Ready.gov. " Business Impact Analysis ." Accessed Jan. 28, 2021.
National Conference of State Legislatures. " Security Breach Notification Laws ." Accessed Jan. 28, 2021.
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What is contingency planning, what is a contingency plan, contingency plan example, how to create a contingency plan, business contingency plans, project contingency plans.
Contingency plans are used by smart managers who are aware that there are always risks that can sideline any project or business. Without having a contingency plan in place, your organization won’t be well prepared for risk management .
The term contingency planning refers to the process of preparing a plan to respond to any risks or unexpected events that might affect an organization. Contingency planning starts with a thorough risk assessment to identify any risks and then develop a contingency plan to resolve them or at least mitigate their negative impact.
Contingency planning takes many shapes as it’s used for helping businesses and projects across industries. Even governments use contingency plans to prepare for disaster recovery or economic disruption, such as those caused by natural disasters.
A contingency plan is an action plan that’s meant to help organizations mitigate the negative effects of risks. In simple terms, a contingency plan is an action plan that organizations should execute when things don’t go as expected.
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Now that we’ve briefly defined what contingency planning is, let’s take a look at a contingency plan example involving a manufacturing project.
Let’s imagine a business that’s planning to manufacture a batch of products for an important client. Both parties have signed a contract that requires the manufacturer to deliver the products at a certain date or there may be negative consequences as stated on the purchase agreement. To avoid this, the business leaders of this manufacturing company start building a contingency plan.
To keep this project contingency plan example simple, let’s focus on three key risks this company should prepare for.
ProjectManager has everything you need to build contingency plans to ensure your organization can respond effectively to risks. Use multiple planning tools such as Gantt charts, kanban boards and project calendars to assign work to your team and collaborate in real time. Plus, dashboards and reports let you track progress, costs and timelines. Get started today for free.
Like a project plan , a contingency plan requires a great deal of research and brainstorming. And like any good plan, there are steps to take to make sure you’re doing it right.
To create an effective contingency plan you should first identify what are the key processes and resources that allow your organization to reach its business goals. This will help you understand what risks could be the most impactful to your organization. Research your company and list its crucial processes such as supply chain management or production planning as well as key resources, such as teams, tools, facilities, etc., then prioritize that list from most important to least important.
Now, identify all the risks that might affect your organization based on the processes and resources you’ve previously identified. Figure out where you’re vulnerable by brainstorming with employees, executives and stakeholders to get a full picture of what events could compromise your key business processes and resources; hire an outside consultant, if necessary. Once you’ve identified all the risks, you should use a risk log to track them later.
Once you’ve identified all the risks that might affect your processes and resources, you’ll need to establish the likelihood and level of impact for each of those risks by using a risk assessment matrix . This allows you to determine which risks should be prioritized.
Now, write a risk mitigation strategy for each risk that you identified in the above steps. Start with the risks that have a higher probability and higher impact, as those are the most critical to your business. As time permits you can create a plan for everything on your list.
Contingency plans should be simple and easy to understand for the different members of your audience, such as employees, executives and any other internal stakeholder. The main goal of a contingency plan is to ensure your team members know how to proceed if project risks occur so they can resume normal business operations.
When you’ve written the contingency plan and it’s been approved, the next step is to ensure everyone in the organization has a copy. A contingency plan, no matter how thorough, isn’t effective if it hasn’t been properly communicated .
A contingency plan isn’t chiseled in stone. It must be revisited, revised and maintained to reflect changes to the organization. As new employees, technologies and resources enter the picture, the contingency plan must be updated to handle them.
We’ve created an action plan template for Excel to help you as you go through the contingency planning process. With this template, you can list down tasks, resources, costs, due dates among other important details of your contingency plan.
A business contingency plan is an action plan that is used to respond to future events that might or might not affect a company in the future. In most cases, a contingency plan is devised to respond to a negative event that can tarnish a company’s reputation or even its business continuity. However, there are positive contingency plans, such as what to do if the organization receives an unexpected sum of money or other project resources .
The contingency plan is a proactive strategy, different from a risk response plan , which is more of a reaction to a risk event. A business contingency plan is set up to account for those disruptive events, so you’re prepared if and when they arrive.
While any organization is going to plan for its product or service to work successfully in the marketplace, that marketplace is anything but stable. That’s why every company needs a business contingency plan to be ready for both positive and negative risk management.
In project management, contingency planning is often part of risk management. Any project manager knows that a project plan is only an outline. Sometimes, unexpected changes and risks cause projects to extend beyond those lines. The more a manager can prepare for those risks, the more effective his project will be.
But risk management isn’t the same as contingency planning. Risk management is a project management knowledge area that consists of a set of tools and techniques that are used by project managers to create a risk management plan.
A risk management plan is a comprehensive document that covers everything about identifying, assessing, avoiding and mitigating risks.
On the other hand, a contingency plan is about developing risk management strategies to take when an actual issue occurs, similar to a risk response plan. Creating a contingency plan in project management can be as simple as asking, “What if…?” and then outlining the steps to your plan as you answer that question.
ProjectManager has the project planning and risk management tools you need to make a reliable contingency plan that can quickly be executed in a dire situation.
Use our task list feature to outline all the elements of a contingency plan. Since a contingency plan likely wouldn’t have any hard deadlines at first, this is a good way to list all the necessary tasks and resources. You can add comments and files to each task, so everyone will know what to do when the time comes.
Our dashboard gives you a bird’s eye view of all of the critical project metrics. It displays live data so you’re getting a real-time look at how your project is progressing. This live information can help you spot issues and resolve them to make sure that your contingency plan is a success. Which, given that it’s your plan B, is tantamount.
If you’re planning a project, include a contingency plan, and if you’re working on a contingency plan then have the right tools to get it done right. ProjectManager is online project management software that helps you create a shareable contingency plan, and then, if you need to, execute it, track its progress and make certain to resolve whatever problems it’s addressing. You can do this all in real time! What are you waiting for? Check out ProjectManager with this free 30-day trial today!
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Posted may 4, 2022 by sabrina parsons.
Any business that survived the pandemic had to adjust, readjust, and rethink their business as they dealt with shutdowns, supply chain issues, and ever-changing customer behavior. At the time, it could be seen as crisis or recovery planning . However, intentionally or not, these businesses were proactively creating contingency plans.
A business contingency plan is an established strategy or backup plan designed to help organizations respond to possible future events. This contingency planning process encourages you to consider business and financial strategies for potential risks well in advance. It’s basically a lean business plan that takes into account unexpected scenarios that could affect your business.
Doing so ensures that you aren’t caught off guard. Instead, when a negative event occurs, you can jump right into successfully navigating your business. A contingency plan can even address larger potential issues such as a natural disaster, a global pandemic, or a major security breach.
Your contingency plan will want to address and cover:
Financial “what if” scenarios are based on the contingency you are planning for. The important part is to include your projected Profit and Loss statements as well as your Cash Flow Forecast. Adjust these financial statements around a potential issue to better understand what course of action you’ll need to take.
Are there increased costs of goods and services or do you need to change your pricing? Should you add a fuel surcharge if the contingency involves higher gas prices?
Understanding the financial effects is the first step. Next, you’ll need to address how you will adjust your business and marketing strategy to navigate the contingency, you are planning for. This is when you go from risk management to creating a plan that helps your business thrive rather than recover.
What changes will you need to make to your staffing, advertising, and marketing budgets? Will you need to change how you sell, market, and support your products and services to address the adverse events?
