BAAS Process & Quality Consultant

Difference between Risk Mitigation & Contingency Plan Every risk based on score, both Mitigation & Contingency plans are prepared Risk Mitigation Plan Risk 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 condition Not 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 risks This works as a fallback plan for the high exposure risks.