Contingency Planning And Crisis Management

Question 1

What is contingency planning?

Answer 1

Planning for an unexpected event or outcome that would have catastrophic consequences

Question 2

What does contingency planning involve?

Answer 2

• identifying what and how things can and might go wrong
• understanding potential effects if things do go wrong
• devising plans to cope with threats
• putting in place strategies to deal with risks before they happen

Question 3

What is crisis management?

Answer 3

The process by which an organisation deals with an event that threatens harm to the business and stakeholders, usually straight after the event. Basically putting contingency plan into operation

Question 4

What are the three elements to an effective risks response?

Answer 4

Management response - assess crisis severity, contact senior executives, oversee implementation
Operational response - implement contingency plan, minimise impact on stakeholders
Communication response - contact key stakeholders