Risk Management Plan Template

The Risk Management Plan template is a subsidiary plan of the Project Management Plan. It’s developed to support a wide range of project types and sizes. Generally, this template provides for risk identification, analysis, response planning, response implementation, and risk monitoring. More specifically, it:

• begins with a section that captures relevant project information;
• provides for the identification of project roles and responsibilities, as they pertain to project risk management;
• defines how risk management activities will be conducted for the project;
• prompts the Project Manager to identify and describe any organizational risk policies that may affect the project;
• prompts the Project Manager to: describe the risk management approach, identify risk management tools, review lessons learned, review funding, specify the timing for risk management activities, establish a risk scale, assess risk appetites, and specify details regarding the risk report;
• identifies the data gathering techniques that will be used and provides details regarding their implementations;
• includes a section regarding the performance of quantitative risk analysis;
• provides for planning risk responses; (e.g., it prescribes the format of the risk responses, and identifies the team responsible for developing and approving risk responses.)
• includes a section for implementing risk responses and monitoring risks;
• includes places for capturing assumptions, issues, and risks that are identified while planning risk management;
• includes a section for including relevant project documents for approval; and
• includes a section for risk management plan approval.

Who Creates the Risk Management Plan?

 Typically, the Project Manager creates the Risk Management Plan. Effective planning accounts for the input of various project team members, other stakeholders, and the project sponsor.

What Are the Inputs?

There are numerous inputs to the development of a Risk Management Plan, including the project charter, all components of the management plan, numerous project documents, organizational risk policy, and more.

How Should I Construct the Risk Management Plan?

The Risk Management Plan will vary greatly, depending on project needs. For some projects, the Risk Management Plan is developed in detail and becomes formally approved before the start of project work. For other projects, this highly detailed and rigid approach is unnecessary. It is the Project Manager’s responsibility to consider all relevant factors and construct the Risk Management Plan to fit project needs.

Make Work Easier

We know this template will make your work easier. Want an even a better solution? Consider getting The Practitioner’s Book of Project Management Templates. Our e-book contains a complete set of editable, project management templates. It expedites development of project management plans and supports project managers throughout the project life cycle. By the way, it includes this Risk Management Plan template.

Consider a Set of Templates