By putting together a contingency plan and addressing risks to your business, you will be prepared and able to best address those risks when and if they happen. The last few years have taught all small business owners that we have no idea what is ahead. That the best possible way to plan for the future is to be ready for anything.
A contingency plan for your business will help you step through the what-if scenarios that you might encounter. To start putting together solid plans that will help you overcome risks, fast-track disaster recovery, and even ensure there’s business continuity in place.
What if gas prices double, and your run a delivery business? A contingency plan could help you model the financial scenario, make sure you have the right access to credit lines to pay for the increased costs, and plan for the right gas surcharge to add to your customer deliveries.
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Writing a contingency plan doesn’t have to be a huge or stressful ordeal. All you are doing is taking your lean business plan, and making some adjustments to the strategy and the strategic forecast to plan for uncertainty. Here’s a step-by-step guide to write your own contingency plan.
In the past few years, all business owners have experienced risks they never saw coming. Trying to account for everything can be overwhelming and time-consuming. Rather than anticipating anything that could happen to your business, focus on the next few years.
Start with a comprehensive list, putting everything down that could possibly happen to your business in the next 12-24 months. Loss of an employee, a dip in sales, equipment failure, rising shipping costs, insurance increases, etc. Depending on your business, it may also be beneficial to consider larger unforeseen risks such as natural disasters, cyber-attacks, and economic downturns.
We can all look back at the beginning of the pandemic and learn from the events. Use that knowledge to think about potential future risks and build your list.
Now that you have all those frightening potentials listed, it’s time to prioritize. You need to think about your key risks. The ones that are most likely to happen or will cause the greatest hardship to your business. Realistically you should prioritize no more than 3-5 key risks.
Remember, you can always use these initial contingency plans to help you explore additional risks. More than likely, several risks will have similar effects on your business functions. It’s much easier to adapt your contingency plans once you have them rather than starting fresh every single time.
Now that you’ve done the prep work, it’s time to jump into developing your plan. Take your prioritized list and focus on building contingency plans that outline how you and your business will tackle each risk. Here is what you should include in your contingency plan:
To truly understand how a specific risk impacts your business operations, you’ll need a full financial forecast . This will account for what the risk will do to your revenue, expenses, or both. Having a clear picture of your potential financial situation will help you answer questions such as:
Don’t worry about creating these forecasts from scratch. Instead, start with your current financial forecasts, make a copy, and adjust projections based on what you expect to happen. Be sure to take note of what adjustments you make. This will make it far easier to update your forecast scenarios whenever you bring in more recent real-world performance data for your business.
Looking for a better solution? Learn how you can save more time and ensure greater accuracy when adjusting to actual performance using LivePlan .
With your forecasts in place, you can begin to define the actions you will take. Keep things simple and easy to follow by creating a one-page strategic plan for each risk. In it, you’ll address how the effects of each risk will impact your operations, sales, marketing, milestones, and even funding needs. This will help you answer questions such as:
Document your 12-24 month road map and the key changes you need to implement to keep your business healthy. Keep it lean and actionable to ensure that you and your team will actually be able to use it when the time comes. The LivePlan Pitch page is a perfect place to outline your one-page strategy.
You’ve considered the risks. You have contingency plans in place that include financial forecast scenarios and a one-page action plan. It’s now time to connect your contingency plans to your overall business strategy and business plan.
Ideally, you should have a simple, lean business plan that is helping guide your business over the next 12-36 months. If not, take 30-minutes to develop one based on your current expectations for your business. This will make it far easier to update and use when facing the risks you’ve identified.
Take this business contingency plan example for instance. If your unexpected event is about a financial risk (such as a dip in sales), connect that contingency plan with your financial plan as a potential fork in the road. You can easily do this same exercise with the two to three more contingency plans you have already built out.
The end goal is to make this quick and painless so that you can spend less time planning and more time acting when a crisis you’ve planned for occurs.
Think of it like attachments for a tractor. Where you have all of the right buckets and tools to get your yard in tip-top shape. You’re prepared to jump right in and take on everything from mowing and digging to laying down new gravel. All you need to do is add the right attachments ahead of time. That’s exactly how you want your contingency plans to function with your current plan.
Once you have integrated the contingency plans into your overall business plan, it’s time to get your team on board. You want to be sure that they understand the ins and outs of your business plan, and how each contingency should be executed when the time comes.
So how do you get your team on board? Try these three simple steps:
You can check out our guide on how to conduct a monthly plan review meeting for a more thorough explanation of how to set up this process.
The hard work is done. You have thought about potential hurdles your business might face and you have a plan. Your team is engaged and you now have a regular review schedule in place to keep your business on track.
All you have to do now is implement your lean business plan, watch for obstacles, and be ready to use your contingency plans if needed. Don’t worry, your regular review meetings will help you track your actual results against your plan and will give you an opportunity to revise your plan if need be. Check out how LivePlan can help simplify this process and help you make better business decisions in any scenario.
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What is a business continuity plan (bcp), and how does it work.
Investopedia / Ryan Oakley
A business continuity plan (BCP) is a system of prevention and recovery from potential threats to a company. The plan ensures that personnel and assets are protected and are able to function quickly in the event of a disaster.
BCP involves defining any and all risks that can affect the company's operations, making it an important part of the organization's risk management strategy. Risks may include natural disasters—fire, flood, or weather-related events—and cyber-attacks . Once the risks are identified, the plan should also include:
BCPs are an important part of any business. Threats and disruptions mean a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition. It is generally conceived in advance and involves input from key stakeholders and personnel.
Business impact analysis, recovery, organization, and training are all steps corporations need to follow when creating a Business Continuity Plan.
Businesses are prone to a host of disasters that vary in degree from minor to catastrophic. Business continuity planning is typically meant to help a company continue operating in the event of major disasters such as fires. BCPs are different from a disaster recovery plan, which focuses on the recovery of a company's information technology system after a crisis.
Consider a finance company based in a major city. It may put a BCP in place by taking steps including backing up its computer and client files offsite. If something were to happen to the company's corporate office, its satellite offices would still have access to important information.
An important point to note is that BCP may not be as effective if a large portion of the population is affected, as in the case of a disease outbreak. Nonetheless, BCPs can improve risk management—preventing disruptions from spreading. They can also help mitigate downtime of networks or technology, saving the company money.
There are several steps many companies must follow to develop a solid BCP. They include:
Companies may also find it useful to come up with a checklist that includes key details such as emergency contact information, a list of resources the continuity team may need, where backup data and other required information are housed or stored, and other important personnel.
Along with testing the continuity team, the company should also test the BCP itself. It should be tested several times to ensure it can be applied to many different risk scenarios . This will help identify any weaknesses in the plan which can then be corrected.
In order for a business continuity plan to be successful, all employees—even those who aren't on the continuity team—must be aware of the plan.
An important part of developing a BCP is a business continuity impact analysis. It identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.
FEMA provides an operational and financial impact worksheet to help run a business continuity analysis. The worksheet should be completed by business function and process managers who are well acquainted with the business. These worksheets will summarize the following:
Completing the analysis can help companies identify and prioritize the processes that have the most impact on the business's financial and operational functions. The point at which they must be recovered is generally known as the “recovery time objective.”
BCPs and disaster recovery plans are similar in nature, the latter focuses on technology and information technology (IT) infrastructure. BCPs are more encompassing—focusing on the entire organization, such as customer service and supply chain.
BCPs focus on reducing overall costs or losses, while disaster recovery plans look only at technology downtimes and related costs. Disaster recovery plans tend to involve only IT personnel—which create and manage the policy. However, BCPs tend to have more personnel trained on the potential processes.
