What Are Key Components Of A Contingency Plan Quizlet? - Fixanswer

Contingency plans are often devised by governments or businesses. For example,

suppose many employees of a company are traveling together on an aircraft which crashes, killing all aboard

. The company could be severely strained or even ruined by such a loss.

What is the difference between contingency plan and business continuity plan?

Definition. Business continuity refers to the ability of businesses to carry out their normal activities and function after unplanned events have occurred. On the other hand, a contingency plan refers to

an actionable and defined plan that will be enacted if an identified business risk or unfortunate event occurs

.

What strategies can be used to test contingency plans?

Desk Check.
Structured walkthrough.
Simulation.
Parallel testing.
Full interruption.

What is a good contingency plan?

A good contingency plan should include

any event that might disrupt operations

. Here are some specific areas to include in the plan: Natural disasters, such as hurricanes, fires, and earthquakes. … Data loss, such as loss due to natural disasters, sabotage, or other criminal action (such as an attack on a website)

What are contingency steps?

Eventually the contingency plan will guide the organization through each of the natural phases of the event and its goals:

response, resumption, recovery, and restoration

.

What are the seven 7 steps of a contingency plan?

Develop the contingency planning policy statement. …
Conduct the business impact analysis (BIA). …
Identify preventive controls. …
Create contingency strategies. …
Develop an information system contingency plan. …
Ensure plan testing, training, and exercises. …
Ensure plan maintenance.

How do you start a contingency plan?

Make a list of risks. …
Weigh risks based on severity and likelihood. …
Identify important risks. …
Create contingency plans for the biggest risks. …
Get approval for your contingency plan. …
Distribute your contingency plans. …
Monitor your contingency plans. …
Create new contingency plans if necessary.

What is another name for contingency plan?

Scenario planning

is the other name of contingency planning.

What is the purpose of contingency plan?

“The purpose of any contingency plan is

to allow an organization to return to its daily operations as quickly as possible after an unforeseen event

. The contingency plan protects resources, minimizes customer inconvenience and identifies key staff, assigning specific responsibilities in the context of the recovery.”

What is an example of contingency?

Contingency means something that could happen or come up depending on other occurrences. An example of a contingency is

the unexpected need for a bandage on a hike

. The definition of a contingency is something that depends on something else in order to happen.

Why the business continuity plan is important in contingency planning?

Contingency plans are an important part of your overall business continuity strategy

because they help ensure your organization is ready for anything

. … Think of contingency planning as a proactive strategy, whereas crisis management—the other piece of the business continuity puzzle—is more of a reactive strategy.

What is the contingency plan for a business?

A contingency plan is

a roadmap created by management to help an organization respond to an event that may or may not happen in the future

. The purpose of a business contingency plan is to help your business resume normal business operations after a disruptive event.

How often should an organization rehearse its contingency plan?

Two times a year

, conduct a high-level check that objectives are still being met by the current BCP. If you find gaps, correct the plan and recirculate to all stakeholders.