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Risk Impact/Probability Charts are a good way to do this.These charts help you to analyze the impact of each risk, and to estimate how likely it is to happen.
While some companies have developed contingency plans, most have not.
This lack of preparedness not only threatens the viability of sectors in Canada but, as in the case of manufacturing, it also jeopardizes the delivery of critical goods that depend on complex supply chain systems.
That's why it's important to make contingency planning a routine part of the way you work.
In this article, we explore how to create and maintain robust contingency plans, so that you've always got a backup option when things go wrong.
Or you may choose not to formally plan for some lower-priority risks at all, but to manage them if they do happen.
Business Contingency Plan Template
A good contingency plan can prevent your business from "going under" when unexpected events occur, so it's vital to ensure that it's fit for purpose.The first step is to identify your business-critical operations.These are the key processes and functions without which your organization could not operate – for example, your supply chain, your internet connection, or your ability to comply with legal standards.Our article, Communicating in a Crisis, explores how to plan and deliver effective communication in difficult situations.Also, make sure that you are aware of your legal obligations, and that incidents are reported to the relevant authorities where necessary.Contingency planning isn't just about major crises and natural disasters.It can also prepare you for more commonplace problems, such as the loss of data, staff, customers, or business relationships.Here are the key elements to include: Refer to your risk assessment and impact/probability charts and choose the most damaging or most likely scenarios that you want to plan for.Then, map out what should happen in each case (see Examples 1 and 2, below).State what needs to be done within the first hour, day and week of the plan being implemented.This could be as simple as, "Inform employees of the situation immediately." But you may need far more detailed timelines for certain situations, such as data breaches, serious workplace injuries, or leaks of hazardous materials.