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Risk Management Plan Template | FREE Download

What is the risk management plan.

The Risk Management Plan is a PMBOK document which sets out how risks will be managed on a project . It is forms the basis for all other risk management activities, including risk strategy, identification, funding and monitoring. It will define the processes followed and the templates that will be used (including the risk register ). stakeholdermap.com
  • risk management method
  • a model risk management process
  • risk report form
  • risk assessment method

What's in the Risk Management Plan?

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Risk Management Plan Template

[Project Name] Risk Management Plan

Project reference, document control.

  • Document Id
  • Document Owner
  • Last Saved Date
  • Project Sponsor
  • Project Review Group
  • Project Manager
  • ....................

Risk Management Methodology

The risk management method.

Risk Management Method

  • Identify – risks are identified on an ongoing basis, through formal risk identification workshops as well as during day to day activities.
  • Assess – once identified a risk is assessed to establish the likelihood of it occurring and the impact it will have if it occurs.
  • Respond – there several possible actions that can be taken to reduce the likelihood of a risk occurring or the impact of the risk , for example transferring , avoiding , and mitigating . In this step suitable responses are agreed, and budget approved if needed.
  • Monitor - progress of the risk responses needs to be monitored and controlled, with corrective action taken if needed. Typically, progress is assessed via project team meetings.

Risk Identification

risk identification sources

How Risks will be expressed

IF xxxx assumption proves incorrect THEN xxxxx will happen
IF shipping takes longer than 10 days THEN the project will face a cost of $500 per day in unused warehouse space.

Risk report form

Risk Report Form

Risk capture and logging

Risk Identification Process

Risk Assessment Method

  • the risk is very unlikely to happen for example it is statistically unlikely, or action has already be taken to reduce the likelihood.
  • the risk is unlikely to happen, but is not unheard of, for example a supplier goes unexpectedly into liquidation or a regulatory change forces a change of materials or project approach.
  • the risk is likely to happen, for example: rain in September in the UK or scope creep on IT projects (see 20 common project risks ).
  • the risk is highly likely to happen, perhaps it is a common occurrence on projects or a common issue with location, environment, materials, equipment or the technology used. For example, projects are often impacted by staff illness.
  • the risk will have little impact, perhaps there are plans or procedures in place that will reduce the impact, or there is a simple low-cost alternative. For example, holding a skype or zoom meeting if a key person can’t make it to the office.
  • the risk will have some impact, but it can be managed or reduced easily. For example, getting cover for a non-critical staff member who is off sick or a short delay while a contingency plan is put in place.
  • the risk will have a significant impact. It is likely to require involvement of senior management and trigger a re-assessment of the business case . For example, equipment failure causing a delay to the go live date.
  • if the risk occurs the project will no longer be viable, perhaps the business case can no longer be achieved, the additional costs would make it ruinous or the delay would be so long as to make the project pointless.

Risk Assessment Matrix

Risk Assessment Matrix

Other examples of risk matrices:

Risk responses, timing and frequency of risk management activities, risk funding, risk management plan template, word .docx download - risk management plan, word .doc download - risk management plan, pdf download - risk management plan, more project templates to download.

  • Microsoft Project Plans – real world project plans in Microsoft Project.

PMBOK Management Plans

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  • Communications Management Plan
  • Cost Management Plan
  • Procurement Management Plan
  • Project Management Plan
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  • Scope Management Plan
  • 20 Common Project Risks

How to Create a Project Risk Management Plan

By Kate Eby | February 27, 2023

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Teams can use a project risk management plan to identify and assess the potential risks to a project. We’ve gathered expert tips on creating an effective risk management plan, as well as step-by-step instructions for creating an example plan.

On this page, you’ll find information on what to include in a project risk management plan and how to create a plan , as well as step-by-step instructions for completing an example project risk management plan .

What Is a Project Risk Management Plan?

Project teams create a project risk management plan , a document that helps identify and assess potential risks to a project. The plan outlines how your team will analyze and mitigate the potential risks to ensure project success.

The project risk management plan is one of the most important documents in project risk management . You can learn more about project risks in general — as well as specific types of project risks — in our comprehensive guides

What Does a Risk Management Plan Cover?

A risk management plan should cover a number of areas detailing potential project risks and how your team will deal with them. It will include a description of the project, along with how your team will identify and assess risk.

At a minimum, your project risk management plan should include the following details:

  • Project description, including its purpose
  • The team plan for identifying, logging, and assessing potential risks
  • How the team will identify broad categories of risk
  • How the team will evaluate the severity of each potential risk
  • How your team will continue to monitor risks throughout the project
  • How team members will be assigned as owners of various risks
  • Your organization’s tolerance for certain risks, along with criteria for a risk being too large to accept

“A risk management plan defines how the risks for a project will be handled to ensure that the project can be completed within the set timeframe,” says Veniamin Simonov, Director of Product Management at NAKIVO , a backup and ransomware recovery software vendor. “The plan should cover methodology, risk categorization and prioritization, a response plan, staff roles, and responsibility areas and budgets.”

“The risk management plan will address ‘What are we going to do? How are we going to do it? What are the processes we're going to follow?’” says Alan Zucker, Founding Principal of Project Management Essentials . “It may include things such as what are the major categories you're going to use to define your risks. It might also include some guidelines for assessing risks.”

Components in a Project Risk Management Plan 

A project risk management plan will include certain components and describe how your project team will use certain tools to understand and manage potential risks. Some components include a risk register, a risk breakdown structure, and a risk response plan.

Here are components or tools that a project risk management plan often includes or describes:

  • Risk Register: A risk register is the document your project team will use to identify, log, and monitor potential project risks.
  • Risk Breakdown Structure: A risk breakdown structure is a chart that allows your team to identify broad risk categories and specific risks that fit within each category. Your team can decide on the broad categories, depending on your project.
  • Risk Assessment Matrix: A risk assessment matrix is a chart matrix that allows teams to score the severity of potential risks based on both the likelihood of each risk happening and the impact to the project if a risk happens.
  • Risk Response Plan: A risk response plan is a document that details how your team plans to respond to each potential risk to try to either prevent it from happening or lessen the impact if it does happen. You can learn more about project risk mitigation . 
  • Roles and Responsibilities: The risk management plan can provide details on the project risk management team, including the lead member for risk management. It also likely details the roles and responsibilities each team member will have in addressing and dealing with specific risks.
  • Risk Reporting Formats: The risk management plan describes how the project team will document and report its work on monitoring and dealing with risks. It describes the risk register format that the team will use. It might also describe how risks will be added to or deleted from the register and how the project team will provide periodic summarized risk reports to top project and organization leaders.
  • Project Funding and Timing: The plan will likely have a section describing the overall funding and timing for the project. That section also likely details funding for all project risk management work.

To determine what you need to include in your risk management plan, see the following requirements based on project size:

An Organization’s Risk Management Plan Often Doesn’t Change with Projects  

Many risk management experts emphasize that an organization’s project risk management plans might not change much from project to project. That’s because the plan sets out particulars that will be followed for all projects.

“Remember, it's just an approach document that answers the question: How?” says Kris Reynolds, Founder and CEO of Arrowhead Consulting in Tulsa, Oklahoma. “The company or the department as a whole should have a single risk management plan that gets built as you're building your project management methodology. And it’s your Bible. It’s your guidebook. 

“But it isn't going to change across projects,” Reynolds continues. “What changes are the artifacts, including the risk register. But your approach of how you're going to address risk or analyze risk or plan for risk is in the project risk management plan document. As a company or organization, you create that document, and it exists for a year or two years without changing.”

To create a project risk management plan, your team should gather important documents and decide on an approach for assessing and responding to risks. This process involves gathering support documents, listing potential risk management tools, and more. 

Consider some of these basic steps and factors as you begin creating the project risk management plan:

  • Gather Supporting Documents: Gather and read through supporting documents related to the overall project, including the project and project management plan. It’s important for your project risk team to have a full view of project goals and objectives.
  • Frame the Context: Make sure your team understands both the business value of the project and the impact on the organization if the project fails.
  • Decide on Risk Assessment Criteria: Decide how your team will identify and assess important risks. That will require your team to have an understanding of which types of risks your organization can tolerate and which risks could be ruinous to the project.
  • Inventory Possible Risk Management Tools: Make a list of risk management tools and documents that your team might use to help identify and manage project risk.
  • Known Risks: At the start of a project, team members will be able to identify a number of known risks , such as budget issues, shortages of material, and human and other resource constraints, which are measurable and based on specific events. 
  • Unknown Risks: At the start of a project, team members will not be able to identify a range of unknown risks that could impact your project. Those risks are not as easily or objectively measurable as known risks and can crop up at any point during a project. A main goal of project risk management is to help your team discover and address unknown risks before they happen.
  • Unknowable Risks: Your team will not be able to anticipate unknowable risks that could affect the project, such as catastrophic weather events, accidents, and major system failures.
  • Understand Human Bias: Studies have shown that people overestimate their ability to predict and influence the future. We often think we have more control than we do. Those biases can affect how we assess and manage risks in a project. We tend to give too much credence to what happened with past processes, fall into agreement with others in our group, and be more optimistic than we should be about how long a project will take or how much it will cost.  It’s important to account for all of those biases as your team identifies and assesses project risk.

