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Difference between Risk Mitigation & Contingency Plan



Difference between Risk Mitigation & Contingency Plan
Every risk based on score, both Mitigation & Contingency plans are prepared

Risk Mitigation PlanRisk Contingency Plan

Planning of identifying actions which should take in advance irrespective of, risk is occurred or not.Plan actions and monitor through some certain warning signs. These actions are taken only the risk occurs.
spend time and money in advance for the given risk conditionNot spend time or money in advance, but keep them ready, and invest them when needed
By applying a mitigation plan, chances of occurrences might reduce, risk score can reduce etc.,Applying of contingency plan, will not change the probability or impact of the current risk, but plan to control the impact as risk event looks like occurring.
This works as the first level of defense for the high exposure risksThis works as a fallback plan for the high exposure risks.
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