What Is Contingency? Understanding Its Importance and Applications

Contingency, in essence, is a potential future event, often negative, that may or may not occur. At WHAT.EDU.VN, we provide comprehensive insights into understanding and preparing for such unforeseen circumstances. By exploring different strategies and offering free advice, we aim to help you navigate uncertainty. Learn about risk management, emergency preparedness, and crisis management.

Table of Contents

Understanding Contingency: A Comprehensive Overview
How Contingency Works: Mechanisms and Applications
Types of Contingency Plans: Protecting Assets and Investments
Business Continuity and Recovery: Ensuring Operational Resilience
Cybersecurity Contingency: Protecting Data and Operations
Special Considerations in Contingency Planning: Preparing for the Unexpected
Benefits of a Contingency Plan: Minimizing Loss and Damage
Contingencies in the Banking Sector: Maintaining Financial Stability
Environmental Contingency Plans: Protecting Our Planet
Contingency Theory: Adapting Management Strategies
Creating a Contingency Plan: Step-by-Step Guide
Frequently Asked Questions About Contingency
Navigating Uncertainty: The Role of WHAT.EDU.VN in Contingency Planning

1. Understanding Contingency: A Comprehensive Overview

A contingency refers to a possible event or situation that could occur in the future, typically involving uncertainty about the outcome. It often carries a negative connotation, representing potential risks or challenges that need to be addressed. Contingencies can range from economic downturns and natural disasters to unexpected market shifts and technological disruptions.

Understanding What Is Contingency requires recognizing its inherent uncertainty and the need for proactive planning. It involves assessing potential risks, evaluating their potential impact, and developing strategies to mitigate or manage them effectively. Contingency planning is not just about preparing for the worst-case scenario; it’s about building resilience and adaptability into your operations, investments, and overall decision-making process.

For example, a business might face the contingency of a major supplier going bankrupt. To prepare, they could identify alternative suppliers, diversify their supply chain, or build up inventory reserves. Similarly, an investor might face the contingency of a market crash. They could diversify their portfolio, use hedging strategies, or maintain a cash reserve to buy undervalued assets.

Contingency planning is relevant across various domains, including:

Business: Preparing for market changes, supply chain disruptions, and operational risks.
Finance: Managing investment risks, interest rate fluctuations, and economic downturns.
Project Management: Addressing unexpected delays, resource constraints, and scope changes.
Emergency Management: Responding to natural disasters, pandemics, and other crises.
Personal Finance: Planning for job loss, medical emergencies, and other financial hardships.

By understanding what is contingency and its implications, individuals and organizations can better prepare for the unexpected, minimize potential losses, and capitalize on opportunities that may arise.

2. How Contingency Works: Mechanisms and Applications

Contingency planning involves a systematic process of identifying potential risks, assessing their impact, and developing strategies to mitigate or manage them. The specific mechanisms and applications of contingency planning vary depending on the context, but some common elements include:

Risk Assessment: Identifying potential events or situations that could negatively impact your goals or objectives. This involves considering both internal and external factors, such as market trends, economic conditions, regulatory changes, and operational vulnerabilities.
Impact Analysis: Evaluating the potential consequences of each identified risk. This includes assessing the financial, operational, and reputational impact, as well as the likelihood of occurrence.
Contingency Strategies: Developing specific actions or plans to mitigate or manage each identified risk. These strategies might involve preventive measures, such as diversifying suppliers or investing in cybersecurity, as well as reactive measures, such as emergency response plans or insurance policies.
Resource Allocation: Allocating the necessary resources, such as personnel, funding, and equipment, to implement the contingency strategies. This involves prioritizing resources based on the severity and likelihood of each risk.
Monitoring and Evaluation: Continuously monitoring the effectiveness of the contingency strategies and making adjustments as needed. This involves tracking key performance indicators, conducting regular audits, and updating the plans based on new information or changing circumstances.

In financial markets, contingency can manifest in various forms, such as:

Market Volatility: Unexpected swings in asset prices due to economic news, political events, or investor sentiment.
Interest Rate Changes: Fluctuations in interest rates that can impact borrowing costs, investment returns, and overall economic activity.
Credit Risk: The possibility that a borrower will default on their debt obligations.
Liquidity Risk: The risk of not being able to convert assets into cash quickly enough to meet financial obligations.