Steps in Developing a Project Risk Management Plan

After your project team has gathered documents and done other preparation work, you will want to follow nine basic steps in creating a project risk management plan. Those start with identifying and assessing risks.

Here are details on the nine steps of project risk management to keep in mind while drafting your project risk management plan:

  • Identify Risks: Your team should gather information and request input from team and organization members to determine potential risks to the project. Some specific risks can threaten many projects. Other risks will vary, based on the type of project and the industry. “If you're talking about a software project, you could have risks associated with the technology, resources, and interdependencies with other systems,” says Zucker. “If you have vendors you're working with, there may be risks associated with the vendors. There may be risks that are software- or hardware-specific. If you're working on a construction project, those risks obviously would be very different. ”You can learn more about project risk analysis and how to identify potential risks to a project .
  • Assess Potential Impact of Each Risk: After your team identifies potential risks, it can assess the likelihood of each risk, along with the expected impact on the project if the risk happens. Your team can use a risk matrix to identify both the likelihood and impact of each risk. You can learn more about how to create a risk matrix and assess risks .
  • Determine Your Organization's Risk Threshold and Tolerance: Your team will want to understand your organization’s risk threshold , or tolerance for risk. Organization leaders might decide that some risks should be avoided at all costs, while others are acceptable. Take the time to understand those views as you prioritize project risks.
  • Prioritize Risks Based on Impact and Risk Tolerance: Once your team assesses the potential impact of a risk and your organization's risk tolerance for risks, it will prioritize risks accordingly. “Prioritize risks based on their disruptive potential for an organization,” says Simonov.
  • Create a Risk Response Plan: Your team should then create a response plan for each risk that the team considers a priority. That response plan will include measures that could prevent the risk from happening or lessen the risk’s impact if it does happen.
  • Select Project Risk Management Tools: Your team will need to decide on the best risk management tools to use for your project. That will likely include a risk register and a risk assessment matrix. It might include other tools, such as Monte Carlo simulations. Learn more about various tools and documents to use in risk management . 
  • Select an Owner for Each Risk: Each identified risk should have an assigned owner. In some cases, a department might be an owner of a risk, but most often, the team will assign individuals to monitor risks. In some cases, the owner will be responsible for dealing with the risk if it happens. Teams can list the owners of each risk on their project risk register. 
  • Determine Possible Triggers for Each Risk: As your team conducts a closer assessment of all risks, it should identify risk triggers where possible. Triggers are events that can cause a risk to happen. Your team won’t be able to identify triggers for all risks, but it will for some. For example, if you have a plant without sufficient backup power, a trigger could be warnings of a violent storm that could cause a power outage.
  • Determine How Your Team Will Monitor Risks: An important part of your plan includes recording concrete details about how your team will ensure that it can continually monitor risks throughout the life of a project.

Risk Management Plan Examples, Templates, and Components

Examples of project risk management plans can help your team understand what information to include in a plan. The risk management plan can also detail various components that will be part of your team’s risk management.

Project Risk Management Plan Template

Project Risk Management Plan Template

Download the Sample Project Risk Management Plan Template for Microsoft Word  

Download this sample project risk management plan, which includes primary components that might be described in a project risk management plan, such as details on risk identification, risk mitigation, and risk tracking and reporting.

Download the Blank Project Risk Management Plan for Microsoft Word

Use this blank template to create your own project risk management plan. The template includes sections to ensure that your team covers all areas of risk management, such as risk identification, risk assessment, and risk mitigation. Customize the template based on your needs.

Project Risk Register Template

Project Risk Register Template Example

Download the Sample Project Risk Register for Excel

This sample project risk register gives your team a better understanding of the information that a risk register should include to help the team understand and deal with risks. This sample includes potential risks that a project manager might track for a construction project.

Download the Blank Project Risk Register Template for Excel  

Use this project risk register template to help your team identify, track, and plan for project risks. The template includes columns for categorizing risks, providing risk descriptions, determining a risk severity score, and more.  

Quantitative Risk Register Template

Quantitative Risk Matrix Template Example

Download the Sample Quantitative Project Risk Impact Matrix for Excel

This sample quantitative project risk impact matrix template can help your team assess a project risk based on quantitative measures, such as potential monetary cost to the project. The template includes columns where your team can assess and track the probability and potential cost of each project risk. The template calculates a total monetary risk impact based on your estimates of probability and cost.

Risk Breakdown Structure Template

Risk Breakdown Structure Diagram Template

Download the Risk Breakdown Structure Template for Excel

Your team can use this template to create a risk breakdown structure diagram that shows different types of risks that could affect a project. The template helps your team organize risks into broad categories.

Step-By-Step Guide to Creating a Project Risk Management Plan

Below are step-by-step instructions on how to fill out a project risk management plan template. Follow these steps to help you and your team understand the information needed in an effective risk management plan.

This template is based on a project risk management plan template created by Arrowhead Consulting of Tulsa, Oklahoma, and was shared with us by Kris Reynolds.

  • Cover Section: Provide information for the cover section , also known as the summary section . This will include the name of the project, the project overview, the project goals, the expected length of the project, and the project manager.
  • Risk Management Approach: Write a short summary of your organization's overall approach to project risk management for all projects, not only the project at hand. The summary might describe overall goals, along with your organization’s view of the benefits of good project risk management.
  • Plan Purpose: Write a short summary explaining how the plan will help your team perform proper risk management for the project.
  • Risk Identification: Provide details on how your team plans to identify and define risks to the project. Those details should include who is assigned to specific responsibilities for risk identification and tracking, as well as what information and categories will be included in your team’s project risk register.
  • Risk Assessment: Provide details on how your team will assess the probability and potential impact of each risk it has identified. Your team should also include details on any risk matrices it plans to use and how the team will prioritize risks based on those matrices.
  • Risk Response: Provide details on the ways your team can choose to respond to various risks. In the case of high-priority risks, that will include prevention or mitigation plans for each risk. In the case of low-priority risks, or risks that might be prohibitively expensive to mitigate, it might include accepting the risk with limited mitigation measures.
  • Risk Mitigation: Provide more details on how your team plans to lessen the likelihood  or impact of each risk. Your team should also provide details on how it will monitor the effectiveness of prevention and mitigation strategies, and change them if needed.
  • Risk Tracking and Reporting: Provide details on how your team plans to track and report on risks and risk mitigation activities. These details will likely include information on the project risk register your team plans to use and information on how your team plans to periodically report risk and risk responses to organizational leadership.

Do Complex Projects Require More Complex Project Risk Management Plans? 

Experts say that complex projects shouldn’t require more complex project risk management plans. A project might have more complex tools, such as a more detailed risk register, but the risk management plan should cover the same basics for all projects.

“The problem is, most people get these management plans confused. They then start lumping in the artifacts [such as risk registers] — which can be more complex and have more detail — to the risk management plan itself,” says Reynolds. “You want it to be easily understood and easily followed.

“I don't think the complexity of the project changes the risk management plan,” Reynolds says. “You may have to circulate the plan to more people. You may have to meet more frequently. You may have to use quantitative risk analysis. That would be more complex with more complex projects. But the management plan itself —  no.”

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Risk management plan template

Starting a project without considering risks is, well, a big risk to take. Prevent major issues from occurring in your project with a risk management plan template. Learn how to create a risk management plan template in Asana.

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Before you start a project, it’s important to take into account any potential issues and risks that can prevent your project from progressing smoothly. 

Using a risk management plan template can help you mitigate risk and establish a contingency plan so you can successfully hit your goals without a hitch. Here’s how to do it. 

What is a risk management plan template?

A risk management plan template is a tool to help project managers prevent and measure potential risks. While the content of the template may change from project to project, the main structure of the template will not change. Using a template to manage the risk management process can help expedite future projects and align your team members so they know what to expect in the event that a risk occurs.

[product ui] risk management plan template in Asana (list view)

Creating a risk management plan template also makes it easier to manage projects with multiple stakeholders. When everyone is familiar with your established template, there’s less of a learning curve each time you start a new project.

What’s the purpose of a risk management plan?

Why create a risk management plan template.

Creating a risk management plan template is a best practice for project management professionals, and for good reason. Here’s why you should create a project risk management plan template before starting a large project.

