Answer:
Contingency plans are an essential part of risk management. They help to ensure that you've always got a backup option when things go wrong, or when the unexpected happens.
Explanation:
Why is it important for a company to have an contingency?
“The purpose of any contingency plan is to allow an organization to return to its daily operations as quickly as possible after an unforeseen event. The contingency plan protects resources, minimizes customer inconvenience and identifies key staff, assigning specific responsibilities in the context of the recovery.”
