Risk Management Plan Template
This risk management plan template enables you to put together a comprehensive and well-evidenced document as part of your project.
This area of project management requires you to co-ordinate the knowledge and interests of various people involved with the project your team, your stakeholders and your subject matter experts. Using this template will ensure that all communications on project risks are properly analyzed and recorded with all the necessary supporting documentation.
The template guides you through the contents of each section of the plan and ensures that you create a risk log and risk register as appendices. This management plan needs a solid foundation of project data that provides sufficient structure allowing the probability and severity of risks to be quantified. It also requires you to define how you will monitor and report on risks to key individuals within the project environment.
The management and control of risk forms a critical part of any project management, but it cannot be planned for until the project has a degree of structured information on which to base its own management plan. There are four basic aspects that form the foundation required to create this plan.
- 1) Definitions of costs, work scope, schedule and resources for the project have been agreed and approved.
- 2) The minimum and maximum baseline thresholds have been defined.
- 3) Agreement on baseline reporting format, frequency and circulation.
- 4) Roles and responsibilities of the risk management team have been agreed
One of the most critical aspects of the risk management plan is the process and procedures it defines for how the risk team will monitor and respond if required to each of what can be referred to as its 'major' risks. These are risks that have been assessed as having both a high or critical level of impact and probability of happening because there is little that can be done to prevent it happening or lessen its impact on the project.