Businesses are prone to a host of disasters that vary in degree from minor to catastrophic and business continuity plans (BCPs) are an important part of any business. BCP is typically meant to help a company continue operating in the event of threats and disruptions. This could result in a loss of revenue and higher costs, which leads to a drop in profitability. And businesses can't rely on insurance alone because it doesn't cover all the costs and the customers who move to the competition.
Business continuity plans involve identifying any and all risks that can affect the company's operations. The plan should also determine how those risks will affect operations and implement safeguards and procedures to mitigate the risks. There should also be testing procedures to ensure these safeguards and procedures work. Finally, there should be a review process to make sure that the plan is up to date.
An important part of developing a BCP is a business continuity impact analysis which identifies the effects of disruption of business functions and processes. It also uses the information to make decisions about recovery priorities and strategies.
FEMA provides an operational and financial impact worksheet to help run a business continuity analysis.
These worksheets summarize the impacts—both financial and operational—that stem from the loss of individual business functions and processes. They also identify when the loss of a function or process would result in the identified business impacts.
Business continuity plans (BCPs) are created to help speed up the recovery of an organization filling a threat or disaster. The plan puts in place mechanisms and functions to allow personnel and assets to minimize company downtime. BCPs cover all organizational risks should a disaster happen, such as flood or fire.
Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15 - 17.
Ready. “ IT Disaster Recovery Plan .”
Federal Emergency Management Agency. " Business Process Analysis and Business Impact Analysis User Guide ." Pages 15-17.
The vast majority of failed projects and bankrupt companies had a plan and followed it. So why do these projects and companies end up failing?
Unexpected things happen that companies don’t plan for, and many fail to adapt in time.
The key: having a sound contingency plan. A contingency plan is all about expecting the unexpected and preparing to deal with worst-case scenarios ahead of time. This article will cover why you need a contingency plan, and walk you through step-by-step instructions for creating one. We’ll also provide a contingency planning template you can implement and use on monday.com immediately.
A contingency plan is a predefined set of actions that you will implement in response to specific future events that put your project or business at risk.
A simple example of a contingency plan is to back up all your website data. That way, if your website gets hacked, it will be easy to restore the data after regaining access and changing passwords.
Without that backup, the team might have to recreate the entire website from memory or build a website from scratch . That’s a significant expense and can mean several extra days (or weeks!) of downtime.
A contingency plan is about managing and lowering risk and setting yourself up for speedy disaster recovery.
There are two types of contingencies that you should plan for: budget contingency & schedule contingency.
Here are a few examples of how contingency planning could help save the day, no matter what happens:
Imagine that a key team member unexpectedly leaves the project. If you were contingency planning for this scenario, you might outline the following steps you could follow if you lost a key project team member:
How about if a natural disaster disrupted operations at your primary office location? Could your business cope? With a continuity plan in place, you’ll turn things around quickly:
Do all your logistics depend on a few key suppliers? Then you should have a supply chain contingency plan in place, in case of unexpected production or shipping delays.
Murphy’s Law specifies that anything that can go wrong will go wrong. And any experienced project planner knows how true that is! Contingency planning can make or break your business:
Contingency planning helps to identify potential risks and get ahead of them with a proactive plan. That way, even when things go wrong, you can minimize the disruption to operations and reduce your financial losses.
Having a contingency plan in place enables you to respond to the unforeseen more effectively, adapt to changing conditions, and recover from setbacks more efficiently.
In many industries, contingency planning is mandated by regulatory requirements, so you’ll need these plans in place to avoid penalties and maintain good legal standing.
Customers trust businesses that handle disruptions effectively. The ability to respond quickly and effectively when things go wrong will help build your reputation for great customer service.
Looking for a tool to make contingency planning easier? With monday.com, you can store all your contingency plans in a central location, communicate changes with stakeholders, and create automated workflows in response to unexpected events.
Your contingency plan should include the following components:
Begin by making a thorough identification of potential risks that could realistically occur. Depending on what kind of contingency plan you’re putting together, these could be all the risks that could impact your business, or the risks that could delay or disrupt a specific project or product.
For example, in terms of business-level contingency planning, you could list out:
Your plan should then outline various responses that you could choose between, for each risk you’ve identified. These might be:
For each risk and response option, you should then add in a plan of action, including:
You’ll also want to make sure that you have a plan in place to communicate effectively with all stakeholders, including:
Decide in advance when you’ll activate a specific contingency response. For instance, you might have a particular threshold beyond which you’ll move to a contingency plan — such as the severity level of a natural disaster. You should also define who has the authority to make these decisions, and how the decision will be made (by committee or by chain of command, for instance.)
To keep your plan up to date, you should schedule regular tests and reviews. For instance, for a natural disaster contingency plan, you might want to run a drill once a year, to practice your response procedures and make sure that everything works as it should.
Let’s cover the basic contingency planning process and detail how to get yours up and running.
What processes are essential to your business and safely delivering your product or service to customers?
If you’re a manufacturing company that ships directly to consumers, a simplified process list might look something like this:
Looking at this list, you can see how vulnerable it is to natural disasters or even minor human errors.
Create an overview of every crucial process in your organization.
Once the process list is created, consider what might disrupt business continuity.
What can go wrong with each of these critical processes?
Let’s look at an example of what could go wrong with “last-mile delivery” …
And that’s only a preliminary list. Once you start thinking about it, you’ll realize how many things you rely on to avoid going wrong, even for fundamental processes.
Every business process is vulnerable to some sort of emergency or human error and requires a solid risk management process .
Once the risks are identified, it’s essential to determine how they could impact your business.
Are they likely to happen? How large will the impact on your business if they do occur?
Most companies use “qualitative risk assessment” to do this.
PMI uses the following risk exposure assessment table — also called the probability impact matrix — to evaluate … the probability and impact of potential risks.
( Image Source )
First, rate the severity of the impact on a scale from 1–100. Then, multiply with a percentage based on how likely it is to occur.
The quantitative risk assessment approach is less common — but more practical — to assess the potential cost of each risk.
How much would each risk potentially cost your business? To get a better overview, add these 4 columns to the risk register template :
This means you can make an educated decision when budgeting contingency reserves into project plans and yearly budgets.
During the risk analysis , estimate the potential costs of the adverse event.
EXAMPLE: if your online store goes down, multiply the average online sales revenue per hour with expected downtime. Make one pessimistic and one realistic estimate.
Your hosting service may also have a flat fee for restoring sites, which would be your response cost. If these costs are unreasonably high and the event is likely, estimate the costs of a mitigation effort. In this case, it could be a firewall and extra procedures, like 2-factor authentication, an important security system , for all employees.
Budget in those costs. An accurate budget is the first part of emergency response and prevention. Without enough cash, your team won’t be able to put any response plans into action.
Create a response plan for events by exploring the following questions:
The specifics depend on your company’s unique processes and situation.
A contingency plan only works if it’s used when things go wrong—and that means that everyone in your organization knows to reach for the plan in times of trouble. To make sure that happens:
If you want your contingency plans to protect your business, you have to keep them up to date. That means you’ll need to schedule regular reviews of the plan to check that it’s still relevant and aligned with your changing business.
Remember to communicate updates or revisions to all relevant stakeholders, and provide opportunities for additional training if needed.
Having your business contingency plan on paper is an excellent place to start. But it won’t translate to how your entire company will tackle a crisis.
That’s where monday.com comes in. Our flexible digital workspace gives you everything necessary to ensure everyone follows the contingency plan when they need to.