Proactively prevent risks

With a risk management plan template, you can proactively ensure that problems that could occur already have a solution before they ever happen. By assigning a specific risk to a team member, you’re specifying the person responsible for actively monitoring each potential risk. 

For some teams, developing mitigation strategies for high-impact projects is necessary before a project is even approved. This prevents high-risk projects from affecting major business operations. If your team doesn’t have mitigation plans in place, your project may not make it past the approval stage. 

Provide clarity

A risk management plan template gives your team clarity, especially when it comes to contingency plans . Stakeholders often don’t enjoy hearing that something could go wrong with a project schedule , but if you and your team already have response strategies in place, it’s much easier to quell that anxiety. Collaborative work management software like Asana allows everyone on your team to access important risk management documentation, such as a risk log, a risk assessment matrix , or other project documents. 

Encourage accountability

It’s not easy to own up to an issue when things go wrong. But when there’s an assigned risk owner, that individual is responsible for mitigating that risk as much as possible if it occurs. This allows team members to evaluate the negative impact of a potential risk and develop contingency plans if or when issues arise. Individual team members have the agency to find the right solution. And if any key stakeholders have questions regarding that specific risk, they know exactly which team member to ask. 

What to include in your risk management plan template

Creating a risk management plan template is easy, but the way you manage information within the plan can vary from team to team. So how should you organize the information in your risk management plan template?

One of the easiest ways to do this is by importance—for example, by ranking risks according to their potential impact on your project. Or, you could organize your risk management plan template by the likelihood of each risk happening. 

No matter how you organize your risk management plan template, it’s important to utilize a tool that is customizable and collaborative. That way, your team can organize your risk management plan template in a way that makes the most sense for your team. 

4 steps to use your risk management plan template

Brainstorm which risks to add. Use collaborative software so everyone on your team can identify and add any potential risks that can negatively impact your project. 

Assess the probability and impact of each risk. The probability and impact of each risk combined represents the potential impact of the risk. Make sure your template has a way to track both risk likelihood and severity.

Predict how likely each risk is . Based on historical data or previous projects, team members can predict the probability that each risk will occur. 

Monitor risks during the project lifecycle. The easiest way to do this is to assign team members a specific risk to monitor throughout the lifetime of a project.

Integrated features

Custom fields . Custom fields are the best way to tag, sort, and filter work. Create unique custom fields for any information you need to track—from priority and status to email or phone number. Use custom fields to sort and schedule your to-dos so you know what to work on first. Plus, share custom fields across tasks and projects to ensure consistency across your organization.

Dependencies . Mark a task as waiting on another task with task dependencies. Know when your work is blocking someone else’s work, so you can prioritize accordingly. Teams with collaborative workflows can easily see what tasks they’re waiting on from others, and know when to get started on their portion of work. When the first task is completed, the assignee will be notified that they can get started on their dependent task. Or, if the task your work is dependent on is rescheduled, Asana will notify you—letting you know if you need to adjust your dependent due date as well.

Start dates . Sometimes you don’t just need to track when a to-do is due—you also need to know when you should start working on it. Start times and dates give your team members a clear sense of how long each task should take to complete. Use start dates to set, track, and manage work to align your team's objectives and prevent dependencies from falling through the cracks.

Subtasks . Sometimes a to-do is too big to capture in one task. If a task has more than one contributor, a broad due date, or stakeholders that need to review and approve before it can go live, subtasks can help. Subtasks are a powerful way to distribute work and split tasks into individual components—while keeping the small to-dos connected to the overarching context of the parent task. Break tasks into smaller components or capture the individual components of a multi-step process with subtasks.

Gmail . With the Asana for Gmail integration, you can create Asana tasks directly from your Gmail inbox. Any tasks you create from Gmail will automatically include the context from your email, so you never miss a beat. Need to refer to an Asana task while composing an email? Instead of opening Asana, use the Asana for Gmail add-on to simply search for that task directly from your Gmail inbox. 

Outlook . As action items come in via email, like reviewing work from your agency or a request for design assets from a partner, you can now create tasks for them in Asana right from Outlook. You can then assign the new task to yourself or a teammate, set a due date, and add it to a project so it’s connected to other relevant work.

Zendesk . With Asana's Zendesk integration, users can quickly and easily create Asana tasks directly from Zendesk tickets. Add context, attach files, and link existing tasks to track work needed to close out the ticket. The integration also provides continuing visibility across both systems, so everyone is kept up to speed regardless of which tool they use. 

Jira . Create interactive, connected workflows between technical and business teams to increase visibility around the product development process in real time—all without leaving Asana. Streamline project collaboration and hand offs. Quickly create Jira issues from within Asana so that work passes seamlessly between business and technical teams at the right time.

Do I need a risk management plan template?

A risk management plan template is a helpful collaboration tool. If you’re looking for a way to connect your project team members and your key stakeholders, a risk management plan template can help your team get on the same page by compiling all work in one central place.

How do you use a risk management plan template?

A risk management plan template is most commonly used to help mitigate potential risks. Use your risk management plan template during the project planning phase. Brainstorm potential risks with your team and log them into your already existing template. Remember to include the likelihood of the risk happening, a description of the risk, and a team member who is responsible for that specific risk should it occur.

What is the purpose of a risk management plan template?

Use a risk management plan template to help mitigate risks as your team moves through the project lifecycle. You can use a risk management plan template to help align project managers and team members to establish a tentative plan if a risk happens. You can also use it to help establish set processes for future projects. This can help expedite the risk management process and give your team some guidelines to work with.

How do I make a risk management plan template?

Your risk management plan template should live in a project management platform that your entire team has access to. By tracking this information in a central source of truth, you can track all potential risks, the impact of those risks, and who is responsible for monitoring and reacting to the risk if it occurs. Your risk management plan template should include descriptions of potential risks, the level of impact a risk would have on a project, the likelihood of that risk occurring, and a dedicated individual to monitor that specific risk.

What are the benefits of creating a risk management plan template?

A risk management plan template can help your team proactively prevent risks, provide your team clarity on contingency plans, and encourage accountability with team members. Creating a risk management plan template can help standardize processes across the organization, further preventing more risk.

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8 Free Risk Management Templates for Excel

ProjectManager

If there’s one thing you can be certain of when managing a project, it’s change. If only you knew ahead of time what those issues would be, you could better address them. Although it’s impossible to predict the future, with these free risk management templates, you can better prepare for the unexpected and be more apt to keep your project on track.

There are many project management templates that are designed to help you identify, respond to and track those risks. This helps you avoid an issue that becomes a problem that negatively impacts the project’s time, cost and scope. Download these free risk management templates and gain more control over your project.

1. Risk Management Plan

A risk management plan is a document that describes how a project management team will manage risk over a project. Risk management plans consist of several sections that describe the potential risks of a project and the various risk mitigation strategies that will be executed to manage said risks. To provide a clear view of project risks, a risk management plan typically contains a risk register, risk breakdown structure, risk matrix and a risk mitigation plan. Our risk management plan template helps you organize these different risk management documents.

small business risk management plan template

2. Risk Register Template

Planning for risk is how you manage risk. While it’s impossible to know what’ll happen, an experienced project manager will have the resources to predict what might happen. In order to define the potential of the risk from showing up in your project and what the impact could be, you’ll want to use our free risk register template for Excel .

ProjectManager's free risk tracking templatge

The free risk register gives you space to describe the risk, its impact and what your response will be if it appears in the project. There’s also a column to note if the risk is high, medium or low. Plus, you can assign a team member to that risk so they know to keep an eye out for it. If that risk becomes an issue, then the team member will be responsible for tracking it until the issue has been resolved.

3. Project Dashboard Template

Preparing for risk is essential to risk management, but that’s just the start. Once the project begins, you have to be diligent in monitoring the work to catch issues when they arise. The faster you capture issues, the less impact they’ll have and the quicker you’ll be able to resolve them. Using our free project dashboard template for Excel creates graphs that track your tasks, workload, costs and more.

Free dashboard template to help with tracking risk

However, templates can only do so much. They are, after all, static documents that must be manually updated. ProjectManager is online project management software that has real-time dashboards that automatically gather real-time data and display them in colorful graphs and charts that give you a high-level view of your tasks, workload, costs and more.

Unlike the template, there’s no setup required. It’s immediately ready to deliver live data to help you make more insightful decisions. Get started with ProjectManager today for free.

ProjectManager's dashboard view

4. Risk Matrix Template

There’s more than one way to manage risk, but regardless of how you choose to do so, you’ll always want to identify, prioritize and assign an owner to be on the lookout for it. Risk isn’t always negative, of course, but if you’re not prepared for risk then you can’t mitigate or take advantage of it. Our free risk matrix template for Excel provides a visual tool to manage risk easily.

