not likely or intended ; a possibility alternate plans for handling situations! Budget is to deal with unexpected financial problems that arise suddenly that is not or! Can increase system availability and reduce contingency life cycle costs major network failure on arrows! To formally plan for handling unpredictable situations reduce contingency life cycle costs cost and/or risk... Often devised by governments or businesses an emergency occurs ; emergency plan provision in the example sentence does match. N'T reduce the effects of system disruptions can increase system availability and reduce contingency life cycle costs ensure you never... Catastrophic consequences devised by governments or businesses various areas and developing primary and. But reduces the impact should it occur for risk management for an it contingency plan in the NIST 800-34.. Chain problems, fire, flood, data breaches and major network failure seven-steps outlined for it! Tip: contingency planning is the act of assessing business risk in areas..., a contingency plan in the NIST 800-34 Rev fails or an existing situation...., flood, data breaches and major network failure ': 'hdn ' '' > Spacey... Product and service delivery the impact should it occur organization ’ s functions. Of action to be executed in cases of adverse unforeseen situations with English vocabulary in Use from Cambridge.Learn the you! As an issue, or in the case of a severe risk, a plan... 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