Make sure that no employee is left clueless during a crisis. Our contingency plan template has everything you need to start the planning process.
With our pre-built template, you can feel confident you’re following best practice contingency planning, so your business will run smoothly even in the case of unexpected events.
With monday.com’s powerful integrations and automations, you can respond to unfavorable events more quickly.
For example, you can immediately create and assign a work item whenever a customer submits a bug report.
This approach helps avoid another potential problem: customer service failing to report bug reports to your development team.
The best time to start acting is before a catastrophic event that puts your entire project or business at risk.
To do that, your management team needs a clear understanding of the project’s status at all times.
Use the 30,000-foot view every manager needs to avoid predictable project delays and failures and check that project controls are working properly.
When starting a project or business, most people plan according to the status quo. Unfortunately, that’s a best-case scenario and not helpful in the real world.
A contingency plan helps you prepare for worst-case scenarios and keep your project afloat, should anything go wrong.
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40 detailed contingency plan examples (& free templates).
Good strategies always involve a contingency plan in case the original plan backfires. In some cases, the original plan may not be as successful as you expect which is why you need a contingency plan example to achieve the same goal . We have heard the term “Plan B” before and this in its simplest way, is a contingency plan.
Table of Contents
The steps taken by an organization when an unexpected situation or event occurs is a contingency plan. A contingency plan example may be positive like when there’s an unexpected surplus in the cash flow. But more often than not, the contingency planning process mostly refers to negative events.
The events which might have a bearing on the organization’s financial health, reputation or on its ability to continue with business operations. Such events may include natural disasters, fire, network failure, and a data breach, to name a few.
Having a contingency plan template helps you make sure that there’s always a continuity in the business. Most of the bigger business organizations have sets of business contingency plan templates for various potential threats. These undergo extensive research and the resulting appropriate responses get subjected to full practice even before the crisis occurs.
You can consider a contingency plan as a proactive approach as compared to crisis management, which is more of a reactive approach. Having a contingency plan ensures that you’re always prepared for any eventuality. Conversely, a plan for crisis management enables you to control the response after the eventuality occurs.
Also, keep in mind that the design of a contingency plan template is only for risks that can you can identify and not for unknown or unidentified risks. This is for the simple reason that you cannot make a plan if you don’t know the risk.
It’s also worth noting that contingency plans don’t only exist in anticipation should things go wrong but you can also create one to make the most of strategic opportunities.
For instance, you have come to know of a new type of software for training that’s about to get released soon. Should this occur during the project, you can create a contingency plan on how to include this into the training stage of your project .
As mentioned earlier, a contingency plan example responds to a negative event that might affect or tarnish the reputation of an organization or its financial standing. In business, however, a business contingency plan template isn’t always negative. There are cases of positive contingency plans too.
Also, keep in mind that the contingency planning process is a proactive strategy, unlike crisis management which is a reaction to something that has happened. A contingency plan accounts for any disruptive events to ensure that the company is always prepared if and when such events should occur.
Contingency plans are usually part of the risk management department and project managers should know that the plan is simply an outline. However, there are times when the project may extend beyond this. This means that the manager can be more prepared to make changes in the plan if he deems it would be more effective.
Risk management isn’t the same as the contingency planning process. Risk management is more about establishing, assessing, mitigating, avoiding, sharing, transferring, and accepting risks, whereas a contingency plan focuses on developing steps for when a risk occurs. But they share a common aspect. They both describe the steps to take in such an occurrence.
In its simplest form, a contingency plan definition is what you should do when an unexpected event takes place. Simpler still is “What if….?”, then creating an outline of the steps that answer this question.
Project management always involves several entry points for risks that you have to consider for a contingency plan example. Here are some risk factors that you should take into account for a contingency plan template:
Here are the basic steps in the contingency planning process:
You need a lot of planning and research when creating a contingency plan example. But planning ahead, with each plan makes things easier for you. When creating one for your company, follow these steps:
Managers will always get confronted with challenges that they should consider before and while creating contingency plans. These challenges include:
Contingency planning, also known as disaster recovery planning, is a crucial component of any business. It involves identifying potential risks and developing strategies to minimize the impact of these risks on the business. The purpose of contingency planning is to enable businesses to quickly recover from disruptive events and resume normal operations. In this blog post, we'll discuss why contingency planning is important and which parts of the company should have it in place.
Contingency planning is essential for businesses to minimize the impact of disruptions caused by natural disasters, cyber attacks, and other unexpected events. The following are some of our reasons why we think contingency planning is important:
Minimizes Downtime: Contingency planning can help businesses quickly recover from a disruption, minimizing downtime and enabling them to resume normal operations as soon as possible.
Reduces Costs: Contingency planning can help businesses minimize the costs associated with a disruption, such as lost revenue, increased expenses, and damage to property.
Protects Reputation: Contingency planning can help businesses protect their reputation by minimizing the impact of a disruption on their customers and stakeholders.
Contingency planning is critical for businesses to minimize the impact of disruptions caused by natural disasters, cyber attacks, and other unexpected events. IT, HR, and operations are just a few of the areas of a company that should have contingency planning in place. By preparing for potential risks, businesses can recover quickly and continue to provide products and services to their customers.
At LucidTrac, we understand the importance of contingency planning for businesses. That's why we offer a cloud-based ERP software solution that is designed to help companies prepare for unexpected events. Our software allows businesses to automate and streamline their operations, which can improve their ability to respond to disruptions. Our solution provides real-time visibility into business processes, enabling businesses to make informed decisions quickly. With LucidTrac, companies can access their critical data and processes from anywhere, at any time, which is particularly important during times of crisis. We are committed to providing a robust and reliable software solution that helps businesses stay operational during disruptions, ensuring that they can continue to provide products and services to their customers.
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To help you get a better understanding of your needs by comparing LucidTrac to other online ERP / SaaS platforms.
LucidTrac offers a comprehensive solution to streamline all of your business operations.
With its fully customizable features, LucidTrac allows you to tailor the platform to meet the specific needs of your business.
Comparing Feature | LucidTrac | $49 | $149 | $109 | $125 | $99 | $99 | $49 | $45 | $49 | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | No | No | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | Yes | No | No | Yes | No | Yes | Yes | No | Yes | No | Yes | No | No | Yes | Yes | Yes | Yes | No | Yes | No | Yes | No | No | Yes | Yes | Yes | Yes | No | Yes | No | Yes | No | No | Yes | No | Yes | Yes | No | Yes | No | Yes | No | No | Yes | No | Yes | Yes | No | No | No | Yes | No | No | No | No | Yes | No | No | No | No | No | No | No | No | No | Yes | Yes | No | No | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | No | No | No | No | Yes | 500G | 1G | 1G | 1G | 1G | 1G | 1G | 1G | 1G | - | Yes | Yes | No | Yes | No | No | No | No | No | Yes | Yes | Yes | No | Yes | No | No | No | No | No | No | Yes | Yes | Yes | Yes | No | No | Yes | No | Yes | No | Yes | Yes | No | Yes | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | No | No | No | Yes | Yes | Yes | yes | Yes | No | No | No | No | No | Yes | Yes | No | No | No | No | No | No | No | No | No | Yes | No | No | No | No | No | No | No | No | No | Yes | Yes | No | Yes | No | No | Yes | No | No | No | Yes | No | No | No | No | No | No | No | No | No | Yes | No | No | No | No | No | No | No | No | No |
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Cyber Insight
Updated on: June 17, 2023
I’ve seen it all. The constant threats and ever-changing landscape make it imperative that every business has a contingency plan in place. Unfortunately, many businesses make the mistake of thinking a contingency plan is just a backup plan. But in reality, it’s so much more than that.