To manage these risks, financial institutions and investors use a variety of contingency strategies, such as:

Hedging: Using financial instruments, such as options and futures, to offset potential losses from adverse market movements.
Diversification: Spreading investments across different asset classes, sectors, and geographies to reduce the impact of any single investment on overall portfolio performance.
Stress Testing: Simulating the impact of adverse economic scenarios on financial institutions to assess their resilience and identify potential vulnerabilities.
Capital Buffers: Maintaining adequate capital reserves to absorb unexpected losses and maintain solvency during times of stress.

Contingency planning is not a one-time exercise; it’s an ongoing process that requires continuous monitoring, evaluation, and adaptation. By proactively identifying and managing potential risks, individuals and organizations can better navigate uncertainty and achieve their goals.

3. Types of Contingency Plans: Protecting Assets and Investments

Contingency plans are tailored to address specific risks and circumstances. Here are some common types of contingency plans:

Business Continuity Plan (BCP): A comprehensive plan to ensure that critical business functions can continue operating during and after a disruptive event, such as a natural disaster, cyberattack, or pandemic.
Disaster Recovery Plan (DRP): A specific plan to restore IT systems and data after a disaster, ensuring that critical applications and data are available to support business operations.
Emergency Response Plan (ERP): A plan to respond to immediate threats to safety and security, such as fires, explosions, or active shooter situations.
Financial Contingency Plan: A plan to manage financial risks, such as market volatility, interest rate changes, or credit losses.
Investment Contingency Plan: A plan to protect investments from market downturns, economic recessions, or other adverse events.
Project Contingency Plan: A plan to address unexpected delays, resource constraints, or scope changes in a project.

Protecting Assets

Contingency plans play a vital role in safeguarding assets from various threats. Here are some examples:

Property Insurance: Protecting physical assets, such as buildings, equipment, and inventory, from damage or loss due to fire, theft, or natural disasters.
Liability Insurance: Protecting against financial losses resulting from lawsuits or claims of negligence.
Cybersecurity Insurance: Protecting against financial losses resulting from cyberattacks, data breaches, or other cyber incidents.
Key Person Insurance: Protecting against financial losses resulting from the death or disability of a key employee.

Investment Positions

Contingency plans are also essential for managing investment risks and protecting investment positions. Here are some strategies:

Stop-Loss Orders: An order to sell an investment when it reaches a specific price level, limiting potential losses.
Hedging: Using financial instruments, such as options and futures, to offset potential losses from adverse market movements.
Diversification: Spreading investments across different asset classes, sectors, and geographies to reduce the impact of any single investment on overall portfolio performance.
Asset Allocation: Adjusting the mix of assets in a portfolio based on market conditions and risk tolerance.
Cash Reserves: Maintaining a cash reserve to buy undervalued assets during market downturns.

Contingent Immunization

Contingent immunization is a fixed-income investment strategy that aims to achieve a minimum acceptable return while also allowing for the possibility of outperforming the market. It involves actively managing a portfolio to generate a target return, but also having a backup plan in place to switch to a more conservative strategy if the portfolio’s value falls below a certain threshold.

This strategy is particularly useful for investors who need to meet specific financial obligations in the future, such as funding a retirement plan or paying for college tuition. By combining active management with a safety net, contingent immunization provides a balance between growth potential and risk management.

Whether you’re a business owner, investor, or individual, contingency planning is essential for protecting your assets and achieving your goals. By understanding the different types of contingency plans and implementing appropriate strategies, you can better navigate uncertainty and minimize potential losses.

4. Business Continuity and Recovery: Ensuring Operational Resilience

Business continuity and recovery plans are critical for ensuring that organizations can maintain essential operations and recover quickly from disruptive events. These plans outline the procedures, resources, and responsibilities needed to minimize downtime, protect assets, and restore normal business functions.

A business continuity plan (BCP) focuses on maintaining critical business functions during a disruption. It involves identifying essential processes, assessing potential risks, and developing strategies to keep those processes running. A BCP might include:

Redundant Systems: Having backup systems and infrastructure in place to take over if primary systems fail.
Alternate Work Locations: Establishing remote work options or alternate office spaces to allow employees to continue working during a disruption.
Communication Plans: Developing clear communication protocols to keep employees, customers, and stakeholders informed during a crisis.
Data Backup and Recovery: Regularly backing up critical data and having a plan in place to restore it quickly in the event of data loss or corruption.
Supply Chain Management: Diversifying suppliers and establishing contingency plans to ensure that critical supplies are available during a disruption.

