What is Contingency Planning?

• Contingency plans are an agreed course of action that business and its employees will adopt should things go wrong
• An aim of a contingency plan is to contain and minimise the damage to persons or property
• An aim of contingency plan is to allow the main operational functions of the business to continue
• Plans are constructed with the 'worst case scenarios' in mind and are methodical documents that evaluate the impact of different risks in each of the four functional areas of marketing, finance, operation and human resources