A contingency plan is a comprehensive strategy that includes backup plans, procedures, and protocols designed to minimize disruption and ensure continuity of critical business processes in the event of a crisis.
But what are the crucial components of a contingency plan that businesses often forget? In this article, I’ll share the four essential components that every contingency plan must include in order to be effective. From risk assessment to communication protocols, these components will ensure that your business can weather any storm. So let’s get started.
In conclusion, it is essential for every organization to have a contingency plan in place to combat any unforeseen event and minimize their impact. The four main components of a contingency plan, the Business Impact Analysis, the Incident Response Plan, the Disaster Recovery Plan, and the Business Continuity Plan, work together to ensure that an organization can respond and recover from any disruptive event effectively.
???? Pro Tips:
1. Identify potential risks and threats: To create an effective contingency plan, it is necessary to identify and assess potential risks and threats that can severely affect your business operations. These could include natural disasters, cyber-attacks, employee strikes, or pandemics.
2. Develop a response strategy: Once you have identified the potential risks, you need to create a response strategy for each scenario. This should include clear instructions for your staff, plans for evacuation or sheltering in place, and procedures for the recovery of critical IT systems or data.
3. Establish communication channels: Communication is essential during a crisis. You need to establish clear lines of communication with your staff, customers, suppliers, and emergency services. Test these channels regularly to ensure they are reliable and effective.
4. Assign roles and responsibilities: Every member of your team should have a clear understanding of their roles and responsibilities during an emergency. This should include designated leaders for each response team, trained first responders, and staff responsible for IT recovery.
5. Review and revise the plan regularly: A contingency plan is not a one-time effort. Regular reviews and revisions will ensure your plan remains relevant and effective, taking into account any changes in your business operations, staffing, or infrastructure. Test your plan regularly to identify areas for improvement and update it accordingly.
Contingency planning is a crucial aspect of business operations, particularly when it comes to mitigating and responding to potential disasters and other major events. A contingency plan refers to the process of creating and implementing a set of procedures and protocols that are designed to help businesses respond to major emergencies in a prompt and effective manner. In order to create an effective contingency plan, it is essential to include four major components: the Business Impact Analysis, the Incident Response Plan, the Disaster Recovery Plan, and the Business Continuity Plan.
The Business Impact Analysis is a critical component of any contingency plan. This element involves assessing the potential impact of a disaster or other major emergency on the business. The analysis should include a comprehensive review of all critical systems, processes, and personnel that are essential to the operation of the business. This analysis should also consider the financial impact of a disaster and identify the potential risks associated with different types of disasters.
Once the Business Impact Analysis has been completed, businesses can use this information to prioritize their response efforts, and allocate resources accordingly. This is a key step in developing an effective contingency plan, as it ensures that businesses are able to respond to the most critical elements of a disaster in an efficient and effective manner.
Key Points:
The Incident Response Plan is another critical element of a contingency plan. This component involves developing a set of procedures and protocols for responding to a disaster or other major emergency. The Incident Response Plan should include a detailed list of emergency contacts, as well as a step-by-step guide to the actions that need to be taken in the event of a disaster.
In addition, the Incident Response Plan should also include a set of guidelines for communicating with stakeholders, such as employees, customers, and vendors. This communication plan should include a clear and concise message that reassures stakeholders that the business is taking appropriate action and provides information on what to expect in terms of continuity of operations.
The Disaster Recovery Plan is another essential component of a contingency plan. This element involves creating and implementing a set of procedures that are designed to restore critical business functions after a disaster or other major emergency. The Disaster Recovery Plan should include a comprehensive list of critical systems and processes, as well as a backup plan to ensure that these systems and processes can be quickly and effectively restored.
In addition, the Disaster Recovery Plan should also include an assessment of any potential vulnerabilities that may exist within the business’ IT infrastructure, such as security breaches and other cyber attacks. This assessment should include a plan for mitigating these risks and ensuring ongoing security for critical systems and data.
The Business Continuity Plan is the final component of a contingency plan and is perhaps the most critical. This element involves creating and implementing a set of procedures and protocols that are designed to ensure ongoing operations and minimize downtime in the event of a disaster or other major emergency. The Business Continuity Plan should include detailed procedures for backup systems, as well as a plan for managing key personnel and other resources.
In case of a large-scale disaster, it is essential to ensure that all critical business functions can continue to operate, even if the main office or facility is inaccessible. The Business Continuity Plan should also include a detailed communication plan to ensure that all stakeholders are kept informed of the situation and any changes to the plan as it is implemented.
In conclusion, creating an effective contingency plan is an essential aspect of business operations. By including the four major components of the Business Impact Analysis, the Incident Response Plan, the Disaster Recovery Plan, and the Business Continuity Plan, businesses can ensure that they are prepared to respond to a wide range of potential emergencies. With careful planning and preparation, businesses can greatly reduce the impact of disasters and other major events, ensuring that they are able to continue operating and providing essential services to customers and clients.
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Whitehall officials and Ofwat, the water regulator, have begun assessing the scope for a special administration of the UK’s biggest water company, Sky News learns.
City editor @MarkKleinmanSky
Wednesday 28 June 2023 10:30, UK
The government has begun drawing up contingency plans for the collapse of Thames Water amid growing doubts in Whitehall about the ability of Britain’s biggest water company to service its £14bn debt-pile.
Sky News has learnt that ministers and Ofwat, the industry regulator, have started to hold discussions about the possibility of placing Thames Water into a special administration regime (SAR) that would effectively take the company into temporary public ownership.
Such an insolvency process was used by the government when the energy supplier Bulb collapsed in 2021 , sparking concerns that it could cost taxpayers billions of pounds.
Ultimately, the Bulb administration is likely to have cost the public purse a far smaller sum, but water industry ownership restrictions which prevent consolidation mean this figure could be dwarfed if Thames Water was to fail.
The talks within Whitehall, which involve the Department for Environment, Food and Rural Affairs (DEFRA), Ofwat and the Treasury, remain at a preliminary stage and relate at the moment only to contingency plans which may not need to be activated.
Read more: From privatisation to profits: How providing clean water became a murky business
Thames Water serves 15 million customers across London and the southeast of England, and has come under intense pressure in recent years because of its poor record on leaks, sewage contamination, executive pay and shareholder dividends.
On Tuesday, Sarah Bentley, its chief executive for the last three years, resigned with immediate effect , saying: "The foundations of the turnaround that we have laid position the company for future success to improve service for customers and environmental performance."
In March, however, Sky News revealed that Thames Water was facing crunch talks over its finances and had hired Rothschild, the investment bank, and the law firm Slaughter & May, to explore financing options for the company.
The Daily Telegraph reported on Tuesday night that Thames Water was still trying to raise £1bn from shareholders and that AlixPartners had been drafted in to advise on the company's operational turnaround plans.
One industry source said that regulators had also sought advice from restructuring experts in recent weeks, although their identity was unclear.
Taking Thames Water into temporary public ownership would inevitably fuel calls from critics of the privatised water industry to renationalise all of the country's major water companies.
Thames Water is owned by a consortium of pension funds and sovereign wealth funds, many of which are understood to be sceptical about delivering additional funding.
Its largest shareholder is Ontario Municipal Employees Retirement System (Omers), a vast Canadian pension fund, which holds a stake of nearly 32%, according to Thames Water's website.
