RISK MANAGEMENT PLAN
Prepared: [Date] Risk # [leave blank -will Status: New Update Close
be assigned] (check one)
Risk Ranking: Original: New: Closing:
Risk [Name] Risk [verbatim statement from risk
Owner: Issue: assessment]
Summary of Risk:
Describe the area of risk for which you are responsible. Please be specific about the risk(s), but keep the
description at a “Board level” of detail. Timing: near term; long term; urgent.
Managing/Mitigating the Risk:
Describe what is being done to manage the area of risk. Efforts may include mitigation, transfer
(insurance, contracting) avoidance or acceptance/management strategies.
Identify those persons who are most critical to the mitigation, transference, avoidance, or
acceptance/management of the risk(s). Please include a brief description of the roles these individuals
What things, people or events act as triggers for the increasing probability of risk to approach becoming
a reality? What warning or forecasting tools do you use to track the first threat? What metrics exist to
determine how well your risk management efforts are succeeding (has the risk increased, become reality,
decreased, etc.)? What are the biggest challenges you anticipate in managing this risk?
Discuss how you will communicate the status of the Risk Management Plan and metrics/updates to the
Board of Regents.
Update: (to be completed for all Status Update and Closure Reports):
Discuss what has changed since the last report that has given rise to a change in ranking for this risk.
Include a description of all applicable factors such as:
Significant changes in circumstances
Mitigation strategies or techniques
Rev 10-19-2011 1|Page