What is contingency planning?
An example of an AI chatbot conversation about contingency planning and its importance in risk management.
What is contingency planning?
Contingency planning is the process of preparing for unexpected events or emergencies to minimize their impact.
Why is it important for businesses?
It's crucial for businesses to ensure continuity, protect assets, and maintain customer trust during crises.
Can you give me an example of a contingency plan?
Sure! A common example is a disaster recovery plan for IT systems, outlining steps to restore operations after a data breach.
How often should a contingency plan be updated?
It's recommended to review and update your contingency plan at least annually or after any significant changes in the business.
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