Risk Management Plan Template

July 7th, 2009 · No Comments · Business, Software Development

The Risk Management Plan is used to identify, evaluate and prioritize risks. The Risk Manager uses this information to prepare mitigation actions and contingency plans in order to counteract the potential impacts these risk may have on the project’s success.

This plan is updated and expanded throughout the development life-cycle as the project increases in complexity and risks become more defined. The Risk Management Plan is part of the System Concept Development Phase in the Software Development Life Cycle (SDLC).

Use this template to:

Identify and understand the risks to which your project is exposed.
Create and implement an effective plan to prevent losses or reduce the impact if a loss occurs.
Measure and prioritize risks and take the appropriate actions to reduce losses.
Protect the reputation and public image of your organization.
Reduce legal liability and increase the stability of operations.

Here’s are five steps to help you build your Risk Management Plan.

1. Risk Identification – the Risk Manager conducts risk identification meetings and uses the Risk Identification report and questionnaire to assist with initial identification of risks.

2. Risk Analysis – this involves categorizing risks, impact analysis, risk reviews, risk acceptance and updating the Risk Log.

3. Risk Response Planning – next plan mitigation activities, contingency activities, and review the risk action plans.

4. Risk Plan Implementation – once these are established, monitor trigger events, execute the action plan, and update the Risk Log.

5. Risk Tracking, Monitoring & Control – this stages concerns how the risk is progressing, as well as mitigation/contingency strategies that have been executed. When changes to the risk occur, repeat the cycle of identify, analyze, and plan.

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Sample Screenshots

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5 Free Risk Management Excel Templates!

1 Introduction
1.1 Purpose
1.2 Background
1.3 Scope
1.3.1 Assumptions
1.3.2 Constraints
1.4 Policy
1.5 Risk Management Approach

2 Risk Identification
2.1 Conducting Formal Risk Identification Reviews
2.2 Conducting Informal Risk Identification
2.3 Documenting Risks
2.4 Validating Risks

3 Risks Analysis
3.1 Categorize Risk
3.2 Impact Analysis
3.3 Review Risk v Risk Tolerances
3.4 Review Risk Analysis and Ranking
3.5 Risk Acceptance
3.6 Update Risk Log

4 Risk Response Planning
4.1 Plan Mitigation Activities
4.2 Plan Contingency Activities
4.3 Review Risk Action Plans
4.4 Update Risk Log

5 Risk Plan Implementation
5.1 Monitoring Trigger Events
5.2 Executing Action Plan
5.3 Updating the Risk Log

6 Risk Tracking, Monitoring & Control
6.1 Reporting Risk Status
6.2 Reviewing Changes to Risk Profiles and Action Plans
6.3 Retiring Risks

7 Risk Management Milestones

8 Risk Communications
8.1 Status Meetings
8.2 Lessons Learned
8.3 Escalate Risks

9 Roles and Responsibilities
9.1 Project Office
9.2 Project Sponsor
9.3 Other Participants

10 Contractor’s Role in Risk Management
10.1 Contractor Risk Management Plan
10.2 Contractor Participation in Risk Management

11 Budget

12 Tools, Techniques & Reports
12.1 Risk Management Software
12.2 Risk Management Reports

13 Glossary of Terms

What’s included in the template pack

The templates are in Microsoft Word and Excel and can be downloaded online for only $9.95.

The template pack includes the following documents:

Risk Management Plan	24 pages
Risk Assessment Checklist	1 x worksheet
Risk Assessment Questionnaire	1 x worksheet
Risk Log	1 x worksheet
Risk Register	1 x worksheet
Risk Response Plan	1 x worksheet