Which term refers to the establishment of procedures to mitigate negative impacts of an event?

The term that best describes the establishment of procedures to mitigate negative impacts of an event is contingency planning. This process involves preparing strategies and actions to be implemented in response to potential adverse events, ensuring that an organization can continue to function with minimal disruption.

Contingency planning focuses on identifying risks and developing action plans to address those risks before they materialize, which is essential for effective risk management. It provides a framework for what to do in an emergency or unexpected situation, ensuring proactive measures are in place to reduce the severity of any negative impacts.

While preventive measures relate to actions taken to avoid risks altogether and corrective actions are responses taken after an event has occurred to resolve issues, contingency planning specifically centers on preparing in advance for potential negative occurrences. Therefore, it clearly encompasses the process of establishing procedures aimed at mitigating impacts before an event happens.