What is Risk Mitigation and Risk Contingency plans? Please
explain in details with examples.
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Answer Posted / justin alappat
Risk Mitigation - is about reducing the impact of risk.
Risk Contigency plan - is reffred as plan B. That is a
alternate path totally.
For e.g. If your office is in an earthquake prone area,
Risk mitagation plans can include, earthquake drills to
train people, e.t.c
And Contigency plan could be that, you have a back up
office in another place, so that in case something happens
you can shift your operations to a new place.
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