Business

How to Create a Contingency Plan for Your Business

Written by MasterClass

Last updated: Nov 2, 2021 • 3 min read

Contingency planning is an important aspect of risk management, business continuity, and disaster recovery. It’s so vital the National Institute of Standards and Technology (NIST) has outlined a seven-step contingency planning process for federal information systems and other critical organizations to use in case of a negative event.

A solid contingency plan can be developed for standard system disruptions or worst-case scenarios. For most businesses, a good plan can mean the difference between success and failure, so it’s important to always have one in place.