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What is the difference between contingency and mitigation
plan?
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Answer Posted / ritesh singhal
What is Risk Mitigation?
Mitigation is the process of solving problems that were caused or reducing the effect of the risk once it arises. In other words, risk mitigation strives to minimize a risk that materializes. Risk mitigation can also be seen as a method used to control damage that has already being done, and to reduce the ‘blow’ or consequences that it may have on the organization.
What is Contingency ?
Contingency is a planning process in which the company will come up with a few backup plans in the event that the risk materializes. A contingency plan is also known as the action plan for the worst case scenario. Such plans are essential to an organization as it helps organization quickly adapt to changes while suffering less consequences.
Mitigation vs Contingency
• Risk management is essential for organizations to ensure the long term smooth running of the business. There are two parts to risk management; risk mitigation and contingency planning.
• Mitigation is the process of solving the problems that were caused or reducing the effect of the risk once it arises.
• Contingency is a planning process in which the company will come up with a few backup plans in the event that the risk materializes.
• Risk mitigation is aimed at reducing the consequences of the crisis, whereas contingency planning is used to determine how problems can be solved if a crisis occurs.
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