Risk Management Plan Template

Risk
Evaluation and
Mitigation
Strategies
Your Company Name

Content
Risk Management Plan
Risk Assessment
Risk Response Matrix
Risk Mitigation Chart
Risk Identification
Risk Analysis
Risk Mitigation Strategies
Risk Register
Risk Response Plan
Risk Mitigation Plan
Risk Control Chart Risk Tracker
2

Type of
Risk
Outcome
Existing risk
treatment actions in
place
Rating
Proposed risk
treatment
actions to
mitigate risk
Additional
Resources
Target
Date
Person
Responsible
Strategic Risk
Performance
Deterioration
Proper Assessment of
Underlying Strategies
2
Detailed Understanding
of the Market
Your Text Here 31/4/2018
John
Smith
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Risk Management Plan
Below is the
template to list
down the plan to
manage the
types of risks
expected by the
company
3

Risk Identification (1/2)
Consequences
Likelihood0
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to your needs and capture your
audience's attention.
Terminate
Treat
Transfer
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it to your needs and capture your
Tolerate
This graph shows the
likelihood and impact
of risk on the
company and the
strategy which the
company might opt to
mange the risk. You
can alter this as per
your
4

Risk Identification (2/2)
Identify
Risks
Cost
▪ Budget Exceeded
▪ Unanticipated Expenditure
Resources
▪ Team is under-resourced
▪ Materials shortage
▪ Machinery unavailable
▪ Industrial Action
▪ Skills gap
Environmental
▪ Bad weather results in re-work
▪ Weather delays progress
▪ Adverse environmental effects occur
▪ Environmental approvals not complied with
Scope
▪ Scope creep
▪ Scope poorly defined
▪ Project changes
poorly managed
This is another way of
identifying the types of risk
associated with a project
basis different types of
factors like cost, time,
resources etc. You can list
down the risk associated
with all/ some of these
factors as per your
requirements
Time
▪ Schedule overruns
▪ Tasks omitted from Schedule
▪ Opportunity to compress
Schedule
Communication
▪ Poor communication
(Stakeholder dissatisfaction)
▪ Positive & timely
communications (positive
publicity)
5

Risk Identification- Example
How Long Can
You Do
Without?
Impact of Doing
Without?
Vulnerabilities?
Contingency in case of
a disaster?
Equipment
(IT only)
5 days
After five days no way to schedule
production or track orders
No UPS/ generator., MD
hardware, SPOF SME
Use paper reports for 5 days then
go manual for as many members
as possible
Facility 0 days
No production, potential for
bankruptcy, IT non- existent
Metal building, flood zone, poor
maintenance, no perimeter
security , door lock broken
Look for warehouse space,
attempt to salvage equipment and
restart operation, file bankruptcy
Personnel 0 days
Degraded operations, low service
levels
Too many SPOF
Best effort shifting of available
staff, temps
Raw Materials
30 days before new
deliveries
None until on hard exhausted Single supplier relationship Search for alternatives supplier
Transportation
System 30 days in 2 days out
No suppliers
No deliveries
Location, design of entrance None
Utilities 0 hours/power
0 hours/water
Extrusion shuts down, lines cleaned,
waste collected and prepared for
grinder, IT non-existent
Single power feed, no generator
or backup water supply
None
Vendors
(Sourcing)
4 hours No call center Mercy of vendor Being in-house
We have given an
example of
identifying risk in
the below table,
you can alter the
fields as per your
needs
6

Risk Register
Type of Risk
Description of
Risk
Probability Impact
Risk Reduction
Strategy
Contingency
plans
Risk
Owner
H M L Perf. Cost Time
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Maintain a risk
register to keep a
close track of all
the risks faced by
the company and
their impact on the
company
performance
7

Risk Rating Guide
Probability Impact Impact
High (5)
▪ Major uncertainties remain
▪ No or little prior experience or data
▪ Infrastructure and/or resources not in
place
▪ Performance, quality, cost or safety
impacts resulting in major redesign
and program delay
Medium (3)
▪ Some uncertainties remain
▪ Some experience and data exist
▪ Infrastructure in place but under-
resourced
▪ Performance, quality, cost and/or
safety impacts resulting in minor
redesign and schedule adjustment
Low (1)
▪ Few uncertainties remain
▪ Significant experience and data exist
▪ Infrastructure in place and fully
▪ Performance, quality, cost and safety
requirements met within planned
schedule
Risk Scoring System
Consequences Likelihood of Occurrence Likelihood of detection
1. No. direct effect on operating service level
2. Minor deterioration in operating service level
3. Definite reduction in operating service level
4. Source deterioration in operating service level
5. Operating service level approaches zero
E. Probability of once in many years
D. Probability of once in many operating months
C. Probability of once in some operating weeks
B. Probability of weekly occurrence
A. Probability of daily occurrence
A. Detectability is very high
B. Considerable warning of failure before occurrence
C. Some warning of failure before occurrence
D. Little warning of failure before occurrence
E. Detectability is effectively zero
Risk Assessment
Low High
1 3 5 R Show stopper
High
5
5 15 25 O Significant risk
3
3 9 15 Y
Proceed with
caution
Low
1
1 3 5 G No concern
We have listed the
framework for
assessing the risk
level. You can use
the same for risk
assessment
8

