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June 2014 » Contingency Planning and Disaster...
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Cynthia A. Scarinci, CPA
Contingency planning is a process through which businesses develop a strategy to deal with unanticipated events that would impede daily activities or normal operations. Although planning for the unexpected sounds like a contradiction, it is a sound business practice. A key part of this planning is the identification of a business's risk exposure, which can result from a variety of factors, including economic conditions, geographic location, financial health, political environment, technology, data integrity and security, natural or environmental challenges, and prior disaster experiences. Risks vary by business size, location, and industry.
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