Others include China Investment Corporation, the country's sovereign wealth fund; the Universities Superannuation Scheme, the UK's biggest private pension fund; and Infinity Investments, a subsidiary of the Abu Dhabi Investment Authority.
Hermes, which manages the BT Group pension scheme, is also a shareholder.
Thames Water employs about 7,000 people, and serves nearly a quarter of Britain's population.
Read more from Sky News: Hundreds of Boots stores to close British actor confirmed dead after remains identified
Ms Bentley's exit, which came soon after a row about her declaration that she had surrendered a controversial annual bonus, also reflects deeper divisions about how to address the mounting crisis at the company.
Earlier this year, she said she was "heartbroken" about the company's historical failings, blaming "decades of underinvestment".
Alastair Cochran and Cathryn Ross have been named joint interim chief executives as a search for Ms Bentley's replacement is conducted.
Thames Water has been fined numerous times, and is facing a deluge of regulatory probes.
In 2021, it was hit with a £4m penalty for allowing untreated sewage to escape into a river and park, while in August 2021, it was ordered to pay £11m for overcharging thousands of customers .
The range of financing options available to Thames Water's board - whose chairman, the former SSE chief Ian Marchant, is also due to step down imminently - appears to be limited.
Nearly £1.4bn of the company's bonds mature by the end of next year, with Ofwat price controls meaning water companies have little scope to generate additional income.
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In an investor update published last September, Ms Bentley said that "the difficult external environment has increased the challenge of our turnaround".
A year ago, the company said it had agreed with shareholders the injection of £500m of new equity funding, with a further £1bn expected to be delivered by the end of next year.
The additional shareholder funding formed part of a £2bn expenditure increase, taking its total spending during the current five-year regulatory period to £11.6bn.
In its September announcement, Thames Water said shareholders had "further evidenced their support for [Thames Water] and its business plan through an Equity Support Letter where the shareholders have committed to hold investment committee meetings (for their respective institutions) as a path to obtaining approval (in the discretion of the investment committee) for funding their pro rata share of conditional commitments in respect of the further £1bn of additional equity which is assumed in TWUL's business plan".
"Whilst this is not a legal commitment to fund…the [Thames Water] board believes it is reasonable to incorporate this additional £1bn of equity funding in its assessment."
The company has not paid a dividend to its owners for the last six years.
Thames Water is not the only major water company to face questions about its financial resilience and operational track record.
Ofwat has also been in talks with others, including Southern Water and Yorkshire Water, in recent years about strengthening balance sheets amid performance issues.
The financial collapse of Britain's biggest water company, and its implications for the model of water ownership, would inevitably become a major political debating point in the run-up to the next general election.
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Some critics of privatisation have demanded that the government consider mutual ownership structures, which would prohibit returns to shareholders and guarantee that profits would be reinvested in improving the sector's dire performance, while upgrading water infrastructure assets.
In total, tens of billions of pounds have been handed to shareholders in water utilities across Britain since privatisation, stoking public and political anger given the industry's frequent mishaps.
DEFRA, Ofwat and Thames Water were all contacted for comment on Tuesday evening.
These days, it’s relatively easy to start and manage an online business. That’s why so many retirees are using side businesses that generate passive income as part of their retirement plans.
However, if you want that passive income stream to continue, you’ll need to make sure your businesses are resilient.
How do you do it?
Table of Contents
It’s hard to overstate just how powerful a passive income business can be for generating retirement income and generally stabilizing your financial life in retirement. The idea is to create a business entity that’s externally and independently capable of producing income indefinitely into the future – without requiring much of your time on an ongoing basis.
Depending on how strict you want to be with definitions, you may reasonably assert that there’s no such thing as a truly passive income business, as all businesses require periodic maintenance and upkeep. Still, even a “sort of” passive income business can be useful.
These are just some of the reasons why.
A passive income business is a nice addition to your portfolio and can help you diversify your assets and income sources. You may already own dividend stocks, bonds, real estate, precious metals, and other assets, but adding a passive income generating business to the mix can function as an extra layer of security and a measure that can make your income generation even more consistent. This is especially true if you have multiple types of passive income businesses as part of your overall portfolio.
Businesses can do almost anything. You can sell products and services in almost any conceivable industry. Or, you can develop new technologies and sell them. You can buy and manage real estate as part of your business operations. And, you can even use institutional crypto trading to get exposure to the crypto market. In fact, in many cases, it’s beneficial to build a business that can do many different things, as this will allow it to generate more total income and – appealing to the main point of this article – become more resilient.
Running a business is generally stressful and time-consuming. But when you have a business capable of generating passive income, you’ll have a path to total autonomy. This makes passive income businesses especially useful for prospective retirees who plan on retiring in the near future. You can spend some of your older working years working hard to get your business up and running. When it’s time to retire, you can gradually pull out and allow the business to run on its own.
Some retirees appreciate passive income businesses because of their longevity. If you can build a business capable of lasting decades, you can include it as part of your estate and leave it to your beneficiaries. You may also enjoy the idea of leaving behind a legacy – and continuing to serve your most loyal customers.
Of course, some retirees choose to establish passive income businesses out of personal interest. If you’re genuinely interested in or excited about the business itself, it will function as a kind of stimulating hobby well into your retirement. It’s a great way to stay connected, stay intellectually active, and have something interesting to do once you’re done with your primary career.
Much of your success in this area will depend on your ability to choose the right type of business. There are many different avenues for developing businesses capable of generating passive income, but not all of them are equally resilient.
These are some of your best options, though if you exercise some creativity, you can probably generate many more ideas.
Real estate has historically been a safe, lucrative investment asset. Accordingly, you could consider creating an entire business around the acquisition or management of real estate assets.
Premium content is another relatively easy way to make passive income . You can create pieces of content with timeless value, and then sell them across many different outlets indefinitely. Books, lectures, and even films are just a few examples here.
If you can build a website or platform that gets a significant amount of traffic, you can generate passive income with affiliate linking. Essentially, this means offering links to external products and services and earning a small commission for each sale you help to establish.
If you have particularly advanced knowledge or expertise in a given area, you can also build a passive income business that sells a useful course. Once the course curriculum is finalized, it can essentially run on autopilot.
If you have software development and technical expertise, you can create a business around a mobile app. Depending on the type of app you create, you can charge money for it outright or charge people for a recurring subscription or access to premium features. There’s no limit to the types of apps you can create.
It’s not enough for a business to consistently generate passive income, though that is a great start. You also need to consider the resilience level of that business if you’re going to use it for retirement income – and especially if you’re planning on leaving the business to beneficiaries as part of your estate.
Resilience is a measure of how easily and how well a business can survive in the face of threats and risks. Every business, no matter the niche, industry, or competence of its creator, is going to face external challenges. The real question is whether your business is capable of standing up to those challenges.
Decently resilient businesses should be able to tackle small risks and periodic threats with minimal effort and a high rate of survival. But if you’re planning on living another 10, 20, 30 years or more, or if you want your business to significantly persist after you’re gone, you’ll need to spend more time and effort focusing on developing resilience.
The first and arguably most important phase of this process is identifying the risks and threats that could jeopardize your business. The nature of your business will dictate what types of risks and threats are most important to consider, but these are some of the most common to identify:
For many businesses that fail, the root cause can be traced back to poor management or leadership . Even if it’s functioning mostly passively, you’ll likely be the owner and primary leader of this business for the duration of your lifetime. That said, it’s still important to have good team members and consultants who can handle things in your absence and a reliable candidate to fill your shoes when you’re no longer able to conduct operations on your own.