ProjectManager's free risk matrix template

A risk matrix is a type of chart that’s used by project managers to map risks. It helps categorize the risk in terms of its likelihood of occurring and how it’ll impact the project. It does this on a colorful grid, which provides you with a visual tool that helps communicate risk to the project team.

5. Issue Tracking Template

Risk is potential, but project issues are real. They could be the manifestation of a risk that you’ve identified and have been monitoring or they could be unique. Whatever they are, you need to address them and our free issue-tracking template for Excel is just the tool you need to make sure issues don’t sidetrack your project.

ProjectManager's free issue tracking template

The issue tracking collects all the data you need to keep an eye on the issue as it moves through its life cycle. You have a column to describe it and its potential impact. Then you can give each issue a priority to know which to deal with first as well as the date it was first identified and who’s responsible for resolving the issue . There’s space to note the department responsible and whether the status is open or closed.

6. Cost-Benefit Analysis Template

Not all risks are created equal. Project managers can get sidetracked trying to resolve a risk that’s trivial when put in the context of the larger project. But how can you tell whether the risk in the project is worth the effort? Simply download our free cost-benefit analysis template for Excel to help you decide if the effort is worth the cost.

ProjectManager's free cost benefit analysis template

The free template helps you collect the quantitative costs (indirect, intangible and opportunity) and compare them to the quantitative benefits (direct, indirect, intangible and competitive). With this data, you can make a cost-benefit analysis to see if the investment is worth the return.

7. Project Status Report Template

We’ve talked about project dashboards as a means to monitor for risk. Reports are another tool that provides a more detailed look at the project’s progress and performance. Use our free project status report template for Excel to view a slice of time in the project to chart its health and progress.

ProjectManager's free status report template

Some of the data a status report captures include a summary of the project, such as key accomplishments, work that has been done, what work is still to come, milestones, deliverables and action items. There’s also information on the budget, schedule, quality and scope of the project . Plus, you can see risks, issues and roadblocks.

8. IT Risk Assessment Template

IT projects have their own unique risks and, therefore, need their own unique risk assessment. There are risks to software and hardware from malware, viruses, scams and more. There are also human errors, security breaches and natural disasters that can take you offline, too. Our free IT risk assessment template for Excel is a great tool to avoid potential loss from downtime.

IT risk assessment template

Everything you need to manage IT risk is included in the free template. You can list the risk by number to track it, note the area where the risk is likely to happen and define the risk. Then there’s a place to set up processes to control the risk, assess it and determine what activities will be required to reduce the risk . You can even monitor the risk if it shows up to make sure it’s properly resolved.

9. Change Log Template

Change is a risk; you don’t know when it’s coming, but you have to be able to deal with it. Whether it’s a request from stakeholders or an issue with equipment or weather, change can impact your project. If you planned correctly, then you’re ready for changes even if you’re not sure what they’ll be. When they come, though, you need our free change lot template for Excel to manage them.

ProjectManager's free change log template

The free template lets you date when the change first came, who owns it and who’s responsible for taking care of the change. There’s a place to note its priority to know what should be done and when. You can also note its status. This way, as changes come into your project (and they always do), you have a way to track them and make sure nothing crucial is overlooked.

More Project Management Templates

Everyone likes free templates. ProjectManager has dozens of free project management templates for Excel and Word that are ready to be downloaded on our site. You can find more than free templates that deal with risk. There are ones that cover every phase of your project and below is only a small sampling.

Gantt Chart Template

The Gantt chart is one of the most popular scheduling tools in project management. Use our free Gantt chart template for Excel to list all your tasks and see them on a visual timeline. It’s a great way to organize your costs and resources.

Project Plan Template

Project plans allow project managers to scope their work and break it down into manageable parts. It’s an essential document in project management. Using our free project plan template for Word will help you organize your tasks, phases, budget and much more.

Project Budget Template

All projects require money to deliver success, and budgets capture those financial details. The more accurate the budget estimates, the more likely you’ll be able to complete the project. Using our free project budget template for Excel will help you accurately forecast costs.

ProjectManager Is a Risk Management Software

There’s no doubt that free project management templates are great. But they’re also status documents that must be manually updated. That’s a lot of time and effort to extend on a limited tool. ProjectManager is online project management software that delivers real-time data to help you better manage project risk.

Track Risk in Real Time

None of the free templates can track risk in real time. Someone on your team has to manually update those templates and there’s always a danger that copies are floating around so no one is aware of their actual status. Our risk management features make it easy to stay informed. You can create a risk just as you would a task and assign an owner, add dates, priorities, tags, attachments and more. Always know the status of your risk in real time.

Manage Risk on Robust Gantt Charts

Having a risk management plan is essential and templates can help but they might not be flexible enough. In some cases, you need something more dynamic. Our online Gantt charts help you schedule and assign as well as monitor the project on a timeline. You can also easily share the Gantt chart with the project team and stakeholders.

ProjectManager's Gantt chart

Of course, teams and stakeholders aren’t going to need the details of a Gantt chart. That’s why we have multiple project views. Teams can manage and prioritize risk on kanban boards, which visualize the workflow. Stakeholders can be updated by viewing the calendar view or using customized reports to share just the data in which they’re interested.

Related Content

If you’re still hungry to learn more about risk and how to manage it, you’re in luck. ProjectManager isn’t only great software but our site is the premier online destination for all things project management. There are more than templates. We publish weekly blogs and have guides, videos and much more. Here’s some more risk-related reading.

  • The Risk Management Process in Project Management
  • How to Make a Risk Management Plan
  • What Is a Risk Register & How to Create One
  • Risk Analysis: Definition, Examples and Methods
  • Risk Breakdown Structure for Projects: A Complete Guide to RBS

ProjectManager is award-winning software that helps you plan, manage and track risk in real time. We also empower teams on a collaborative platform with task and resource management features to keep everyone working together more productively. Get onboard with teams from companies as varied as Avis, Nestle and Siemens who use our software to deliver success. Get started with ProjectManager today for free.

Click here to browse ProjectManager's free templates

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Risk management plan

Master project risks with our comprehensive risk management plan template. Organize, analyze, and mitigate to ensure project success.

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Navigating uncertainties in projects and business endeavors is a fundamental aspect of success. Our risk management plan template is designed to empower freelancers, small business owners, leaders, and productivity-focused individuals. It simplifies the process of identifying, analyzing, and mitigating risks, ensuring you stay on top of potential issues before they escalate.

What's inside this risk management plan template?

  • Risk identification: Here, you'll document and categorize each risk, ensuring nothing slips through the cracks. This proactive step is crucial in developing a comprehensive understanding of potential challenges. Organize and address project risks effectively with our comprehensive risk register template.
  • Risk analysis: Analyze each risk based on its likelihood and impact. This analysis is pivotal in prioritizing risks and formulating appropriate responses.
  • Risk prioritization: Organize risks according to their severity. This section helps you focus your resources on the most critical issues, enhancing efficiency in risk management.
  • Mitigation strategies: Develop and document strategies to address each high and medium-priority risk. Assigning responsibility ensures accountability and effective implementation. Track and mitigate risks efficiently with our dynamic risk tracker template.
  • Implementation plan: Detail the steps required to enact your mitigation strategies, complete with timelines. This roadmap is essential for turning plans into action.
  • Monitoring and review: Regular reviews and updates are key to adapting to new risks and changes in project dynamics. Prepare for the unexpected and safeguard your project with our contingency plan template.
  • Stakeholder communication: Effective communication is at the heart of risk management. This section ensures all stakeholders are well-informed and aligned on risk management efforts.

Key benefits of implementing a risk management plan

  • Reduces uncertainty and increases predictability: By identifying and analyzing potential risks early in your project, a risk management plan helps to minimize surprises and uncertainties. This proactive approach allows for better planning and decision-making, enhancing the predictability of project outcomes.
  • Improves resource allocation and efficiency: Implementing a risk management plan ensures that resources are allocated more efficiently. It allows you to prioritize risks and focus time, effort, and funds on areas that need it most, thereby optimizing overall resource usage and reducing wastage.
  • Strengthens stakeholder confidence and trust: A well-crafted risk management plan demonstrates to stakeholders, including clients and team members, that you are prepared and capable of handling potential challenges. This not only builds trust but also increases confidence in the project's success, leading to more robust and collaborative stakeholder relationships.

Connect the template to your goals

The risk management plan template is designed to be a practical tool in your project management toolkit. It simplifies the process of identifying and handling potential risks, enabling you to make well-informed decisions quickly. This approach is about more than just mitigating risks; it's about ensuring your project runs smoothly, maintaining stakeholder trust, and achieving your project objectives with a clear and effective strategy.

