risk management plan template section 1: methodology process task participants plan risk management: define how risk will
Risk Management Plan Template
Section 1: Methodology
Process
Task
Participants
Plan Risk Management: Define how risk will be managed for your
project.
Develop and document risk plan
Maintain and update plan as necessary
Identify Risks: Risks will be identified using a variety of techniques
during the planning phase of your project. You will identify risks and
triggers at the beginning of project and on an ongoing basis, to
identify any potential new risks or to eliminate risks that are no
longer applicable.
Brainstorming
Interviews
Review documentation
Review Memorial Day parade historical information
Analysis of triggers
Perform Quantitative Risk Analysis: Conduct sensitivity analysis to
determine which risks have the highest impact on your project & how
risks can be changed or mitigated. Brainstorm with impacted
stakeholders and calculate expected value of each risk probability.
Interview key stakeholders
Brainstorming session with team members
Conduct sensitivity analysis
Determine how to change/mitigate risk
Perform Qualitative Risk Analysis: For each identified risk, determine
the probability and impact, and calculate a risk score. A five-point
scale for probability and impact will be used. A risk ranking table
will also be created to benchmark each risk score and determine the
overall project risk profile.
Probability and impact analysis
Determine risk score
Develop a risk ranking table
Risk profile
Plan Risk Response: For each identified risk, assign a risk owner to
have primary responsibility of mitigating that risk. The risk owner is
also responsible for developing a risk response plan and contingency
plan, in the event that the risk response fails or does not mitigate
the risk to the acceptable threshold level.
Assign risk owners
Develop a response strategy
Develop a contingency strategy
Review and update strategy as needed
Monitor and Control Risks: All identified risks will be documented and
scored, then prioritized based on risk score. All risks rated high or
very high will be reviewed daily; medium rated risks will be reviewed
weekly. Any risk triggers that take effect should be brought to the
attention of the project manager ASAP.
Daily review of high and very high risks
Weekly review of medium risks
Report risk triggers change to Project Manager
Section 2: Roles and Responsibilities
Role
Responsibilities
Project Manager
Team Member Assigned to Manage a Risk
Internal Stakeholders
External Stakeholders
Section 3: Budgeting
Risk Management Activities
Activity
Budget
Contingency Reserves
Description
Budget
Section 4: Timing
Activity
Phase/Date
Section 5: Risk Categories
Once all risks have been identified, develop risk categories to
logically organize the risks. The categories of risk are (but not
limited to):
*
Technical
*
Organizational
*
External
*
Project Management
*
Environmental
*
Communications
*
Safety
*
Scope
*
Time
*
Cost
*
Quality Requirements
*
Resource Availability
*
Labor Availability
This list should not preclude the creation of additional categories,
if project risks merit new categories.
Section 6: Definitions of Risk Probability and Impact
Probability
Very Low
Low
Moderate
High
Very High
Impact
Project Objective
Very Low
Low
Moderate
High
Very High
Cost
Time
Scope
Quality
Section 7: Probability and Impact Matrix
Risk Rating List
Value
of P
Value
of I
Risk Score
Risk Description
Risk Rating
Risk Response Strategy
Probability and Impact Matrix
Probability
Threats
Opportunities
Section 8: Revised Stakeholders’ Risk Tolerances
Stakeholder
Normal Risk Tolerance
Current Project Risk Tolerance
Section 9: Reporting Formats (with Example Content)
Report
Format
Risk Register/Database
Risk ID, risk category, risk description, risk originator, risk owner,
last updated, probability score, impact score, risk score, risk status
(new, open, mitigation plan created, mitigation plan approved,
completed, re-opened),trigger, mitigation strategy, contingency
strategy
High Risk Report (daily)
Only high or very high risks reported - risk ID, risk category, risk
description, risk originator, risk owner, last updated, probability
score, impact score, risk score, risk status (new, open, mitigation
plan created, mitigation plan approved, completed, re-opened),trigger,
mitigation strategy, contingency strategy.
Weekly Risk Report
Only medium risks reported - risk ID, risk category, risk description,
risk originator, risk owner, last updated, probability score, impact
score, risk score, risk status (new, open, mitigation plan created,
mitigation plan approved, completed, re-opened),trigger, mitigation
strategy, contingency strategy
Section 10: Tracking
Process
Auditing Procedure
Plan Risk Management
Independent auditor, contracted by Citizens Collaborative BOD, to
review the plan and present findings to Sponsor and Citizen
Collaborative BOD for follow up and corrective action
Identify Risks
Independent auditor, contracted by Citizens Collaborative BOD, to
review the Identify Risks process and present findings to Sponsor and
Citizen Collaborative BOD for follow up and corrective action
Perform Qualitative Risk Analysis
Independent auditor, contracted by Citizens Collaborative BOD, to
review the qualitative risk analysis process and present findings to
Sponsor and Citizen Collaborative BOD for follow up and corrective
action
Perform Quantitative Risk Analysis
Independent auditor, contracted by Citizens Collaborative BOD, to
review the Perform Quantitative Risk Analysis process and present
findings to Sponsor and Citizen Collaborative BOD for follow up and
corrective action
Plan Risk Responses
Independent auditor, contracted by Citizens Collaborative BOD, to
review the Risk Response plan and present findings to Sponsor and
Citizen Collaborative BOD for follow up and corrective action
Monitor and Control Risks
Independent auditor, contracted by Citizens Collaborative BOD, to
review the Monitoring and Control process and present findings to
Sponsor and Citizen Collaborative BOD for follow up and corrective
action
Extracted from MDP273a: Project Risk Management
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