When managing risks, there are several activities that may occur:
- Realization: noticing that the risk occurs
- Identification: spotting the risk coming
- Avoidance: eliminating the risk
- Reduction: acting to reduce the risk
- Contingency planning: preparing for the worst
Contingency planning basically means creating a process
and putting it on the shelf such that when the risk occurs, you are as
prepared as possible.
Contingency actions may include:
Ensuring that additional resources can be called on
and are available. This includes internal and external people,
Preparation of communications and PR about the
Training people to handle the undesirable situation.
Setting up identification measures so you have
reasonable warning of the problem situation's imminent arrival.
Setting up a contingency organization with roles and
responsibilities that will last for the duration of the emergency.