Ready to elevate your project management? Try our risk management plan template to safeguard your projects and drive them towards success. Embark on your journey to masterful risk management today.

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Business Plan Template for Risk Management

Business Plan Template for Risk Management

Running a business is not for the faint of heart. With so many variables at play, it's crucial to have a solid plan in place to navigate potential risks and ensure your business's long-term success. That's where ClickUp's Business Plan Template for Risk Management comes in.

This comprehensive template helps entrepreneurs and business owners:

  • Identify and analyze potential risks that could derail their business
  • Assess the likelihood and impact of each risk to prioritize mitigation efforts
  • Develop strategies and action plans to minimize the negative impact of risks
  • Stay proactive and agile in the face of ever-changing market conditions

Whether you're a seasoned entrepreneur or just starting out, ClickUp's Business Plan Template for Risk Management is the ultimate tool to safeguard your business's future. Get started today and take control of your business's destiny!

Business Plan Template for Risk Management Benefits

When using the Business Plan Template for Risk Management, you can expect to enjoy the following benefits:

  • Comprehensive risk assessment: Identify and evaluate potential risks that could impact your business.
  • Proactive mitigation strategies: Create action plans to minimize the negative impact of identified risks.
  • Increased operational efficiency: Streamline processes and allocate resources effectively to mitigate risks.
  • Enhanced decision-making: Make informed decisions based on a clear understanding of potential risks.
  • Improved business resilience: Strengthen your business's ability to withstand unexpected challenges.
  • Increased investor confidence: Demonstrate your commitment to risk management, attracting potential investors.
  • Higher chances of success: Increase the likelihood of achieving your business goals by proactively managing risks.

Main Elements of Risk Management Business Plan Template

When it comes to risk management, having a well-structured business plan template is essential. ClickUp's Business Plan Template for Risk Management includes:

  • Custom Statuses: Track the progress of each risk management task with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring that you stay on top of your risk mitigation efforts.
  • Custom Fields: Utilize custom fields such as Reference, Approved, and Section to store relevant information about each risk, ensuring that you have all the necessary details at your fingertips.
  • Custom Views: With five different views, including Topics, Status, Timeline, Business Plan, and Getting Started Guide, you can easily navigate through your business plan, monitor the status of each risk, visualize the timeline, and access a comprehensive guide to get started on your risk management journey.
  • Collaboration and Communication: ClickUp's collaboration features allow you to seamlessly work with your team members, assign tasks, set due dates, and communicate through comments, ensuring everyone is aligned and informed throughout the risk management process.

How To Use Business Plan Template for Risk Management

Creating a risk management plan for your business is crucial to ensure that you're prepared for any potential challenges or threats. By using the Business Plan Template for Risk Management in ClickUp and following the steps outlined below, you can effectively identify, assess, and mitigate risks, ultimately protecting your business and increasing its chances of success.

1. Identify potential risks

The first step in risk management is to identify all potential risks that your business may face. This can include anything from financial risks and market changes to legal and operational risks. Take the time to brainstorm and list out all the possible risks that could impact your business.

Use the Docs feature in ClickUp to create a document where you can document and categorize all potential risks.

2. Assess the likelihood and impact

Once you have identified the risks, it's important to assess the likelihood of each risk occurring and the potential impact it would have on your business. Rank the risks based on their severity and prioritize the ones that are most likely to happen and have the highest impact.

Utilize custom fields in ClickUp to assign a likelihood and impact rating to each risk, helping you prioritize and manage them effectively.

3. Develop risk mitigation strategies

After assessing the risks, you need to come up with strategies to mitigate or minimize their impact on your business. This can include implementing safety measures, creating contingency plans, or developing alternative solutions. Each risk should have a corresponding mitigation strategy.

Create tasks in ClickUp to outline and assign responsibilities for each mitigation strategy, ensuring that everyone on your team is on the same page.

4. Monitor and review risks

Risk management is an ongoing process, and it's important to continuously monitor and review the risks that you have identified. Keep track of any changes in the business environment or new risks that may emerge. Regularly review your risk management plan and update it as needed to ensure that it remains effective.

Use the Automations feature in ClickUp to set up alerts and reminders for regular risk reviews and updates.

5. Communicate and train your team

Risk management is not just the responsibility of one person or department. It's important to communicate your risk management plan to your entire team and ensure that everyone understands their roles and responsibilities in managing risks. Provide training and resources to help your team members identify and handle potential risks effectively.

Utilize the Docs and Goals features in ClickUp to create training materials and communicate your risk management plan with your team. Set goals to track progress and ensure that everyone is aligned with the risk management objectives.

By following these steps and using the Business Plan Template for Risk Management in ClickUp, you can effectively identify, assess, and mitigate risks, ultimately protecting your business and setting it up for success.

Get Started with ClickUp’s Business Plan Template for Risk Management

Entrepreneurs and business owners can use the ClickUp Business Plan Template for Risk Management to identify, assess, and mitigate potential risks that could impact their business operations, enabling them to create strategies and action plans to minimize the negative impact and increase the chances of success.

To get started with the template, follow these steps:

Hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Designate which Space or location in your Workspace you'd like this template applied.

Invite relevant members or guests to your Workspace to start collaborating.

Take advantage of the full potential of this template to manage risk:

  • Use the Topics View to categorize risks based on different aspects of your business.
  • The Status View will help you track the progress of each risk, categorizing them as Complete, In Progress, Needs Revision, or To Do.
  • Utilize the Timeline View to visualize the timeline of each risk and plan mitigation strategies accordingly.
  • The Business Plan View provides an overview of the entire risk management process, allowing you to assess the impact and prioritize actions.
  • Refer to the Getting Started Guide View for step-by-step instructions on how to effectively use the template.

Customize the template by adding the following custom fields: Reference, Approved, and Section. These fields will help you provide additional information, track approvals, and organize risks into relevant sections.

Update the statuses of each risk as you progress through the risk management process to keep stakeholders informed of the current status.

Monitor and analyze risks using the various views to ensure effective risk mitigation and maximize the chances of business success.

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Why Is Risk Management Important to Project Success?

Risk management techniques, macro vs. micro risk management.

  • How do I Write a Business Plan for Safety?
  • What Is the Difference Between Strategic Planning & Strategic Implementation?

In a small business, you probably can't eliminate all of the financial, material or physical risks you might encounter in a given project or initiative, but you can minimize risk through proper planning. A good risk management plan helps you to steer clear or potential risks before they become actual problems that can cost you time and money by causing delays in manufacturing, distribution or sales of your products or services. A risk management plan includes tools or methods of analysis that allow you to minimize, delay or avoid potential risks.

Make a list of all potential risks, even the most minute details, suggests Management Study Guide. As simple as this sounds, it is a key step that many small business operators miss. For example, create a cost category, and list of all of the potential risks in that area. Use an analytical tool, such as PEST -- which covers political, economical, social and technological factors -- to help you determine all of the risks at each step along the process. The marketing and sales process might include product development, pricing, promotions, lead generation, lead contact, moving the lead to sale, offering the product as a demo, gaining a client's trust and closing the sale, notes Small Business Blog from Atlantic Canada.

Once you've identified areas of potential risks, make a chart that spells out the various areas of the project, as well as the risks, suggests Appriss, a Kentucky-based firm that sells software to help keep communities safe and also provides risk analysis consultation. For example, include two columns in your chart labeled "risk" area and "potential risk." Under "risk," you might list, "project scope and complexity," "technology," "staffing and culture." In the corresponding boxes in the "potential risk" column, clearly define the risks, such as "scope is not understood," next to the "scope and complexity" box; "technology is unreliable," next to the "technology" box; or "inadequate resources devoted to project" next to the "staffing" box. Do this for any potential risk areas for all aspects of the project at every step in the process.

Perform a risk assessment to determine the likelihood that risks you have identified will occur using scenario analysis, which assesses the likelihood that any risk would happen and the impact it would have on the project. Include representatives of all stakeholders in the project in this analysis, including management officials, production engineers and workers, sales and marketing employees and even clients. Any one of these individuals might be able to provide valuable insight into potential risks in his area of expertise. Based on this scenario, prioritize the risks, perhaps by creating a list, or using a color code identifying the level of severity.

Determine who will be responsible for each area of risk. Establish what person or department can authorize funds to be used to mitigate any potential risks, such as a delay in manufacturing or shipping a part. Assign a "due date" if risk responses are time sensitive, such as providing funds to expedite the shipping of delayed parts or the returning of damage goods for replacement. Determine at this point whether the risk is worthwhile in terms of cost benefit. If the manufacturer you are using to produce a specific product is not ready, for example, if the cost of the goods is too high or if all of the points of the supply chain -- shipping, customs, for foreign goods, and transportation -- are not secured, you might opt to delay the project, thus shifting the risk to a future date.

