Question

Select all that apply identify the two statements that are correct and explain the distinction between a risk response plan and a contingency plan.

a. contingency plans go into effect before a risk occurrence happens.
b. contingency plans go into effect after a risk occurrence
c. response plans are initiated before the risk
d. response plans are initiated after the risk occurs.

Answer 1

A risk response plan is developed before a risk occurs to proactively manage the situation, while a a)contingency plan is activated after a risk occurrence to recover from the event and mitigate its impacts.

Step-by-step explanation:

The correct statements are (a) contingency plans go into effect before a risk occurrence happens and (d) response plans are initiated after the risk occurs.

A risk response plan is used to address potential risks and includes strategies to prevent, mitigate, or transfer the risk. It is developed before the risk occurs to proactively manage the situation.

A contingency plan, on the other hand, is put into action after a risk occurrence. It outlines specific actions to be taken to recover from a risk event and mitigate its impacts.

For example, in the context of a natural disaster, a risk response plan may include measures to reinforce buildings and establish evacuation procedures. A contingency plan would be activated when a disaster strikes, specifying actions like setting up emergency shelters and coordinating relief efforts.