As noted in a Forbes article by Juetten (2019), "any attempt to bring risk under control requires knowing what those risks are" (para.3). In this competency, you learned about risks related most...

Risk Management Plan
COMPANY OR PROJECT LOGO>    
    
Project Name
Project Reference
RISK MANAGEMENT PLAN
Version <1.0
dd/mm/yyyy
isk MANAGEMENT PLAN
stakeholdermap.com
7
stakeholdermap.com
Document Control
Document Information
    
    Information
    Document Id
    [Document Management System #]
    Document Owne
    [Owner Name]
    Issue Date
    [17/4/23]
    Last Saved Date
    [17/4/23]
    File Name
    [RMP]
Document History
    Version
    Issue Date
    Changes
    [1.0]
    [Date]
    [Section, Page(s) and Text Revised]
    
    
    
    
    
    
Document Approvals
    Role
    Name©
    Signature
    Date
    Project Sponso
    XXX
    
    
    Project Review Group
    Project Risk Team
    
    
    Project Manager©
    abc
    
    
    Quality Manage
(if applicable)
    xxx
    
    
    Procurement Manage
(if applicable)
    xxx
    
    
    Communications Manage
(if applicable)
    xxx
    
    
    Project Office Manage
(if applicable)
    xxx
    
    
Table of Contents
Project Name>    i
Project Reference>    i
RISK MANAGEMENT PLAN    i
Version <1.0>    i
dd/mm/yyyy>    i
Document Control    i
Document Information    i
Document History    i
Document Approvals    i
Template Guide    1
Risk Management Methodology    2
The risk management method    2
Risk Identification    3
How Risks will be expressed    3
Risk Report Form    4
Risk Capture and Logging    4
Risk Assessment Method    5
Risk Assessment Matrix    6
Risk Responses    7
Timing and frequency of Risk Management Activities    7
Risk Funding    7
DOWNLOAD MORE PROJECT TEMPLATES    8
Template Guide
How to use this template
This is a guide to the common sections included in a Risk Management Plan. Sections may be added, removed or amended to suit your project. Example tables have been added (where relevant) these are just a suggestion; you may decide to format these sections differently.
Text in Blue italics is designed to assist you in completing the template. Delete this text before sharing the final document.
· Overview of the organization: ABC Corporation is a manufacturing company that produces automotive parts and has been in operation for 20 years.
· Purpose of the plan: The purpose of this plan is to identify and manage potential risks associated with the company's operations and to ensure the safety of employees and the continuity of business operations.
· Scope and objectives: The scope of this plan covers all aspects of the company's operations, including manufacturing, transportation, and administrative functions. The objectives are to identify potential risks, assess their likelihood and impact, develop mitigation strategies, and implement emergency response procedures.
Risk Management Methodology
Describe the approach, tools and data that you will use to manage risk on this project.
· Identification of potential risks: Potential risks include workplace injuries, equipment failure, supply chain disruptions, natural disasters, and cyber-attacks.
· Assessment of risks: Risks are categorized into financial, operational, reputational, legal, and environmental.
· Respond to the Risk : Likelihood and impact of risks are assessed based on historical data and expert opinions. The results are recorded in a risk matrix.
· Monitoring of risks: Risks are monitored based on their likelihood and impact, with high-priority risks receiving immediate attention.
An example methodology is provided below:
The risk management method
This project will use Acme’s risk management method defined in the Acme Project Management Methodology. It is a simple four step method which is repeated continuously through the project lifecycle. Once a risk is identified, it is assessed, responses to manage the risk are agreed, and progress is monitored:
1. Identify – risks are identified on an ongoing basis, through formal risk identification workshops as well as during day to day activities.
2. Assess – once identified a risk is assessed to establish the likelihood of it occu
ing and the impact it will have if it occurs.
3. Respond – there several possible actions that can be taken to reduce the likelihood of a risk occu
ing or the impact of the risk, for example transfe
ing, avoiding, and mitigating. In this step suitable responses are agreed, and budget approved if needed.
4. Monitor – progress of the risk responses needs to be monitored and controlled, with co
ective action taken if needed. Typically, progress is assessed via project team meetings.
Risk Identification
Describe how risks will be identified and captured. Risks can be revealed from many sources and at any time during the project, so risk identification needs to be an ongoing process.
An example Risk Identification process is shown below:
The entire project team are responsible for identifying risks and reporting them to the Risk Manager. Risks may be identified via risk workshops, but also through many other routes:
· Risk Workshop: Project team members and subject matter experts will participate in
ainstorming sessions to identify potential risks and threats to the project. The sessions will be facilitated by a trained facilitator, and all ideas will be captured and recorded for further analysis.
· Planning: Relevant historical data, such as project reports, risk logs, lessons learned, and other documentation, will be reviewed to identify potential risks and issues that have arisen in similar projects or contexts.
· Project team Meeting: Input and feedback will be sought from subject matter experts, stakeholders, and...