Track and monitor the risks. The state of Minnesota (mn.gov) offers word processing and spreadsheet documents that you can download that provide templates to help track risks and planned responses, including categories for assessing and analyzing risks, responding to risks, controlling and monitoring risks. A subcategory under "controlling" risk, for example, is "take corrective action," with columns allowing you to list the duration of the action, including the "start" and "finish" date.

Plan an appropriate response to each risk. Once you've listed all of the potential risks at every step in the process, decide on your response to each possibility. Mitigate the risk if it is something you can control; accept the risk, knowing you have a plan in place to respond to problems if they arise; transfer the risk, perhaps paying insurance to guarantee the arrival of a product or delivery of a service; exploit the risk if you see the project as an opportunity to further your company goals; or avoid the risk and decide the project is simply not viable for your business at this time.

  • Small Business Blog from Atlantic Canada: How to Develop an Effective Business Risk Management Plan
  • Appriss.com: Risk Management Plan
  • Management Study Guide: How to create a Risk Management Plan ?
  • Oregon State MBA Channel: Risk Management Plan
  • State of Minnesota: Risk Management Tools
  • Use a spreadsheet or checklist like the ones provided by the state of Minnesota. Those tools are geared somewhat to state government objectives, but you can easily modify them and fill in areas of risk for a project your are considering. Since they are templates that have already been created, they provide an easy -- and cost-free -- starting point for you to develop your risk-management plan.

Based in Northern California, Leon Teeboom has worked in the newspaper business and now teaches students with disabilities.

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  • 1 How to Identify Business Risk
  • 2 Purpose of Risk Control in Project Management
  • 3 Risk Evaluation & Mitigation Strategy
  • 4 How to Assess Risk in a Project

A risk management plan can help minimise the impact of risks that could weaken your cash flow or damage your brand. It will also help create a culture of sensible risk awareness and management in your business.

Our Crisis planning template and checklist includes a risk management plan:

Follow these steps to create a risk management plan that's tailored for your business.

1. Identify risks

What are the risks to your business?

For example:

  • data breach
  • contamination
  • power outage

Some risks will cause major disruption while others will be a minor irritation.

2. Assess the risks

Assess the risks that you've identified.

Try to estimate the:

  • potential severity of each risk
  • likelihood that it might happen

Prioritise your risk planning based on the results of your assessment.

3. Minimise or eliminate risks

Some risks are preventable, so eliminate or minimise these where possible. For some risks, it might be as simple as installing an alarm system or buying extra personal protective equipment (PPE).

Check your insurance

Insurance is one way to reduce the impact of an event or disaster.

For example, business interruption insurance can make sure that you receive your average earnings for the insured period until you're able to start operating again.

Make sure your insurance is enough to cover you in the event of a significant disruption to your business.

4. Assign responsibility for tasks

Identify what needs to happen if a crisis or disaster occurs and who is responsible for each action. Having clear directions is one of the simplest and most powerful tools for a fast recovery.

5. Develop contingency plans

Come up with contingency plans for how you'll continue or resume your operations if a crisis occurs. Your contingency plan is basically your 'plan B' for risks that you can't avoid completely.

Your contingency plans will depend on the:

  • type, style and size of your business
  • extent of the damage

6. Communicate the plan and train your staff

People in or connected to your business must be aware of the strategies you've put in place to mitigate or recover from a disaster situation.

To do this:

  • Decide if you'll communicate by phone, email, text or other means.
  • Create procedural statements.
  • Inform the relevant people (such as staff, suppliers, contractors and service providers).

Next, train your staff in your procedures and have them practise. This way if a disaster occurs, the process can take over and guide the staff.

7. Monitor for new risks

Risks can pop up during day-to-day operations, so it's important to know how to identify potential risks before they escalate.

Continuously monitoring for risks will help you develop realistic and effective strategies for dealing with issues if they occur.

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Risk Management Plan Template [Free Download]

Editorial Team

small business risk management plan template

Download this free Risk Management Plan template and use it for your new project. Scroll down to the bottom of the page for the download link.

1          Introduction

Because Risks can have multiple impacts to a project, steps must be taken to identify, mitigate, manage and control them.  This document should detail these aspects including information about how each team member or role provides support to these activities.

The Introduction should provide a general description of why risk management is essential to effectively managing a project. It should also provide a brief overview of the important definitions related to risk management, and the high-level sections that the document will contain.

A risk is an event or condition that, if it occurs, could have a positive or negative effect on a project’s objectives. The purpose of the Risk Management Plan for  is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. This plan also defines how risks associated with the project will be recorded, and monitored throughout the lifecycle of the project.

This Risk Management Plan includes the following sections:

  • Risk Management Approach – Deciding how to approach and conduct the risk management activities for the project
  • Roles & Responsibilities – Defining how each team role contributes to managing the risk process
  • Risk Identification – An initial and continuous effort to identify, quantify and document risks as they are identified.
  • Risk Prioritization & Categorization – Evaluate identified risks to determine probability of occurrence, impact, and timeframe.
  • Risk Response Planning -Establish an action plan for risk and assign responsibility.
  • Risk Monitoring, Controlling, & Reporting – Capture, compile, and report risk using the Risk Register

2          Risk Management Approach

This section provides a general description for the approach to be taken to identify and manage the risks associated with the project.  It should be a short paragraph or two summarizing the approach to risk management on this project.

The basic Risk Management approach for  is to identify critical risks and take necessary action before issues arise that impact project objectives . Many different tools will be used as part of this strategy.

The approach taken to manage risks for this project will include a methodical process by which the project team will identify, score, and rank various risks.  Risk information identified by the project team will be entered into the Risk Register. The Senior Project Director will maintain the Risk Register, and Risk information will be a principal topic in all  status meetings .  New risks will be reviewed to determine if mitigation action is required. The most likely and highest impact risks will be added to the project plan to ensure that the assigned risk managers take the necessary steps to implement the mitigation response at the appropriate time during the project.  Risk managers will provide status updates on their assigned risks in bi-weekly project team meetings, but only when the meetings include their risk’s planned timeframe.  Upon completion of the project, during the closing process, the Senior Project Director will analyze each risk and review the risk management process .  Based on this analysis, the Senior Project Director will identify any improvements that can be made to the risk management process for future projects.  These improvements will be captured as part of the lessons learned knowledge base .

3          Roles and Responsibilities

The table below provides an overview of the Roles & Responsibilities for the  Risk Management activities.

Table 1: Roles and responsibilities

4          Risk Identification

This section explains the process by which the risks associated with this project will be identified.  It should describe the method(s) for how the project team will identify risks, the format in which risks are recorded, and the forum in which this process will be conducted.  Typical methods of identifying risks are conducting expert interviews, reviewing historical information from similar projects, and conducting risk assessment meetings with the project team and key stakeholders

Risk identification will involve the project team, and appropriate stakeholders, and will include an evaluation of environmental factors, organizational culture and the project management plan including the project scope, schedule, cost, or quality.  Careful attention will be given to the project deliverables, assumptions, constraints, Work Breakdown Schedule, cost/effort estimates, resource plan, and other key project documents. 

The following methods will be used to assist in the identification of risks associated with :

  • Expert Interviews
  • Risk Assessment Meetings
  • Historical Reviews of Similar Projects
  • Brainstorming
  • Interviewing
  • SWOT (Strengths, Weaknesses, Opportunities and Threats)
  • Diagramming

The Risk Register will be updated as needed and will be stored electronically in the project library located at <file location>.

5          Risk Prioritization & Categorization

Once risks are identified it is important to determine and revisit the probability and impact of each risk in order to allow the project manager to prioritize the risk avoidance and mitigation strategy.   Risks which are more likely to occur and have a significant impact on the project will be the highest priority risks while those which are more unlikely or have a low impact will be a much lower priority.  This is usually done with a probability – impact matrix.  This section explains risks were qualified and prioritized for this project. 

In order to determine the severity of the risks identified by the team, a probability and impact factor will be assigned to each risk.  This process will allow the Senior Project Director to prioritize risks based upon the potential impact to the project. 

As risks are assigned a probability and impact, the Senior Project Director will move forward with risk mitigation/avoidance planning.

The probability and impact of occurrence for each identified risk will be assessed by the Senior Project Director, with input from the project team using the following approach:

Probability

  • High – Between 80% and 100% probability of occurrence
  • Medium – Between 20%  and 79% probability of occurrence
  • Low – Below 20%  probability of occurrence
  • High – Risk that has the potential to greatly impact project cost, project schedule or performance
  • Medium – Risk that has the potential to slightly impact project cost, project schedule or performance
  • Low – Risk that has relatively little impact on cost, schedule or performance

small business risk management plan template

Figure 1: Probability and impact

Risks that fall within the RED and YELLOW zones will have a risk response plan which may include both a risk response strategy and a risk contingency plan.