A business recovery plan (BRP) focuses on restoring normal business operations after a disruption. It involves assessing the damage, prioritizing recovery efforts, and implementing procedures to restore systems, data, and facilities. A BRP might include:

Damage Assessment: Evaluating the extent of the damage to facilities, equipment, and systems.
Prioritization of Recovery Efforts: Identifying the most critical business functions and prioritizing their recovery.
System Restoration: Restoring IT systems and data from backups or alternate sources.
Facility Repair or Replacement: Repairing or replacing damaged facilities and equipment.
Communication with Stakeholders: Keeping employees, customers, and stakeholders informed about the recovery process.

For example, during the COVID-19 pandemic, many businesses had to quickly implement business continuity plans to enable remote work, maintain supply chains, and communicate with customers. Those that had well-developed BCPs were able to adapt more quickly and minimize disruptions to their operations.

Business continuity and recovery plans are not just for large corporations; they are essential for businesses of all sizes. A small business might not have the resources to implement all of the strategies mentioned above, but it can still take steps to protect its critical assets and ensure that it can recover quickly from a disruption.

Some simple steps that a small business can take include:

Backing up data regularly: Using cloud-based backup services or external hard drives to protect critical data from loss or corruption.
Creating a communication plan: Developing a list of contact information for employees, customers, and suppliers, and establishing a communication protocol for use during a crisis.
Identifying alternate suppliers: Identifying backup suppliers for critical supplies and materials.
Developing a remote work policy: Establishing guidelines for employees who work remotely, including security protocols and communication expectations.

By taking these steps, small businesses can increase their resilience and improve their ability to weather unexpected disruptions.

5. Cybersecurity Contingency: Protecting Data and Operations

In today’s digital age, cybersecurity is a critical aspect of contingency planning. Cyberattacks, data breaches, and other cyber incidents can disrupt business operations, damage reputation, and result in significant financial losses. A cybersecurity contingency plan outlines the procedures, resources, and responsibilities needed to protect an organization from cyber threats and respond effectively to cyber incidents.

A comprehensive cybersecurity contingency plan should include:

Risk Assessment: Identifying potential cyber threats and vulnerabilities, such as malware, phishing attacks, ransomware, and data breaches.
Preventive Measures: Implementing security controls to prevent cyberattacks, such as firewalls, intrusion detection systems, antivirus software, and employee training.
Incident Response Plan: Developing a plan to respond to cyber incidents, including procedures for identifying, containing, and eradicating threats, as well as restoring systems and data.
Data Breach Response Plan: Developing a plan to respond to data breaches, including procedures for notifying affected individuals, complying with regulatory requirements, and managing reputational damage.
Business Continuity and Disaster Recovery: Integrating cybersecurity considerations into business continuity and disaster recovery plans to ensure that critical business functions can continue operating during and after a cyber incident.

Some specific strategies for cybersecurity contingency planning include:

Regular Security Audits: Conducting regular security audits to identify vulnerabilities and ensure that security controls are effective.
Employee Training: Providing employees with regular training on cybersecurity best practices, such as recognizing phishing emails and avoiding suspicious links.
Data Encryption: Encrypting sensitive data to protect it from unauthorized access in the event of a data breach.
Multi-Factor Authentication: Implementing multi-factor authentication to protect user accounts from unauthorized access.
Incident Response Team: Establishing an incident response team with clear roles and responsibilities for responding to cyber incidents.
Cybersecurity Insurance: Purchasing cybersecurity insurance to cover financial losses resulting from cyberattacks, data breaches, or other cyber incidents.

For example, if a company experiences a ransomware attack, its cybersecurity contingency plan should include procedures for:

Isolating infected systems: Disconnecting infected systems from the network to prevent the spread of the ransomware.
Identifying the source of the attack: Determining how the ransomware entered the network to prevent future attacks.
Restoring data from backups: Restoring data from backups to minimize data loss.
Notifying affected individuals: Notifying customers, employees, and other stakeholders about the data breach.
Working with law enforcement: Cooperating with law enforcement to investigate the attack and prosecute the perpetrators.