Risk Assessment (contd..)
Insignificant Minor Moderate Major Catastrophic
Consequences
Likelihood 1 2 3 4 5
- - - - -A. Almost Certain
- - - - -B. Likely
- - - - -C. Possible
- - - - -D. Unlikely
E. Rare - - - - -
Extreme Risk
Immediate Action where senior
management get involved
High Risk
Management responsibility should
be specified
Moderate Risk
Managed by specific
responsible person
Low Risk
Managed by
routine process
Risk Scoring Results
On the basis of the
framework, you
can obtain the risk
score and
determine its
likelihood of
occurrence
9

Risk Analysis – Simplified Format
Risk Items (Potential Future Problems
Derived from Brainstorming)
Likelihood of Risk
Item Occurring
Impact to Project if
Risk Item Does
Occur
Priority
(Likelihood *
Impact)
New operating system may be unstable 10 10 100
Communication problems over system issues 8 9 72
We may not have the right requirements 9 6 54
Requirements may change late in the cycle 7 7 49
Database software may arrive late 4 8 32
Key people might leave 2 10 20
Below is the simple
version of analysing
the risk level on the
basis of the
mentioned
parameters. You can
alter these values &
parameters as per
your requirements
10

Risk Analysis - Complex
Description
of Risk
Control Measures
(Detail any existing
Controls) Risk Analysis
Additional Control
(Detail additional to be
implemented Controls)
Risk Analysis(with
additional
controls)
Risk Rating
C L
C L
Risk
Rating
Step 1: Consider Step 2: Consider Likelihood Step 3: Calculation Risk
What is the consequence of the hazard occurring? Consider
what is the most possible consequence with respect to work.
What is the likelihood of the hazard consequences occurring in
Step1?
1. Take Step 1 rating and select correct column
2. Take Step 2 rating and select correct row
3. Use the risk score where the two ratings cross on the
matrix below.
Safety at work Regulatory Almost Is expected to occur in most
H = High, S = Serious, M = Medium, L = Low
Extreme Sickness Non compliance Certain Circumstances (once per year)
Likelihood
Critical Casualty Major non
compliance
Likely Will probably occur once (every 5 year)
Major Medical treatment Warning Possible Event might occur at some time
(10years
Minor First aid Minor non
compliance
Unlikely/ Rare Event expected to occur only in
exceptional circumstances (20+ years)
Min Maj Crit Ext
Almost Certain
S(A4) S(A3) H(A2) H(A1)
Likely M(B4) S(B3) H(B2) H(B1)
Possible L(C4) M(C3) S(C2) S(C1)
Unlikely Rare L (D4) M(D3) M(D2) S(D1)
Below is a complex version
of analysing the risk level.
We have listed the steps to
be followed in calculating
the risk and its certainty.
Using these steps you can
estimate the risk level
associated with your
project/ company.
11

Risk Response Plan
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Positive Risk
Negative Risk
Avoid AcceptMitigate Transfer
ShareEnhance AcceptExploit
Responding to Risk
There are many ways
in which you can
respond to the risk
levels. We have listed
down below both the
negative & positive
risk response ways.
You can choose any
as per your
requirements.
12

Risk Response Plan
Avoid
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needs and capture your audience's attention.
Exploit
Mitigate
Enhance
Transfer
Share
Accept
Accept
01 02
Responding
to Risk
There are many ways
in which you can
respond to the risk
levels. We have listed
down below both the
negative & positive
risk response ways.
You can choose any
as per your
requirements.
13

Risk Response Matrix
▪ This slide is 100% editable. Adapt it to your
Probability
0 10 20 30 40 50
20
40
60
80
100
Retain
Different Site
ConditionsWeather Delays
Unrealistic
Schedule
Avoid
Design
Changes
Labor
Productivity
Retain
Equipment
Failure
Labor dispute/ Strike
Transfer
Defective Work
You can also show
the risk response
with the help of
graph showcasing
the probability of
risk and the risk
response
associated with the
same.
14