6          Risk Response Planning

Each major risk (those falling in the Red & Yellow zones) will be assigned to a risk owner for monitoring and controlling purposes to ensure that the risk will be addressed and managed appropriately. 

For each major risk, one of the following approaches will be selected:

  • Avoid – Eliminate the threat or condition, or avoid impact to the project objectives by eliminating the cause. The project plan may need to be altered to account for the risk avoidance. Avoidance may be achieved by changing scope, adding time, or adding resources.
  • Mitigate – Identify ways to reduce the probability or the impact of the risk. These steps may be costly and time-consuming, but could be preferable to allowing the risk to go forward in an unmitigated state.
  • Accept –The project team accepts that the risk exists and makes no change to the project plan to address the risk. No response strategy is identified.  
  • Contingency –Define actions to be taken in response to risks.
  • Transfer – Shift the consequence and ownership of a risk by making another party responsible (buy insurance, outsourcing, etc.).

The Senior Project Director will lead the project team in developing responses to each identified risk.  As more risks are identified, they will be qualified and the team will develop the response. These risks will also be added to the Risk Register and the project plan to ensure they are monitored at the appropriate times and are responded to accordingly.

For each risk that will be mitigated, the project team will identify ways to prevent the risk from occurring or reduce its impact or probability of occurring.  This may include prototyping, adding tasks to the project schedule, adding resources, etc.  Any secondary risks that result from risk mitigation response will be documented and will follow the same risk management protocol as primary risks.

7          Risk Monitoring, Controlling, And Reporting

This section should discuss how the risks in the project will be actively monitored.  An effective way to monitor project risks is to add those risks with the highest scores to the project plan & schedule with an assigned risk manager.  This allows the project manager to recognize when these risks need to be monitored more closely and when to expect the risk manager to provide status updates at the bi-weekly project team meetings.  The key to risk monitoring is to ensure that it is continuous throughout the life of the project and includes the identification of trigger conditions for each risk and thorough documentation of the process.

The Risk Register for  is a log of all identified risks, their probability and impact to the project, the category they belong to, mitigation strategy, and when the risk is estimated to occur.  This register will be created in the early planning phase of the project.  Based on the identified risks and timeframes in the risk register, applicable risks will be added to the project plan.  At the appropriate time in the plan—prior to when the risk is most likely to occur—the project manager will assign a risk manager to ensure adherence to the agreed upon mitigation strategy. 

The level of risk on  will be tracked, monitored, controlled and reported throughout the project lifecycle. The most likely and greatest impact risks will be added to the project schedule to ensure that proper monitoring occurs during the time of risk exposure. As risks are added to the project schedule, a Risk Manager will be assigned. During the bi-weekly project team meeting, the Risk Manager will discuss the status of their assigned risks. Only risks which fall in the current time period will be discussed.  Risk monitoring will be a continuous process throughout the life of this project. 

Critical risks will also be assigned a risk owner(s) who will track, monitor, and control their assigned risks. The risk owner will also provide a weekly status report to the Project Manager and Risk Management Team. This report should contain an assessment of the effectiveness of each risk response action. 

As Risk Events occur, the list will be re-prioritized during weekly reviews and risk management plan will reflect any and all changes to the risk lists including secondary and residual risks.

The Senior Project Director will notify the Project Sponsor of important changes to risk status as in the weekly Project Status Report. 

Click  here  to download Risk Management Plan template.

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11+ risk management plan templates – samples, examples.

Companies and businesses take big risks all the time. Although there’s a chance that they could lose everything with it, risks are unavoidable, especially if a business owner wants his/her business to grow. Wise businessmen and businesswomen come up with strategic plans to manage the risks they take.You may also see Risk Mitigation Plan Templates Risk Management Plan Templates .

small business risk management plan template

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Risk Management Plan Template

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Risk Assessment and Management

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What Is a Risk Management Plan?

  • In some way, it functions like some crisis plan templates , with the aim to lessen severity.
  • Provide strategies for the project to avoid being derailed.
  • It has a risk assessment matrix that assesses and defines the risk.

What Is a Risk Management Plan in Project Management?

  • an effective marketing communication plan template , for the teams working on the project;
  • an important plan template in word that should be sent out to everyone affiliated with the project; and
  • a proactive plan, rather than being a reactive one.

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What Is a Risk Management in Software Engineering

  • diagnose the risk and its components,
  • monitor the risk,
  • lessen its impact and the damage it does,
  • lessens the chance of a risk actually occurring,
  • plan the next steps to deal with the risk, and
  • provide appropriate solutions to solve the occurrence of risk.

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smallbusiness.wa.gov.au

  • Risk management

Learning which risks could adversely affect your business and working out ways to manage them. 

small business risk management plan template

Risk management is a process in which businesses identify, assess and treat risks that could potentially affect their business operations.

What is a risk?

A risk can be defined as an event or circumstance that has a negative effect on your business, for example, the risk of having equipment or money stolen as a result of poor security procedures. Types of risk vary from business to business.

You must decide on how much risk you are prepared to take in your business. Some risks may be critical to your success; however, exposing your business to the wrong types of risk may be harmful.

The most common business risk categories are:

  • strategic – decisions concerning your business’ objectives
  • compliance – the need to comply with laws, regulations, standards and codes of practice
  • financial – financial transactions, systems and structure of your business
  • operational – your operational and administrative procedures
  • environmental – external events that the business has little control over such unfavourable weather or economic conditions
  • reputational – the character or goodwill of the business.

Others include health and safety, project, equipment, security, technology, stakeholder management and service delivery.

Preparing a risk management plan

Your risk management plan should detail strategies for dealing with risks specific to your business. It’s important to allocate time and resources to preparing your plan to reduce the likelihood of an incident affecting your business.

You can develop a risk management plan by following these four steps.

Identify the risk

Undertake a review of your business to identify potential risks. Some useful techniques for identifying risks are:

  • Evaluate each function in your business and identify anything that could have a negative impact on your business.
  • Review your records such as safety incidents or complaints to identify previous issues.
  • Consider any external risks that could impact on your business.
  • Brainstorm with your staff.

Ask yourself ‘what if’:

  • you lost power?
  • your premises were damaged or not accessible?
  • your suppliers went out of business?
  • there was a natural disaster in your area?
  • one of your key staff members resigned or was injured at work?
  • your computer system was hacked?
  • your business documents were destroyed?

Assess the risk

You can assess each identified risk by establishing:

  • the likelihood (frequency) of it occurring
  • the consequence (impact) if it occurred

The level of risk is calculated using this formula:

Level of risk = likelihood x consequence

To determine the likelihood and consequence of each risk it is useful to identify how each risk is currently controlled. Controls may include:

  • elimination
  • substitution
  • engineering controls
  • administrative controls
  • personal protective equipment.

A risk analysis matrix can assist you to determine the level of risk. Download our free risk analysis matrix .

Manage the risk

Managing risks involves developing cost effective options to deal with them including:

  • Avoid the risk - change your business process, equipment or material to achieve a similar outcome but with less risk.
  • Reduce the risk - if a risk can’t be avoided reduce its likelihood and consequence. This could include staff training, documenting procedures and policies, complying with legislation, maintaining equipment, practicing emergency procedures, keeping records safely secured and contingency planning.
  • Transfer the risk - transfer some or all of the risk to another party through contracting, insurance, partnerships or joint ventures.
  • Accept the risk – this may be your only option.

Monitor and review

You should regularly monitor and review your risk management plan and ensure the control measures and insurance cover is adequate. Discuss your risk management plan with your insurer to check your coverage.

Preparing a business continuity plan

Unexpected events such as natural disasters or loss of key staff can impact your ability to run your business. As your business is critical to your financial wellbeing, it is important to plan for these events so you can respond and recover quickly.

A business continuity plan generally includes:

  • A detailed list identifying risks that could disrupt your business.
  • Actions to be taken if the unexpected event occurs.
  • A list of key staff and stakeholders and their specific roles in relation to the plan.
  • Plans for a relocation strategy if your premises should be inaccessible.
  • Emergency contact telephone numbers.
  • Details of where first aid and key documents are stored.
  • A list of key documents such as insurance policies and financial records that need to be retrieved if the plan is activated.
  • A communication plan to broadcast key message about the disruption.
  • A guide as to when the plan is to be activated.

small business risk management plan template

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Business continuity plan template

To help you create a business continuity plan for your business, download our free template and how to guide.

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Managing risks in your business

Improve your business risk management

Help improve your business resilience by using our guides, templates and resources to:

  • create a business continuity, risk management and incident response plan
  • manage specific types of business risk
  • protect yourself, employees and customers with health, safety and wellbeing advice.

