Step-by-step explanation:
Make a list of risks. ...
Weigh risks based on severity and likelihood. ...
Identify important risks. ...
Conduct a business impact analysis. ...
Create contingency plans for the biggest risks. ...
Get approval for contingency plans. ...
Share your contingency plans. ...
Monitor contingency plans.
A risk contingency plan provides guidelines that address what an organization should do if a hypothetical risk becomes a reality. Their intent is to minimize the harm an undesirable sequence of events could do to an organization and its assets.