21 Contingency Planning

Question 1

Define contingency planning

Answer 1

creation of plans for how particular crises might affect a business in some way.

Question 2

Define business interruption cover

Answer 2

a type of insurance that covers the loss of income that a business suffers after a disaster.

Question 3

Define risk assessment

Answer 3

identifying and evaluating the potential risks that may be involved in an activity that a business proposes to do.

Question 4

Define succession planning

Answer 4

identifying and developing people who have the potential to occupy key roles in a business in the future.

Question 5

Define risk mitigation plans

Answer 5

assess risks and plan responses to deal with the impact of these risks on the operation of the business.

Question 6

Define business continuity plan

Answer 6

shows how a business will operate after a serious incident and how it expects to return to normal.