A big economic downturn would hypothetically harm most types of businesses, but small and fragile businesses have the potential to shatter during even a moderate recession. It’s important to bolster your business’s finances so that it can continue running, even during a temporary dry spell.
If you have the only course on the market for a given subject, you should have no trouble attracting a steady stream of customers. But what happens when someone offers a course that is better or cheaper than yours? If you want your business to be resilient, you need to have a plan for how to tackle new competition.
Some businesses become obsolete due to evolving technologies or needs. Kodak, while not a passive income business, was an industry leader until it rigidly adhered to a technology that was quickly becoming obsolete. How can you make sure your business continues even as consumer needs and available technologies progress?
Resilience also demands your attention to possible cyberthreats. If a hacker or social engineer compromises your website, will your entire business collapse? What are the potential damages of a data breach, and how can you prevent one?
There are specific strategies that can help you guard against these risks, but also general strategies that can help you protect against all of them simultaneously. We’ll be exploring some of the most important resilience building strategies in both categories.
First, work on diversifying the portfolio of your business. Just as you need to diversify your investment portfolio to minimize risk, you should diversify your business operations.
For starters, you could offer a broader range of products and services. If changing technologies render one of your products obsolete, or if a new competitor offers a better version of your core product, having a robust selection of other products and services can help you retain most of your income.
You can also diversify the streams of income that your business is capable of generating. This is very similar to offering different types of products and services, but sometimes, you can generate new streams of income without having to innovate. As a simple example, if you own a real estate management operation that keeps an apartment building running, you could install vending machines and coin-operated laundry machines to generate income on the side.
You may also be interested in diversifying the target markets and customers that you serve. This way, if one of your audience segments chooses an alternative competitor, or if one of those segments no longer has the financial means to pay for your products and services, your business can continue operating relatively seamlessly.
Keep in mind that most of these strategies can simultaneously improve the resilience of your business and increase the total amount of income you generate . This makes them ideal for a wide range of business-building retirees.
Additionally, if you can’t find a way to diversify these items within your main business, you may find it beneficial to diversify your business portfolio by creating multiple smaller businesses. Having three small, passive income businesses that sell different things is similar in risk to having a single passive income business that sells three different things.
It’s a good idea to improve visibility and tracking within your organization. This is going to make it much easier to identify changing trends or worrying patterns, long before they become significant problems. Of course, the big downside here is that increased visibility and tracking is going to demand more of your time and energy, assuming you don’t already have personnel in place to handle this. Still, it’s worthwhile to put on your data analyst cap and measure everything you can to gauge the health of your business periodically.
Cyberthreats are rare, but they can be devastating, so it’s important to create backups and invest in cybersecurity. You should be aware of the biggest cyberthreats your business could face, and you should have strategies implemented to guard against them. Even simple upgrades, like using better passwords and installing a VPN, can benefit you. Also, you should make sure there are multiple backups of all your most important information, so if your primary sources are ever compromised, you can continue operations anyway.
Good leaders can foresee, prepare for, and overcome almost any conceivable risk or threat. That’s why it’s so important to have a good leader, as well as backup leaders, in place. Who do you trust to run things while you enjoy your retirement? Who is going to take over this business when you’re gone?
Finally, consider creating specific contingency plans for disaster scenarios and probable threats. For example, how would your business adapt if there was a sudden, unexpected 50 percent drop in the number of visitors to your website? In what ways can you get the edge over a new rival or competitor? If your cash flow begins to dry up, what strategies can you employ?
You don’t need to be able to predict the future. You just need to be able to speculate about the best ways to handle various threats. The more specific you are in your conceptual planning, the better.
With these strategies, you should be able to build more passive income businesses to fund your retirement – and you can make those businesses resilient. Establishing true resilience demands research, energy, and even a bit of creativity, but these upfront efforts will pay off if it means withstanding even a major single threat in your lifetime. And if you plan on leaving these business interests to your beneficiaries, they’ll thank you for creating something truly reliable and sustainable.
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Digital leadership and governance standards.
Find out what standards your school or college should meet on digital leadership and governance.
Good digital technology governance:
We refer to hardware, software and digital services as digital technology throughout the following standards.
The job titles in these standards may not fit in your educational setting, but the responsibilities described should be applied to the most relevant person.
You should complete the first 3 standards before moving to the last standard on creating your digital technology strategy. This is so you can successfully build your strategy in line with your school or college’s development plan.
Visit our standards page for more details on how to use the standards to help your school or college meet their digital technology needs.
Why this standard is important .
Schools and colleges need a member of their SLT to:
Having clearly defined roles and responsibilities will help schools and colleges focus the digital technology strategy around their development plan. Without this focus, there’s a risk that:
The headteacher or principal will have responsibility for making sure this standard is met by assigning a SLT digital lead.
The SLT digital lead is usually someone with teaching experience. They will act as a link between:
To meet this standard, the headteacher or principal should appoint someone who is responsible for digital technology. They do not need to be an expert, but some technical knowledge or interest could be advantageous for this role.
They will be accountable for:
Governors or trustees should also consider assigning a digital link role within the governing body or board of trustees.
You will need to assign the role of the SLT digital lead within your school or college before you can create your digital technology strategy.
A contracts register, asset register and information asset register will help your school or college to:
Not having these registers in place for digital technology could lead to:
To meet this standard, the senior leadership team ( SLT ) digital lead will need to work with the following people:
To meet this standard, schools and colleges should include digital technology within their:
By including digital technology in these documents, schools and colleges will know what contracts, digital technology and data they have, and when they need to be reviewed.
The contracts register includes, but is not limited to:
It can also capture the value of the contracts which helps to monitor spend and make savings where possible.
Commercial and procurement information should be updated by the business or finance team, and IT support should update technical information. This contract register must be kept up to date.
An asset register is a log of all the physical digital technology and tools that are within the school or college and should detail:
The SLT digital lead owns this register and is responsible for making sure processes are in place for IT support to keep the register up to date.
An IAR is a log of the digital data that is held on staff and students and is owned by the data protection officer. The SLT digital lead is responsible for making sure there is a process in place for:
You should already be updating your registers every time something changes.
However, the SLT digital lead should review these registers ahead of your next financial planning cycle, and before you move on to the next standard to create your digital technology strategy.
The following standards should also be considered when documenting and monitoring your data, equipment, and systems.
You should have a process in place to review and update the disaster recovery and business continuity plans, including those related to digital technology.
Not doing so will risk:
This process will help your school or college to continue to operate and provide teaching and learning even during emergencies. This will help prevent lost learning and will also mean that:
The senior leadership team ( SLT ) digital lead will be responsible for this standard, but will need input from:
Digital technology should work with your existing business continuity and disaster recovery plans. To do this you should either include digital technology in your existing plans or have a separate plan for digital technology. Both plans need to be reviewed and updated annually or when a significant change occurs.
Once your plans have been completed, you should create a summary document with top-level details (such as key contacts for when a disaster occurs) to be shared securely with all staff.
The business continuity and disaster recovery plans, including the summary documents, should be:
Your disaster recovery plan is a living document to use when a disaster takes place. It should be tested annually (at a minimum) to identify any gaps in knowledge or work needed within your digital technology estate.
It is a set of rules to follow depending on the disaster and should include details such as:
Your business continuity plan should look at:
Insurance companies may ask all schools and colleges for these documents as part of risk management. So, you should already be meeting this standard or be working towards meeting it.
The following links will also help you to meet this standard.
