Introduction:

What is risk management?

Risk management is the process of identifying, assessing, minimizing, and monitoring risks efficiently and effectively.

Why do you need risk management?

In short, risk management greatly lowers the chances of anything detrimental happening to your business. When a company puts little thought into their risk management, it can result in unforeseen issues that perhaps could have been preventable had a preventative plan been set into place.

This Process Street checklist template ensures that guidelines for risk management are adhered to in line with requirements of AS9100D for aerospace quality management.

The checklist walks you step by step through the entire process, supplemented with further information within each task and form fields to input all the necessary information and make sure that your company's risk management is on track.

Though the checklist offers a strong framework to work from, we always recommend that users edit the checklist and contents of the checklist to better suit their specific use cases, if needed.

Risk Management Process:

Formalize the objectives & policies

Formalize the objectives & policies (this is your risk management plan).

Use the form fields below to make notes and then when finished, upload the finished risk management plan.

Also, make sure to assign your manager to the role below.

Risk Identification:

Identify impacted stakeholders

Take some time to identify potentially impacted stakeholders.

Use the form field below to record notes.

Apply risk questioning

Apply risk questioning in the organization’s decision-making. 

These questions should help you see your company's risk management process from a new perspective and determine whether changes need to be made.

Use the form fields below to record your answers.

Verify completeness of identified risks

Next, verify the completeness of identified risks of impacted stakeholders.

Develop risk identification strategy

You should develop a risk identification strategy that documents risk areas and how to identify risks in each area.

Use the form field below to take notes, and then upload the finished risk identification strategy.

Identify and document risks

Identify (using risk ID checklists) and document risks (using standard form).

Risk checklists are a list of identified risks or past experienced risks. They are beneficial to make sure that common risks are not overlooked.

Use the form field below to take notes, and then upload the finalized document with identified risks.

Risk Assessment:

Analyze risks

After you've identified your risks, take some time to review and analyze them (determine likelihood, consequence, urgency, and customer priorities and preferences and determine risk handling priorities).

Use the form fields below to take notes and upload your finalized risk analysis.

Assess risk handling options

Next, review and assess your risk handling options and determine what would and/or wouldn't be effective (avoid, transfer, assume, mitigate).

Use the form field below to formulate notes and then upload a finalized document with your updated risk handling options.

Review tradeoffs

After assessing your risk handling options, you should review your tradeoffs and ensure that they are made among different, and often competing cost, schedule, technical, and quality goals.

Use the form fields below to take notes and outline any changes you made.

Decide on what actions to take

Now that you've reviewed and updated your tradeoffs, you should decide on what to do, how much do, when to do, and what not to do in the event that something goes wrong.

Use the form field below to formulate notes and then upload a finalized document with your outlined plan of action.

Decide on who will take mitigation actions

Now, you should decide on who will take the mitigation actions and what actions will be applied when necessary.

Use the form field below to formulate notes, then take down the chosen team member's information and finalized mitigation actions.

Risk Action Management:

Identify owners/stakeholders of the risks

Take some time to identify owners/stakeholders of the risks.

Use the form field below to record notes.

Define Risk Handling Actions/Plans

Next, you should define your risk handling actions/plans

Use the form field below to take notes, and then upload the finalized risk handling plan.

Record risk information in Risk Register

Refer back to the information you've taken down in the previous tasks and record it all in your Risk Register.

A Risk Register is a tool used for documenting risks, and corresponding actions to manage those risks.

Use the form field below to take notes, and then upload the Risk Register document.

Prioritize risks

Now, review your documented risks and organize them by priority. Update your Risk Register accordingly.

Use the form field below to take notes, and then upload the updated Risk Register document.

Plan risk actions

Next, you should plan and perform risk actions (what, who, when, where, how, how much).

Use the form field below to take notes, upload the finalized risk actions, and record any notable results from perform those actions.

Risk Management Tools:

Assess severity & likelihood of undesired events

You should then assess the severity and likelihood of occurrence of all undesired events.

Use the form field below to take notes, upload a document with all the finalized information.

Classify likelihood & severity

Using the information you recorded in the previous task, classify the likelihood of occurrence and severity (low, moderate, or high) for all potential risks and update your Risk Register with this information.

Use the form field below to take notes, and then upload the updated Risk Register document.

Assess risk mitigation alternatives

Next, assess your risk mitigation alternatives to determine effectiveness and make any necessary changes.

Use the form field below to take notes, and record any changes made to your risk mitigation alternatives.

Risk Reporting & Monitoring:

Establish reporting & communication

In order to begin optimally monitoring and managing your risk management as you move forward, you should begin by establishing a culture of open communication and reporting if measures are not being followed.

Take action based on results of risk mitigation efforts

If undesired events take place, take actions based on results of the initial risk mitigation efforts.

Recode historical issues

Make consistent effort to recode recurring issues and corresponding lessons learned (and, in turn, use them).

Communicate risks

It's also important to communicate and track risks as time goes on.

It is recommended that these elements be addressed in writing, but they can also be expressed through different means, such as, meetings, etc.

Approval: Final

Will be submitted for approval:
  • Formalize the objectives & policies
    Will be submitted
  • Identify impacted stakeholders
    Will be submitted
  • Apply risk questioning
    Will be submitted
  • Verify completeness of identified risks
    Will be submitted
  • Develop risk identification strategy
    Will be submitted
  • Identify and document risks
    Will be submitted
  • Analyze risks
    Will be submitted
  • Assess risk handling options
    Will be submitted
  • Review tradeoffs
    Will be submitted
  • Decide on what actions to take
    Will be submitted
  • Decide on who will take mitigation actions
    Will be submitted
  • Identify owners/stakeholders of the risks
    Will be submitted
  • Define Risk Handling Actions/Plans
    Will be submitted
  • Record risk information in Risk Register
    Will be submitted
  • Prioritize risks
    Will be submitted
  • Plan risk actions
    Will be submitted
  • Assess severity & likelihood of undesired events
    Will be submitted
  • Classify likelihood & severity
    Will be submitted
  • Assess risk mitigation alternatives
    Will be submitted
  • Establish reporting & communication
    Will be submitted
  • Take action based on results of risk mitigation efforts
    Will be submitted
  • Recode historical issues
    Will be submitted
  • Communicate risks
    Will be submitted

Sources:

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