1144: 3P

<Project Name>

Risk Management Plan

Version <1.0>

<mm/dd/yyyy>

VERSION HISTORY

[Provide information on how the development and distribution of the Risk Management Plan up to the final point of approval was controlled and tracked. Use the table below to provide the version number, the author implementing the version, the date of the version, the name of the person approving the version, the date that particular version was approved, and a brief description of the reason for creating the revised version.]

Version #	Implemented By	Revision Date	Approved By	Approval Date	Reason
1.0	<Author name>	<mm/dd/yy>	<name>	<mm/dd/yy>	Initial Risk Management Plan draft
1.1	<Author name>	<mm/dd/yy>	<name>	<mm/dd/yy>	<reason>

TABLE OF CONTENTS

1 1 INTRODUCTION

1 1.1 Purpose Of The Risk Management Plan

1 2 risk management Procedure

1 2.1 Process

1 2.2 Risk Identification

1 2.3 Risk Analysis

1 2.3.1 Qualitative Risk Analysis

1 2.3.2 Quantitative Risk Analysis

1 2.4 Risk Response Planning

2 2.5 Risk Monitoring, Controlling, And Reporting

2 3 Roles and responsibilities

2 4 Budgeting

2 5 Timing

2 6 Risk Breakdown structure/ categories

3 7 stakeholder risk tolerancese

4 risk management plan approval

5 APPENDIX A: REFERENCES

6 APPENDIX B: KEY TERMS

1 INTRODUCTION

1.1 Purpose Of The Risk Management Plan

Provide the purpose of the Risk Management Plan – sample text below:

A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. Risk Management is the process of identifying, assessing, responding to, monitoring, and reporting risks. This Risk Management Plan defines how risks associated with the <Project Name> project will be identified, analyzed, and managed. It outlines how risk management activities will be performed, recorded, and monitored throughout the lifecycle of the project and provides templates and practices for recording and prioritizing risks. The Risk Management Plan is created by the project manager/team in the Planning Phase and is monitored and updated throughout the project.

The intended audience of this document is the <fill in stakeholders appropriate for this document>

2 risk management Procedure

2.1 Process

Provide an overview of the risk management process and note that the steps for accomplishing this are outlined in the following sections. Answers: What is the approach for risk work?  What tools will be used in each step?

2.2 Risk Identification

In this section, explain the process for how risks will be identified in the project. Also, introduce the risk register and how it is used to document identified risks.

2.3 Risk Analysis

In this section, explain how risks will analyzed in the project. Also, link to how the risk register and how it is used to document risk analysis.

2.3.1 Qualitative Risk Analysis

Explain how qualitative analysis will be conducted. Establish definitions/ ranges for probability and impact. Include the Probability/ Impact Matrix in this section. What actions are to be taken based on the results of the qualitative risk analysis.

2.3.2 Quantitative Risk Analysis

Explain how quantitative analysis will be conducted. Identify the specific tools that will be used, how they will be used and what actions are to be taken based on the results of the qualitative risk analysis.

2.4 Risk Response Planning

Identify how the risk response plans will be created tying into the analysis work above – be sure to discuss strategies for both positive and negative risks. What level of risks have a response plan? A contingency plan? Also, link to how the risk register and how it is used to document risk analysis.

2.5 Risk Monitoring And Reporting

In this section, explain the process for ongoing risk monitoring and control. Additionally, consider how this ties into issue and change management.

3 Roles and responsibilities

In this section, clarify the roles and responsibilities of key stakeholders engaged in the risk management process. Be sure to distinguish the role of the project managers and risk owners. Consider using a RAM to confirm the role each stakeholder has in the process. If this has clearly been identified in Section 2, delete this section. Answers “Who is engaged in the risk work and how?”

4 Budgeting

In this section, explain how risk work will be budgeted for in the project. This includes both the team’s time to do risk work as well as how the actions to address risk will be considered. If this has clearly been identified in Section 2, delete this section. Answers “How is the risk work being paid for? How are the risks “paid for” should they occur?

5 Timing

In this section, explain the timing of risk work. For example, how often will the risk management plan be reviewed for revisions? What is the timing for review and updates to the risk register? How are risks tracked? Answers: “How often is the risk response plan reviewed/revised?  How often are risks communicated?” If this has clearly been identified in Section 2, delete this section.

6 Risk Breakdown structure/ categories

In this section, explain the risk breakdown structure or risk categories. Provide a definition of each category/ RBS level and how this will be used in risk work, integrated into the risk register. Answers: “What are the different categories of risk (to help ensure none are missed/ to help communicate risks)?”

7 stakeholder risk tolerancese

In this section, identify the level of risk that will be tolerated in the project based on stakeholder analysis – this will guide how much risk work needs to be done in the project. Answers: How much risk are the project’s stakeholders willing to accept?

8 Communication: reporting formats

In this section, identify how risk will be communicated in the project. Include the risk register format, where it is stored, links to project communication plan. Answers: “How will outcomes of risk management process be documented (including format of risk register) and communicated? “ The risk register is not filled out and maintained in the RMP – it will live as a separate document for the project.

risk management plan approval

The undersigned acknowledge they have reviewed the Risk Management Plan for the <Project Name> project. Changes to this Risk Management Plan will be coordinated with and approved by the undersigned or their designated representatives.

[List the individuals whose signatures are required to approve the risk management plan.. Examples include the Project Manager and Project Sponsor. Add additional lines for signature as necessary.]

Signature:		Date:
Print Name:
Title:
Role:

Signature:		Date:
Print Name:
Title:
Role:

Signature:		Date:
Print Name:
Title:
Role:

Signature:		Date:
Print Name:
Title:
Role:

APPENDIX A: REFERENCES

[Insert the name, version number, description, and physical location of any documents referenced in this document. Add rows to the table as necessary.]

The following table summarizes the documents referenced in this document.

Document Name and Version	Description	Location
<Document Name and Version Number>	[Provide description of the document]	<URL or Network path where document is located>

APPENDIX B: KEY TERMS

[Insert terms and definitions used in this document. Add rows to the table as necessary.)

The following table provides definitions for terms relevant to the Risk Management Plan.

Term	Definition
[Insert Term]	[Provide definition of the term used in this document.]
[Insert Term]	[Provide definition of the term used in this document.]
[Insert Term]	[Provide definition of the term used in this document.]

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