The Sample Risk Management Plan Template efficiently outlines risk identification, analysis, prioritization, mitigation and continuous monitoring strategies.
1
Identify the project scope and objectives
2
Identify the stakeholders
3
Define the roles and responsibilities of the stakeholders
4
Identify potential risks involved
5
Analyze the identified risks
6
Prioritize the risks based on their impact and likelihood
7
Approval: Prioritized Risks
8
Develop risk mitigation strategies
9
Document each risk and their respective mitigation strategy
10
Communicate the risks and mitigation strategies to stakeholders
11
Implement the risk mitigation strategies
12
Monitor and track the progress of risk mitigation
13
Review and update the risk management plan
14
Approval: Updated Risk Management Plan
15
Present the final risk management plan to the stakeholders
16
Approval: Final Risk Management Plan
17
Implement the final risk management plan
18
Review the effectiveness of the risk management plan
19
Approval: Effectiveness of the Risk Management Plan
20
Update and maintain the risk management plan
Identify the project scope and objectives
This task aims to clearly define the scope and objectives of the project. It involves identifying the boundaries and deliverables of the project, as well as determining the desired outcomes and benefits. By establishing a clear understanding of the project scope and objectives, stakeholders can align their expectations and work towards a common goal.
Identify the stakeholders
In this task, stakeholders who have an interest or influence in the project are identified. By identifying stakeholders, their expectations and concerns can be understood and managed throughout the project lifecycle. Stakeholders can include project sponsors, customers, users, suppliers, and regulators.
Define the roles and responsibilities of the stakeholders
This task involves clearly defining the roles and responsibilities of each stakeholder. By doing so, it ensures that everyone understands their specific contributions and accountabilities towards the project. This clarity promotes effective collaboration and minimizes confusion or duplication of effort.
Identify potential risks involved
Identifying potential risks is a key step in risk management. In this task, the project team identifies potential risks that may impact the project's success. This can include technical, environmental, financial, or organizational risks. By identifying potential risks early, the team can develop effective strategies to mitigate or respond to them.
1
Technical
2
Environmental
3
Financial
4
Organizational
Analyze the identified risks
This task involves analyzing the identified risks to understand their potential impact and likelihood. By analyzing risks, the project team can prioritize them and allocate resources accordingly. This analysis helps in making informed decisions and selecting appropriate risk mitigation strategies.
1
Risk 1
2
Risk 2
3
Risk 3
4
Risk 4
5
Risk 5
1
Low
2
Medium
3
High
1
Low
2
Medium
3
High
Prioritize the risks based on their impact and likelihood
In this task, the project team prioritizes the identified risks based on their impact and likelihood. By prioritizing risks, the team can focus on addressing the most critical and probable risks first. This ensures that resources are allocated effectively to manage risks and minimize their potential impact on the project.
1
Risk 1
2
Risk 2
3
Risk 3
4
Risk 4
5
Risk 5
Approval: Prioritized Risks
Will be submitted for approval:
Prioritize the risks based on their impact and likelihood
Will be submitted
Develop risk mitigation strategies
This task involves developing strategies to mitigate the identified risks. By developing risk mitigation strategies, the project team can reduce the likelihood or impact of risks on the project's objectives. These strategies can include risk avoidance, risk transfer, risk reduction, or risk acceptance.
1
Risk 1
2
Risk 2
3
Risk 3
4
Risk 4
5
Risk 5
Document each risk and their respective mitigation strategy
This task focuses on documenting each identified risk and its corresponding mitigation strategy. By documenting risks and mitigation strategies, the project team can maintain a comprehensive and accessible record of the risk management process. This documentation facilitates communication, transparency, and accountability.
1
Risk 1
2
Risk 2
3
Risk 3
4
Risk 4
5
Risk 5
Communicate the risks and mitigation strategies to stakeholders
This task involves communicating the identified risks and their mitigation strategies to stakeholders. By communicating effectively, stakeholders can understand potential risks, their potential impact on the project, and the planned mitigation strategies. This transparency promotes collaboration and ensures stakeholders are informed and engaged.
1
Risk 1
2
Risk 2
3
Risk 3
4
Risk 4
5
Risk 5
Implement the risk mitigation strategies
In this task, the project team executes the identified risk mitigation strategies. By implementing risk mitigation strategies, the team proactively addresses potential risks and reduces their impact on the project's objectives. This implementation requires coordination, allocation of resources, and adherence to the planned strategies.
1
Risk 1
2
Risk 2
3
Risk 3
4
Risk 4
5
Risk 5
Monitor and track the progress of risk mitigation
This task involves monitoring and tracking the progress of the risk mitigation efforts. Regularly assess the effectiveness of the implemented strategies. Are the mitigation measures working as intended? Are there any new risks that have emerged? Keep a record of the progress and make adjustments as necessary.
Review and update the risk management plan
This task involves reviewing and updating the risk management plan periodically. Evaluate the effectiveness of the current plan and identify any areas for improvement. Are there any additional risks that need to be included? Are the mitigation strategies still relevant? Update the plan to reflect any changes or new insights.
Approval: Updated Risk Management Plan
Will be submitted for approval:
Review and update the risk management plan
Will be submitted
Present the final risk management plan to the stakeholders
This task involves presenting the final risk management plan to the stakeholders. Share the updated plan and its key details with all relevant parties. How will the plan be presented? Consider using visual aids or presentations to enhance understanding. Seek feedback and address any questions or concerns.
Approval: Final Risk Management Plan
Will be submitted for approval:
Present the final risk management plan to the stakeholders
Will be submitted
Implement the final risk management plan
This task involves implementing the final version of the risk management plan. Execute the strategies and actions outlined in the updated plan. What are the specific steps required for implementation? Who will be responsible for each task? Monitor and track the progress to ensure successful execution.
1
Allocate resources
2
Communicate plan to team
3
Monitor progress
4
Document changes
5
Evaluate effectiveness
Review the effectiveness of the risk management plan
This task involves reviewing the effectiveness of the implemented risk management plan. Evaluate how well the plan has addressed and mitigated the identified risks. Have the desired outcomes been achieved? Analyze the results and gather feedback from stakeholders. Identify any areas for improvement and make necessary adjustments.
1
Highly effective
2
Somewhat effective
3
Not effective
4
Not sure
5
In progress
Approval: Effectiveness of the Risk Management Plan
Will be submitted for approval:
Review the effectiveness of the risk management plan
Will be submitted
Update and maintain the risk management plan
This task involves updating and maintaining the risk management plan on an ongoing basis. Regularly review the plan and make necessary updates based on feedback, new insights, and changing conditions. How often will the plan be reviewed? Who will be responsible for maintaining it? Keep the plan up to date and ensure it remains relevant and effective.