Cybersecurity contingency planning is an ongoing process that requires continuous monitoring, evaluation, and adaptation. As cyber threats evolve, organizations must update their security controls and incident response plans to stay ahead of the curve.

6. Special Considerations in Contingency Planning: Preparing for the Unexpected

While contingency plans typically address foreseeable risks, it’s essential to consider unexpected or low-probability events that could have a significant impact. These “black swan” events can be difficult to predict, but organizations can take steps to prepare for them.

Some special considerations in contingency planning include:

Black Swan Events: Events that are rare, unexpected, and have a significant impact, such as a global pandemic, a major financial crisis, or a terrorist attack.
Cascading Failures: Events that trigger a series of failures in interconnected systems, such as a power outage that disrupts transportation, communication, and healthcare services.
Reputational Risk: Events that damage an organization’s reputation, such as a product recall, a data breach, or a scandal involving senior management.
Legal and Regulatory Compliance: Ensuring that contingency plans comply with all applicable laws and regulations, such as data privacy laws, environmental regulations, and workplace safety standards.
Ethical Considerations: Addressing ethical considerations in contingency planning, such as how to allocate scarce resources during a crisis, how to protect vulnerable populations, and how to maintain transparency and accountability.

To prepare for unexpected events, organizations can:

Conduct Scenario Planning: Developing scenarios that explore potential future events, including low-probability, high-impact events.
Stress Test Contingency Plans: Testing contingency plans under extreme conditions to identify weaknesses and areas for improvement.
Build Resilience: Investing in systems and processes that can withstand disruptions and adapt to changing circumstances.
Foster a Culture of Preparedness: Encouraging employees to be proactive in identifying and managing risks.
Establish Partnerships: Building relationships with other organizations, such as government agencies, community groups, and industry associations, to facilitate cooperation and coordination during a crisis.

For example, a hospital might conduct scenario planning to prepare for a mass casualty event, such as a terrorist attack or a natural disaster. This could involve simulating the influx of a large number of patients, testing the hospital’s surge capacity, and developing procedures for triaging patients and allocating resources.

Contingency planning is not just about preparing for the most likely events; it’s about preparing for the unexpected. By considering special considerations and taking proactive steps, organizations can increase their resilience and improve their ability to weather any storm.

7. Benefits of a Contingency Plan: Minimizing Loss and Damage

A well-developed and implemented contingency plan offers numerous benefits, including:

Minimizing Loss and Damage: Reducing the financial, operational, and reputational impact of disruptive events.
Ensuring Business Continuity: Maintaining essential business functions during a crisis, minimizing downtime and lost revenue.
Protecting Assets: Safeguarding physical, financial, and intellectual property from damage or loss.
Improving Resilience: Building the capacity to withstand disruptions and adapt to changing circumstances.
Enhancing Reputation: Demonstrating a commitment to preparedness and responsible management, enhancing trust and confidence among stakeholders.
Complying with Regulations: Meeting legal and regulatory requirements for safety, security, and data privacy.
Reducing Insurance Costs: Obtaining better insurance rates by demonstrating a proactive approach to risk management.
Improving Decision-Making: Providing a framework for making informed decisions during a crisis, based on pre-defined procedures and priorities.
Enhancing Employee Morale: Providing employees with a sense of security and confidence, knowing that the organization is prepared to handle unexpected events.
Gaining a Competitive Advantage: Differentiating the organization from competitors by demonstrating a commitment to resilience and customer service.

For example, a company that has a well-developed business continuity plan is more likely to weather a natural disaster or a cyberattack without significant disruption to its operations. This can give the company a competitive advantage over competitors that are not as well-prepared.

A contingency plan is not just a document; it’s an investment in the organization’s future. By taking the time to develop and implement a comprehensive contingency plan, organizations can minimize loss and damage, improve resilience, and enhance their overall performance.

If you’re unsure where to start with contingency planning, WHAT.EDU.VN offers a wealth of resources and guidance. Our experts can help you assess your risks, develop a customized contingency plan, and implement the necessary strategies to protect your organization. And the best part? Our services are completely free. Contact us today at 888 Question City Plaza, Seattle, WA 98101, United States, or Whatsapp: +1 (206) 555-7890, or visit our website at WHAT.EDU.VN to learn more.