Risk management planning

Business continuity planning.

Read how business continuity planning can help your business prepare for, and continue to operate after, an incident or crisis.

Identifying and managing business risk

Identify possible risks to your business, analyse their potential impact and prepare a risk management plan.

Create an incident response plan

Learn how to create an incident response plan so your business and staff will be prepared for an emergency situation.

Create a business recovery plan

Guidance on what to include in your business recovery plan, and where to find event-specific recovery strategies.

Monitor business recovery using a checklist

Follow our checklist to learn what steps to take for your business to recover after a crisis and monitor your progress.

Business insurance

Read about the different types of insurance cover available for businesses and the claim risks.

Managing specific risks

Managing risk when starting up.

Find out how to identify, analyse and manage risks to protect your new business.

Surviving an economic downturn

Find out how to monitor and strengthen your business in a tough economic environment.

Managing risk in supply chains

Read about managing supply chain risks, including identifying your supply chain, preparing it for disruptions and know the types of risks.

Online risks and IT security

Understand your obligations to meet legal requirements while operating online and protecting your digital and online assets and customer privacy.

Business security and crime prevention

Learn how to identify security threats in your business and put plans in place to reduce and respond to risks.

Intellectual property for Queensland businesses

Learn how to identify, record and manage the intellectual property assets that are essential for business success.

Avoiding business scams

Find out how to protect your business from scams and fraud, and learn more about common scams targeting Queensland businesses.

Manage environmental risks and other climate risks to your business

Learn about how environmental and other climate risks may affect your business and how to adapt to changes.

Natural disaster management for business

Find information and support for businesses and primary producers to prepare for natural disasters, and recover after an event.

Health and safety

Pandemic and health events.

Learn how pandemics or other health events can impact your business, and how to prepare.

Workplace health and safety

Know your work health and safety obligations as a business operating in Queensland.

Mental health and wellbeing resources for businesses

Find information, support and resources to help you look after your mental health and wellbeing as you run your business.

  • Updated: 24 Nov 2022
  • Reviewed: 24 Nov 2022

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IMAGES

  1. Risk Management Plan

    small business risk management plan template

  2. Risk Management Plan

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  3. FREE 10+ Sample Risk Management Plan Templates in PDF

    small business risk management plan template

  4. FREE 10+ Sample Risk Management Plan Templates in PDF

    small business risk management plan template

  5. How To Create A Risk Management Plan + Template & Examples

    small business risk management plan template

  6. FREE 9+ Sample Risk Management Plan Templates in PDF

    small business risk management plan template

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  2. Vendor risk management #procurement supplier risk, supplier mapping

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  5. 6 7 Risk Management Plan Template pmp

  6. 11.5 Plan Risk Responses

COMMENTS

  1. Free Risk Management Plan Templates

    To support your risk management planning, this page offers multiple templates that are free to download. Choose from simple matrix templates or more comprehensive risk management plan templates for Excel, Word, and PDF, all of which are fully customizable to meet the needs of your specific enterprise or project.

  2. How To Create A Risk Management Plan + Template & Examples

    A risk management plan, or RMP, is a document describing how your project team will monitor and respond to unexpected or uncertain events that could impact the project. The risk management plan: analyzes the potential risks that exist in your organization or project identifies how you will respond to those risks if they arise

  3. Risk Management Plan Template

    DOWNLOAD Risk Management Plan Template Other Project templates to download This is a FREE Risk Management Plan in Word, doc and docx. The template is fully editable with Microsoft Word and can be converted or changed to suit your project requirements. It is suitable for PMBOK/ PMP. See what is in the Template!

  4. Effective Risk Management Plan Template

    Defining Business Risks for Your Risk Management Plan Template Identify Your Risks Strategic Risk Compliance Risk Operational Risk Financial Risk Reputational Risk Evaluate Your Risks Determine How to Deal with Your Risks Avoidance Reduction Acceptance Transfer Monitor the Effectiveness of Your Risk Management Plan

  5. Free Risk Management Plan Templates

    Safety Risk Management Plan Template Risk Management Plan Templates Mitigate risks and enact safety measures with risk management plan templates from SafetyCulture (formerly iAuditor). Risk Management Plan Template Eliminate paperwork with digital checklists Generate reports from completed checklists Free to use for up to 10 users

  6. How to Make a Risk Management Plan (Template Included)

    Use this free Risk Management Plan Template for Word to manage your projects better. Download Word File A risk management plan usually includes: Methodology: Define the tools and approaches that will be used to perform risk management activities such as risk assessment, risk analysis and risk mitigation strategies.

  7. How to Make a Project Risk Management Plan

    Try Smartsheet for Free By Kate Eby | February 27, 2023 Teams can use a project risk management plan to identify and assess the potential risks to a project. We've gathered expert tips on creating an effective risk management plan, as well as step-by-step instructions for creating an example plan.

  8. Creating a Risk Management Plan for Your Business

    Step 1: Develop a solid risk culture An essential component of any successful risk management plan is the establishment of strong risk culture. Risk culture is commonly known as the shared values, beliefs, and attitudes toward the handling of risks throughout the organization.

  9. Free Risk Management Plan Template [2023] • Asana

    A risk management plan template is a tool to help project managers prevent and measure potential risks. While the content of the template may change from project to project, the main structure of the template will not change.

  10. 8 Free Risk Management Templates for Excel

    Download these free risk management templates and gain more control over your project. 1. Risk Management Plan. A risk management plan is a document that describes how a project management team will manage risk over a project. Risk management plans consist of several sections that describe the potential risks of a project and the various risk ...

  11. Free Risk Management Plan Template

    A Risk Management Plan is a document that allows you to address and prepare for potential business risks. Within this plan, you: Identify business risks. Assess each risk's severity and probability. Outline responses and solutions. Every business deals with risk. At any time, unexpected events can interrupt or prevent your business's ...

  12. Risk management plan

    Our risk management plan template is designed to empower freelancers, small business owners, leaders, and productivity-focused individuals. It simplifies the process of identifying, analyzing, and mitigating risks, ensuring you stay on top of potential issues before they escalate. What's inside this risk management plan template?

  13. Business Plan Template for Risk Management

    Entrepreneurs and business owners can use the ClickUp Business Plan Template for Risk Management to identify, assess, and mitigate potential risks that could impact their business operations, enabling them to create strategies and action plans to minimize the negative impact and increase the chances of success.

  14. How to Develop a Risk Management Plan

    The state of Minnesota (mn.gov) offers word processing and spreadsheet documents that you can download that provide templates to help track risks and planned responses, including categories for...

  15. Prepare a risk management plan

    Our Crisis planning template and checklist includes a risk management plan: download (41.8 KB) Crisis planning template and checklists Use our crisis planning template and checklists to capture the critical information you'll need if a disaster event occurs. Follow these steps to create a risk management plan that's tailored for your business. 1.

  16. Risk Management for Small Business

    Or call 1-844-240-1195. Risk management newsletter: Receive timely and relevant resources. Sign up for our email. Managing the risks facing your small business helps increase the probability you'll achieve long-term growth and success. Learning and applying the steps in the risk management process can help prepare your business for whatever ...

  17. PDF Small business risk management guide

    Risk management is critical to small business survival 3 Determining the level of risk in your business 4 Developing a risk management plan 4 Addressing business risk 4 Developing a business continuity plan 15 Self-assessment risk management checklist 16 Your small business

  18. Risk Management Plan Template [Free Download]

    This Risk Management Plan includes the following sections: Risk Management Approach - Deciding how to approach and conduct the risk management activities for the project. Roles & Responsibilities - Defining how each team role contributes to managing the risk process. Risk Identification - An initial and continuous effort to identify ...

  19. 11+ Risk Management Plan Templates

    Risk Management Plan Template Details File Format Google Docs MS Word Pages Size: A4, US Download Now Restaurant Risk Management Plan Template Details File Format Google Docs MS Word Pages Size: A4, US Download Now Sample Project Risk Management aacei.org Details File Format PDF Size: 4 MB Download Now

  20. Risk management

    You can develop a risk management plan by following these four steps. Step 1 Identify the risk Undertake a review of your business to identify potential risks. Some useful techniques for identifying risks are: Evaluate each function in your business and identify anything that could have a negative impact on your business.

  21. Managing risks in your business

    Improve your business risk management. Help improve your business resilience by using our guides, templates and resources to: create a business continuity, risk management and incident response plan. manage specific types of business risk. protect yourself, employees and customers with health, safety and wellbeing advice.

  22. Risk Management Plan Template

    Use this PMBOK template to document how risks will must managed on your project. This is a FREE Chance Management Project in Word, doc, docx and PDF Downloaded a FREE Risk Manage Plan template.