Risk Mitigation Strategies
Technical Risks Cost Risks Schedule Risks
Emphasize team support and avoid stand-alone
project Structure
Increase the frequency of project
monitoring
Increase the frequency of project
monitoring
Increase project manager authority
Improve problem handling and communication
Improve communication, project
goals understanding, and team support
Select the most experienced project manager
Increase the frequency of project monitoring Increase project manager authority
This strategy is used to
reduce the adverse effects
of risk. We have listed
down the three categories
of risk and also the
strategies to be opted to
manage the risk levels.
You can alter these as per
your requirements.
15

Mitigation Strategy
Control Strategy
Risk will be tested on a daily basis. The risk owner
will document all avoidance & mitigation efforts.
This would be practiced until the risk level is
acceptable or has been avoided altogether
Risk will be tested on a weekly basis. The risk
owner will document all avoidance & mitigation
efforts. This would be practiced until the risk level is
acceptable or has been avoided altogether
Risk will be tested weekly. No mitigation or
avoidance efforts are necessary unless risk
elevates.
Probability Impact Score
HIGH MEDIUM LOW
16

Risk Mitigation Plan
Category Identified Risk Mitigation Plan
Client
Management
Miscommunication with sponsor/ client regarding project
requirement and expectations
Update client more frequently along the way with project progress
Server Server is down which causes project to be slightly delayed due to
application not able to load
Perform periodical check on server status
Technical
Popular web browsers or bootstrap may get an update that will
discontinue support for features used in our development as we
using responsive bootstrap. This will lead to changes in
development plan and will delay our progress
Monitor any updates on popular web browser and / or bootstrap and
make sure all UI design works as intended on updated web
browsers or responsive bootstrap
Once you decide on
the risk mitigation
strategy then you plan
to implement the
same. Below is the
table wherein you can
list down the risk
identified and the
mitigation plan to curb
the same.
17

Risk Mitigation Chart
Likelihood Impact
Medium High
MitigationStrategy
Risks
▪ Design & execute to a strong scope change procedure
Scope Creep
▪ Design an effective testing strategy
▪ Allow for sufficient time for unit testing, system testing,
performance testing, integration testing & user testing
Insufficient Testing
▪ Identify in the project charter the project resources
required for success
▪ Identify a backup plan for each resource
Insufficient Resources
18

Risk Control Matrix
Key
Process
Number
Process
Risk
Number
Risk
Control
Objective
Control
Number
Control
Description
Control
Owner
Process
Narrative
Control
Category
Control
type
Primary
Secondary
Control
Frequency
Design
Assessment
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Prepare a risk control
matrix to have a close tap
on the risk related
measures you have
intended to take. The
below table helps you to
keep a log of the control
measures you have
decided to take to manage
the risk levels.
19

Risk Tracker (1/2)
ID
Description of
Risk
Impact Risk Response High Level Risk Owner Notes
1 Your Text Here Text Here Text Here Text Here Text Here Text Here
4 Text Here Text Here Text Here Text Here Text Here Text Here
Below is the
template which
could be used to
track the risk
factors and how
we are planning to
overcome the
same
20

Risk Tracker (2/2)
Risk Items
Monthly Ranking
Risk Resolution
This
Month
Last
Month
Number of
months
Inadequate Planning 1 2 4 Working on revising the entire project plan
Poor Definition of Scope 2 3 3
Holding meetings with project customer and
sponsor to clarify scope
Absence of leadership 3 1 2
Just assigned a new project manager to lead the
project after old one quit
Poor Cost Estimates 4 4 3 Revisiting cost estimates
Poor time Estimates 5 5 3 Revisiting schedule estimates
Below is the
template which
could be used to
track the risk
factors and the
progress we have
made so far.
21

Risk Evaluation and Mitigation Strategies Icons Slide
22

Our
Mission
Vision
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and capture your audience's attention.
Mission
Goal
24

Our Awesome Team
Designation
Name Here
Designation
Name Here
Designation
Name Here
01 02 03
25

Comparison
2018 2019
50%87%
WhatsApp Users
Twitter Users
26

Magnifying Glass
Text Here
Text Here
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your needs and capture your
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your needs and capture your
Text Here
27

About Us
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capture your audience's attention.
Preferred by Many
Values Client
Target Audiences
28

Idea Generation
Text Here
Text Here
Text Here
Text Here
29

Quotes
I choose a lazy person to do a hard job.
Because a lazy person will find
an easy way to do it.
- Bill Gates
30

Timeline
2019
2018
2017
2016
31

Our Target
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your audience's attention.
Awareness
Quality
Success
32

SWOT
S W
OT
Strength
Threat
Weakness
Opportunity
SWOT
33

Thank You
Contact Numbers
0123456789
Email Address
emailaddress123@gmail.com
Address
# street number, city, state
34

Risk Management Plan Template

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Risk Management Plan Template