The Difference Between a Business Contingency Plan and a Project Risk Management Plan

[Suba]

At first glance, a contingency plan and a project risk management plan are very similar, as they both discuss, identify, and address risks. However, upon closer examination, a business contingency plan is more comprehensive and should encompass risks across the entire project, even those that impact multiple business units.

Project risk management, on the other hand, only identifies, monitors, and resolves/addresses risks at the project level.
But how do you implement a business contingency plan and a project risk management plan?

 

[Augusta]

A Project Risk Management Plan is a proactive strategy to identify, assess, and mitigate potential risks before they occur, while a Business Contingency Plan is a reactive, Plan B that outlines specific actions to take after a risk has materialized,