What is contingency planning?

Contingency planning is the process of creating a plan to address potential risks and uncertainties that could impact an organization's operations. This plan outlines steps to be taken in the event of a crisis or unexpected event, such as natural disasters, cyber attacks, or economic downturns, in order to minimize the impact on the organization and ensure continuity of operations. Contingency planning involves identifying potential risks, developing response strategies, and establishing protocols for communication and decision-making during a crisis.