Contingency planning

{
  "id": "MLC-T-INS-003617",
  "term": "Contingency planning",
  "field": "Insurance and risk management",
  "definition": "The systematic process of developing strategies and procedures to prepare for and respond to potential future events that could negatively impact an organization. It involves identifying potential risks, assessing their likelihood and impact, and creating specific action plans to mitigate their effects. This proactive approach aims to maintain business continuity and minimize losses during crises.",
  "url": "https://mlchart.com/terminology/insurance/contingency-planning/"
}