8. Contingencies in the Banking Sector: Maintaining Financial Stability

The banking sector plays a critical role in the global economy, and its stability is essential for maintaining financial stability. Contingency planning is particularly important for banks, as they face a variety of risks that could threaten their solvency and ability to provide essential services.

Some of the key contingencies that banks must prepare for include:

Credit Risk: The risk that borrowers will default on their loans.
Market Risk: The risk of losses due to changes in market conditions, such as interest rates, exchange rates, and commodity prices.
Liquidity Risk: The risk of not being able to meet financial obligations when they come due.
Operational Risk: The risk of losses due to errors, fraud, or disruptions in business operations.
Systemic Risk: The risk that the failure of one bank could trigger a cascade of failures throughout the financial system.

To manage these risks, banks use a variety of contingency strategies, such as:

Stress Testing: Simulating the impact of adverse economic scenarios on the bank’s financial performance to assess its resilience and identify potential vulnerabilities.
Capital Adequacy: Maintaining adequate capital reserves to absorb unexpected losses and meet regulatory requirements.
Liquidity Management: Maintaining sufficient liquid assets to meet financial obligations and fund lending activities.
Risk Management Framework: Implementing a comprehensive risk management framework to identify, assess, and manage all types of risks.
Business Continuity Planning: Developing a business continuity plan to ensure that critical banking services can continue operating during a crisis.

For example, after the 2008 financial crisis, regulators around the world implemented stricter capital requirements for banks, requiring them to hold more capital as a buffer against potential losses. This was intended to make the banking system more resilient and prevent future crises.

Contingency planning is not just about protecting individual banks; it’s about protecting the entire financial system. By taking proactive steps to manage risks and prepare for unexpected events, banks can help maintain financial stability and support economic growth.

9. Environmental Contingency Plans: Protecting Our Planet

Environmental contingency plans are designed to prevent and mitigate the impact of environmental accidents, such as oil spills, chemical leaks, and industrial accidents. These plans outline the procedures, resources, and responsibilities needed to protect the environment and human health in the event of an environmental emergency.

A comprehensive environmental contingency plan should include:

Risk Assessment: Identifying potential environmental hazards and assessing the likelihood and impact of environmental accidents.
Prevention Measures: Implementing measures to prevent environmental accidents, such as safety training, equipment maintenance, and pollution control technologies.
Emergency Response Procedures: Developing procedures for responding to environmental accidents, including notification procedures, containment strategies, and cleanup operations.
Resource Allocation: Identifying and allocating the resources needed to respond to environmental accidents, such as personnel, equipment, and funding.
Communication and Coordination: Establishing communication and coordination protocols with government agencies, community groups, and other stakeholders.

Some specific strategies for environmental contingency planning include:

Spill Prevention and Control Plans (SPCC): Plans for preventing and controlling oil spills at facilities that store or handle oil.
Emergency Response Plans (ERP): Plans for responding to a wide range of environmental emergencies, including chemical releases, natural disasters, and terrorist attacks.
Remediation Plans: Plans for cleaning up contaminated sites and restoring damaged ecosystems.
Wildlife Response Plans: Plans for rescuing and rehabilitating wildlife affected by environmental accidents.

For example, after the Deepwater Horizon oil spill in the Gulf of Mexico in 2010, BP developed a comprehensive environmental contingency plan to contain the spill, clean up the affected areas, and compensate those who were harmed. The plan involved deploying skimmers, booms, and dispersants to contain the oil, rescuing and rehabilitating wildlife, and providing financial assistance to affected businesses and individuals.

Environmental contingency planning is not just about complying with regulations; it’s about protecting our planet and ensuring a sustainable future. By taking proactive steps to prevent and mitigate environmental accidents, organizations can minimize their impact on the environment and safeguard human health.

10. Contingency Theory: Adapting Management Strategies

Contingency theory is a management theory that emphasizes the importance of adapting management strategies to fit the specific circumstances of an organization. It suggests that there is no one-size-fits-all approach to management, and that the best way to manage an organization depends on factors such as its size, structure, technology, and environment.

Key principles of contingency theory include:

Situational Leadership: Adapting leadership style to fit the needs of the situation and the capabilities of the followers.
Organizational Structure: Designing an organizational structure that is appropriate for the organization’s size, complexity, and environment.
Technology Adoption: Selecting and implementing technologies that are appropriate for the organization’s needs and capabilities.
Environmental Adaptation: Adapting to changes in the external environment, such as market trends, competitive pressures, and regulatory requirements.