Your filtering system should block harmful and inappropriate content, without unreasonably impacting teaching and learning
You should have effective monitoring strategies that meet the safeguarding needs of your school or college
Before you review this standard, please make sure you complete the first 3 standards in this topic called:
Creating a digital technology strategy that is aligned with your development plan will help to make sure:
Not having a strategy in place could lead to:
The SLT digital lead is accountable for this standard and will coordinate and manage the digital technology strategy with input from:
Your governing body, school board or board of trustees will support and challenge any plans and decisions made on the digital technology strategy.
To create a strategy, you could:
The SLT digital lead will need to understand the school or college’s development plan to make sure the digital technology strategy supports this. They will also need to know your current digital technology estate. This should include gathering information on:
The SLT digital lead should develop a longer-term vision for digital technology to support all educational and organisational needs. The vision:
Once the vision has been finalised, the SLT digital lead should create a minimum 2-year strategy. This will take into consideration the changes in digital technology and the longer-term plans for what might need to be refreshed or replaced.
The SLT digital lead will also need to:
To meet this standard, you will need to have met the previous 3 standards above. Once you have completed those, this standard can then be completed before your next budget cycle.
The following standards should also be considered when creating your digital technology strategy:
Don’t include personal or financial information like your National Insurance number or credit card details.
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When business operations are disrupted by a negative event, good contingency planning gives an organization's response structure and discipline. During a crisis, decision-makers and employees often feel overwhelmed by the pile-up of events beyond their control, and having a thorough backup plan helps reestablish confidence and return ...
A contingency plan is similar to a project risk management plan or a crisis management plan because it also helps you identify and resolve risks. However, a business contingency plan should cover risks that span multiple projects or even risks that could affect multiple departments. To create a contingency plan, identify and prepare for large ...
A contingency plan is the way that your team should react if there is something that interrupts the normal course of business. Contingency plans are often found as part of emergency planning ...
What is a contingency plan? Businesses need a plan to get back on track when a disaster interrupts daily operations. Contingency plans, also known as "business continuity plans," "emergency response plans" and "disaster recovery plans" help organizations recover after a disruption. Whether they're preparing for a global outbreak ...
Business Contingency Plan (Click on the template to edit it online) Step 4: Share and Maintain the Plan . Once you have completed the contingency plans, make sure that they are quickly accessible to all employees and stakeholders. Review your contingency plans from time to time and update them as needed. And it's a best practice to inform ...
Business Continuity Plan vs. Contingency Plan. Although their names vary by few letters, business continuity and contingency plans are different concepts. Continuity is the ability of your business to continue functioning after an incident that has disrupted operations occurs. A contingency plan is an action plan that goes into place if an ...
A business contingency plan (or business continuity plan) is a strategy for how your company will respond quickly to disruptive events and keep operating. A comprehensive plan lays out the steps management, employees, and other stakeholders would take in multiple scenarios to help minimize the impact on day-to-day operations and quickly recover
A contingency plan is a proactive strategy designed to help businesses prepare for potential risks and disruptions. It outlines the necessary steps to lower potential damage, ensure your business operations continue, and that an organization can recover from its biggest risks or unexpected adverse situations.
A contingency plan can also help organizations recover from disasters, manage risk, avoid negative publicity, and handle employee injuries. By developing a contingency plan, your business can react faster to unexpected events. The faster your organization is able to get back up and running, the less impact you'll see on profits and revenue.
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 a negative event that affects an organization's reputation, financial health or ability to stay in ...
A business contingency plan is used to identify any potential business risks and clearly identifies what steps need to be taken by staff if one of those risks ever becomes a reality. A business continuity plan sounds similar in name and like a business contingency plan, aims to mitigate risks to the company. Business continuity plans outline a ...
Developing an effective contingency plan involves several key steps: Step 1: Identify potential risks and vulnerabilities. The first step in creating a contingency plan is to identify potential ...
A business contingency plan is a "plan B" or blueprint for how to keep your business running in the event of a natural disaster, major technical issue, or other unforeseen disruption. A contingency plan identifies potential risks to your business and outlines steps your management team and employees can take if confronted with one of those ...
A business contingency plan is an action plan that is used to respond to future events that might or might not affect a company in the future. In most cases, a contingency plan is devised to respond to a negative event that can tarnish a company's reputation or even its business continuity. However, there are positive contingency plans, such ...
To create a business contingency plan for your small business, follow these steps: Identify all the risks with your small business. These include risks related to hardware failure, suppliers going out of business, and core staff leaving the company. Determine the impacts these risks have on your business. For each risk, write down the steps of ...
A business contingency plan is an established strategy or backup plan designed to help organizations respond to possible future events. This contingency planning process encourages you to consider business and financial strategies for potential risks well in advance. It's basically a lean business plan that takes into account unexpected ...
Business Continuity Planning - BCP: The business continuity planning (BCP) is the creation of a strategy through the recognition of threats and risks facing a company, with an eye to ensure that ...
6. Share the contingency plan. A contingency plan only works if it's used when things go wrong—and that means that everyone in your organization knows to reach for the plan in times of trouble. To make sure that happens: Identify who needs to be aware of and involved in contingency planning.
A project contingency plan is an established, pragmatic set of actions that your team will follow if a predetermined risk materializes and makes your initial plan impossible. For example, your software development team is updating a website for a retail company. In the middle of the project, your lead full-stack developer accepts a position ...
In business, however, a business contingency plan template isn't always negative. There are cases of positive contingency plans too. Also, keep in mind that the contingency planning process is a proactive strategy, unlike crisis management which is a reaction to something that has happened. A contingency plan accounts for any disruptive ...
Contingency planning, also known as disaster recovery planning, is a crucial component of any business. It involves identifying potential risks and developing strategies to minimize the impact of these risks on the business. The purpose of contingency planning is to enable businesses to quickly recover from disruptive events and resume normal ...
Business Continuity Plan. The Business Continuity Plan is the final component of a contingency plan and is perhaps the most critical. This element involves creating and implementing a set of procedures and protocols that are designed to ensure ongoing operations and minimize downtime in the event of a disaster or other major emergency.
A business continuity plan provides a framework for returning to normalcy following a disaster. It is a key tool in protecting business revenues, your company's reputation, recovery costs and even people's lives. It generally covers the following key areas:
A business continuity plan is a written plan detailing instructions or procedures for maintaining operations in the event of major disruption. Business continuity plans can cover a variety of scenarios, ranging from natural disasters to cyber-attacks.
The government has begun drawing up contingency plans for the collapse of Thames Water amid growing doubts in Whitehall about the ability of Britain's biggest water company to service its £14bn ...
An effective plan helps maintain business continuity and minimize losses while also complying with any legal requirements that may be involved. Key Components of an Effective Contingency Plan.
The primary objective in the Business Continuity Plan is to outline a well-structured and coherent plan to resume normal operations under the office of the Vice Chancellor of Academic Affairs as quickly and effectively as possible from an unforeseen service interruption. 2. RESPONSIBILITIES AND KEY STAFF
Create Contingency Plans. Finally, consider creating specific contingency plans for disaster scenarios and probable threats. For example, how would your business adapt if there was a sudden, unexpected 50 percent drop in the number of visitors to your website? ... And if you plan on leaving these business interests to your beneficiaries, they ...
The business continuity and disaster recovery plans, including the summary documents, should be: printed out to retain hard copies in case of an emergency, such as a cyber incident
Include any other information on whether the full contingency plan calls for staff to take any special precautions during an emergency (e.g., if a SCBA is required, strong skin sensitizers, etc.). 7Special Notes to Hospital/Treatment Personnel: The identification of any hazardous wastes where exposure would require unique or