Question

Please Read Carefully Before start answering this question. Please follow the instructions.

This Question is from 'BSBFIM501 Manage budgets and financial plans' course. There are no parts missing for this Question; guaranteed!. This is the original Screenshot direct from the question. Therefore, there are nothing any further information can be provided. Thanks for your understanding and Cooperation.

Please answer the following questions from the topics discussed for Prepare, implement, monitor and modify contingency plans:

1.a. Explain the process of preparing contingency plans. Your response should be approximately 50-100 words.

b. Explain the process of implementing contingency plans. Your response should be approximately 50-100 words.

c. Provide implementation strategies to support your contingency plans in order to maintain financial objectives. Your response should be approximately 150 -200 words

d.Explain the process of monitoring of contingency plans. Your response should be approximately 50-100 words.

Answer 1

1.Program Preparation

Most organizations start by recruiting a contingency planning team that includes at least one representative from each department and every level of management down to the most entry-level positions. The team members identify the objectives of the contingency plan for each department, and then the team conducts realistic risk assessments that lead to creating the outline for responding to every potential threat.

2. Planning

Have the planning team conduct a thorough, realistic risk assessment and business impact analysis. The risk assessment will be the basis for the business impact analysis, followed by hazard prevention and risk mitigation policies.

3. Implementation

The contingency plan will spell out clearly who (both internally and externally) gets notified and in what order. The first-tier people are most affected by the event and need information that will enable them to take immediate action.

The communications team is alerted to begin the second phase of both internal and external notification plans. Developing an emergency reporting form will help everyone have accurate facts from the beginning of the incident and throughout its eventual resolution. It also will aid the communications team in reporting facts and not speculation from other employees or emergency personnel.

Eventually the contingency plan will guide the organization through each of the natural phases of the event and its goals: response, resumption, recovery, and restoration.

4.Monitoring & Modifying

If your company has completed a contingency plan, you will have fewer worries depending on the exact situation.

Key learning: There must be basic supply infrastructure to provide key materials and resources prior to an emergency outbreak if that outbreak is to be controllable. The costs of such contingency planning are miniscule in comparison to a potential delay or inability to react in time.