For example, a small startup company might benefit from a flat organizational structure and a flexible management style, while a large corporation might need a more hierarchical structure and a more formal management style. Similarly, a company that operates in a rapidly changing industry might need to be more agile and adaptable than a company that operates in a stable industry.

Contingency theory recognizes that there are many different factors that can influence an organization’s success, and that managers must be able to adapt their strategies to fit the specific circumstances. By taking a situational approach to management, organizations can improve their performance and achieve their goals.

11. Creating a Contingency Plan: Step-by-Step Guide

Creating a contingency plan involves a systematic process of identifying potential risks, assessing their impact, and developing strategies to mitigate or manage them. Here’s a step-by-step guide:

Identify Potential Risks: Brainstorm a list of potential risks that could disrupt your business, investments, or personal life. Consider both internal and external factors, such as market changes, economic conditions, natural disasters, cyberattacks, and personal emergencies.
Assess the Impact: Evaluate the potential impact of each identified risk. Consider the financial, operational, reputational, and personal consequences.
Prioritize Risks: Rank the risks based on their likelihood and impact. Focus on the risks that are most likely to occur and have the greatest potential impact.
Develop Mitigation Strategies: Develop specific actions or plans to mitigate or manage each identified risk. These strategies might involve preventive measures, such as diversifying investments or purchasing insurance, as well as reactive measures, such as emergency response plans or data backup and recovery procedures.
Allocate Resources: Allocate the necessary resources, such as personnel, funding, and equipment, to implement the mitigation strategies. Prioritize resources based on the severity and likelihood of each risk.
Document the Plan: Document the contingency plan in a clear and concise manner, including a list of identified risks, mitigation strategies, resource allocations, and contact information.
Communicate the Plan: Communicate the contingency plan to all relevant stakeholders, such as employees, family members, and business partners. Ensure that everyone understands their roles and responsibilities.
Test and Update the Plan: Regularly test the contingency plan to ensure that it is effective and up-to-date. Conduct drills, simulations, and tabletop exercises to identify weaknesses and areas for improvement. Update the plan as needed to reflect changes in the environment, technology, or organizational structure.

By following these steps, you can create a comprehensive contingency plan that will help you prepare for the unexpected and minimize potential losses.

12. Frequently Asked Questions About Contingency

Here are some frequently asked questions about contingency:

Question	Answer
What is the difference between a contingency plan and a risk management plan?	A risk management plan identifies and assesses potential risks, while a contingency plan develops specific strategies to mitigate or manage those risks. A contingency plan is a subset of a risk management plan.
How often should I update my contingency plan?	You should update your contingency plan at least annually, or more frequently if there are significant changes in your business, investments, or personal life.
What are some common mistakes to avoid when creating a contingency plan?	Some common mistakes include failing to identify all potential risks, underestimating the impact of certain risks, failing to allocate sufficient resources to implement the plan, and failing to test and update the plan regularly.
How can I get help creating a contingency plan?	You can seek assistance from consultants, financial advisors, insurance agents, and other professionals. You can also find resources and templates online to help you create your own contingency plan. Additionally, what.edu.vn offers free advice and resources to help you navigate contingency planning.
What is a contingent liability?	A contingent liability is a potential obligation that may arise in the future, depending on the outcome of a specific event. For example, a pending lawsuit could result in a contingent liability if the company is found liable and required to pay damages.
What is a contingent asset?	A contingent asset is a potential benefit that may arise in the future, depending on the outcome of a specific event. For example, a favorable ruling in a lawsuit could result in a contingent asset if the company wins the case and receives compensation.
How does insurance fit into contingency planning?	Insurance can be an important part of contingency planning, as it can provide financial protection against certain types of losses. However, it’s important to carefully review your insurance policies to ensure that they cover the risks you are most concerned about.
What is the role of communication in contingency planning?	Communication is essential in contingency planning. You need to communicate the plan to all relevant stakeholders, ensure that everyone understands their roles and responsibilities, and establish clear communication protocols for use during a crisis.
How can I measure the effectiveness of my contingency plan?	You can measure the effectiveness of your contingency plan by tracking key performance indicators, such as the time it takes to restore