<PROJECT NAME>
RISK MANAGEMENT PLAN
Version Number: 1.0
Version Date: <mm/dd/yyyy> [Insert appropriate disclaimer(s)] <Project Name> Notes to the Author
This document is a template of a Risk Management Plan document for a project. The template includes
instructions for the proper preparation of your complete risk management plan. Failure to address all of
the sections will result in a deduction of points. Project
Description
Please describe the project that will be the subject of your risk management plan. VERSION HISTORY
Provide information on how the development and distribution of the Risk Management
Plan will be 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
Revision
Approved
Number
By
Date
By
1.0
<Author name> <mm/dd/yyyy <name>
> Approval
Description of
Change
Date
<mm/dd/yy> <description of change> PMGT 530 Risk Management Plan Template
[Insert appropriate disclaimer(s)] Page 1 of 8 <Project Name> TABLE OF CONTENTS
1.0 INTRODUCTION....................................................................................................4
1.1
Purpose Of The Risk Management Plan.............................................................4 2.0 RISK MANAGEMENT PROCEDURE....................................................................4
2.1
Process.....................................................................................................................4
2.2
ROLES AND RESPONSIBILITIES.......................................................................4
2.3
Risk Identification....................................................................................................5
2.3.1 Methods for Risk Identification.........................................................................5
2.4
Risk Analysis............................................................................................................6
2.4.1 Qualitative Risk Analysis...................................................................................6
2.4.2 Quantitative Risk Analysis................................................................................6
2.5
Risk Response Planning........................................................................................6
2.6
Risk Monitoring, Controlling, And Reporting.......................................................7
2.7
Risk Contingency Budgeting.................................................................................8 3.0 TOOLS AND PRACTICES.....................................................................................8 4.0 CLOSING A RISK...................................................................................................8 5.0
LESSONS LEARNED............................................................................................9
APPENDIX A: RISK MANAGEMENT PLAN APPROVAL..................................................10
APPENDIX B: REFERENCES..................................................................................................11
APPENDIX C: KEY TERMS.....................................................................................................12 PMGT 530 Risk Management Plan Template
[Insert appropriate disclaimer(s)] Page 2 of 8 <Project Name> 1.0 INTRODUCTION
1.1 PURPOSE OF THE RISK MANAGEMENT PLAN
This Risk Management Plan defines how risks associated with the project will be
identified, analyzed, and managed. In this section, you should outline how risk
management activities will be performed, recorded, and monitored throughout the
lifecycle of the project and describe at a high level the process to be used to
record and prioritize risks by the Risk Manager and/or Risk Management Team. 2.0 RISK MANAGEMENT PROCEDURE
2.1 PROCESS
In this section, you are to summarize the steps necessary for responding to
project risk.
2.2 ROLES AND RESPONSIBILITIES
In this section, you are to complete the roles and responsibilities chart, by describing the
roles of the key players in your projects risk management program – i.e. Business SME,
Project Manager, etc. and describe their responsibilities with respect to risk management
on your project.
Role Responsibilities 2.3 RISK IDENTIFICATION
In this section, you are to identify who will be responsible for identifying risk, and provide
a description of what information will be used to help to identify project risk – such as
environmental factors, cost estimates, etc. a complete list should be included.
2.1 Methods for Risk Identification
In this section, you are to identify what specific methods will be used to assist in the
identification of risks associated with your project. A complete list should be included.
The following methods will be used to assist in the identification of risks associated
with <Project Name>: PMGT 530 Risk Management Plan Template
[Insert appropriate disclaimer(s)] Page 3 of 8 <Project Name> 2.4 RISK ANALYSIS
In this section, you are to generally describe how risks will be analyzed and describe
how risks will be prioritized by their level of importance.
2.1 Qualitative Risk Analysis
In this section, you are to describe how you will use Qualitative Risk Analysis to
conduct an analysis of potential risks to your project. You are to provide a
description of who will conduct this analysis, who will assess the results of the
analysis, and describe how you will define Probability and Impact – i.e. what
scales will you use? You should also describe the priority level of risks that will
require a risk response and contingency plan.
Probability
Impact 2.4.2 Quantitative Risk Analysis
In this section, you are to describe how you will use Quantitative Risk Analysis to
conduct an analysis of potential risks to your project. You are to provide a
description of who will conduct this analysis, who will assess the results of the
analysis, and describe how you will define Probability and Impact – i.e. what
scales will you use? You should also describe the priority level of risks that will
require a risk response and contingency plan.
2.5 RISK RESPONSE PLANNING
In this section, you are to describe how you will conduct risk response planning.
This should include how and to whom risks will be assigned, the approach(es) to
be used to address each risk.
2.6 RISK MONITORING, CONTROLLING, AND REPORTING
In this section, describe the methods and metrics that will be used to track the
project’s risk status throughout the lifecycle as well as how this status will be
reported to the stakeholders/ management. List factors that would need to be
escalated to management. Examples: documented mitigation actions are not
effective or producing the desired results; the overall level of risk is rising. This
section should also include a description of how and where risk activities will be
recorded and who will have access to this information.
2.7 RISK CONTINGENCY BUDGETING
In this section, you are to provide the appropriate information to effectively outline
and define the budget associated with the Risk Management activities on the
project. You should identify the total budget allocated to risk management and
identify how the budget can be accessed. You should also describe who has the
authority to authorize expenditures. 3.0 TOOLS AND PRACTICES
In this section, you are to describe what tools and techniques will be used to record
PMGT 530 Risk Management Plan Template
[Insert appropriate disclaimer(s)] Page 4 of 8 <Project Name> and track risks and who will be responsible for maintaining the information. You
should also describe the process to be used in reviewing risks. 4.0 CLOSING A RISK
In this section, you are to describe the criteria associated with determining when a
risk can be closed and identify who has the authority to close a risk. 5.0 LESSONS LEARNED
In this section, you are to describe how lessons learned will be identified and
recorded and where this information will be stored. PMGT 530 Risk Management Plan Template
[Insert appropriate disclaimer(s)] Page 5 of 8 <Project Name> Appendix A: Risk Management Plan Approval
In this section, you are to prepare a format for, and describe who, will be
responsible for reviewing and signing off on the plan. You should be sure to list the
individuals whose signatures are desired. Examples of such individuals are
Business Owner, Project Manager (if identified), and any appropriate
stakeholders. Add additional lines for signature as necessary. APPENDIX B: REFERENCES
In this section, you are to utilize the table to list the documents associated with
your risk management plan. Include the name of the document, a brief description
of the document, and where the document will be physically located for staff to
access each. You are to list at least three documents that you will use in the risk
management planning of your project.
The following table summarizes the documents referenced in this document.
Document Name
Description
Location
<Document Name and
Version Number> <Document description> <URL or Network path where document
is located> APPENDIX C: KEY TERMS
In this section, you are to list the terms and a definition for each one used in your
risk management plan. You are to list at least three terms and their associated
definitions. You are to select the terms which you believe may be the most difficult
to understand or may offer a double meaning.
Term
[Insert Term] Definition
<Provide definition of term and acronyms used in this document.> PMGT 530 Risk Management Plan Template
[Insert appropriate disclaimer(s)] Page 6 of 8

 

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