Risk Response Plan
[enter project name]
About this document: The Risk Response Plan is the identification, analysis (i.e. probability, impact) and response formulation to risks found in a specified process. Examples of risks are: financial limitations, impact of missing a step, legal or compliance penalties, technical issues or exposures, acts of God, competition, cultural issues, and people issues. The purpose of risk analysis is to assess risks associated with the project or process, however, there remain unknown risks. The Risk Response Plan is created and updated iteratively as the process is documented, analyzed and/or redesigned. 1. As a perceived or real risk is identified, the Project Manager or Analyst logs it in the table below. 2. The Project Manager or Analyst communicates all risks to management and works with them and the project team to estimate the impact of the risk if it occurs (high, medium or low) and the likelihood of the risk occurring (high, medium or low). 3. The Project Manager or Analyst works with management and the project team to devise a risk response strategy. There are 3 possible responses to risk: 1) Avoid. This is an attempt to eliminate the probability of the risk, and a plan is developed to remove the cause of the risk to keep it from occurring. 2) Mitigate. This is an attempt to reduce or eliminate the potential consequences of a risk, and a plan is developed to eliminate or minimize the impact of the risk occurring. 3) Accept. The risk is recognized, but no action is taken. This may be an appropriate response when the impact and/or probability associated with the risk is low. 4. The Project Manager or Analyst then ensures the response strategy is followed.
Risk Exposure
Est. Impact of Risk
Likelihood of Risk Occurring
Risk Response Strategy
Risk Response Plan
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