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Business Contingency Plan

Will Six Sigma Be Relevant For The Future
  • A Business Contingency Plan is a course of action that your organization would take if an unexpected event or situation occurs.
  • Sometimes a contingency can be positive—such as a surprise influx of money— but most often, the term refers to an adverse event that affects an organization’s reputation, financial health, or ability to stay in business.
  • Examples of adverse events include fire, flood, data breach, and a major IT network failure.
Will Six Sigma Be Relevant For The Future
  • Contingency plans are an important part of the overall business continuity strategy because they help ensure the organization is ready for anything.
  • Contingency planning is a proactive strategy, whereas crisis management—the other piece of the business continuity puzzle—is more of a reactive strategy.
  • A contingency plan helps to ensure you are prepared for what may come; a crisis management plan empowers you to manage the response after the incident occurs.
  • Identify / Prioritize Your Resources
    - First, do a little research throughout the organization to identify and prioritize the resources that the organization cannot do without, such as employees, IT systems,&specific facilities and assets.
  • Pinpoint the key risks
    - Next, identify the potential threats to these critical resources. Meet with employees, executives, IT, and other key personnel to gain a holistic idea of the events that could impact your resources
  • Draft your contingency plans
    - Ideally, you would then write out a contingency plan for each of the identified risks. However, it’s best to start with the highestpriority threats—usually those that are most likely to occur and would have the most significant impact. Then, over time you can work toward drafting plans for each lower-priorityrisk.
  • Distribute your plans
    - Once each plan is completed and approved, ensure that every employee and stakeholder has easy access to it. Think of providing access to the latest contingency plans directly to each employee on his or her mobile
  • Maintain each plan
    - Be sure to keep each plan updated as your organization goes through changes, such as hiring, adoption of new technologies. In addition, rehearse implementation with stakeholders regularly.

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