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1. Risk Management Plan
Project Management Templates
RISK MANAGEMENT PLAN
2013
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2. Risk Management Plan
Index
Table of Contents
1 Purpose ..............................................................................................................5
2 Scope ...................................................................................................................5
3 Audience ............................................................................................................5
4 References.........................................................................................................5
5 Glossary..............................................................................................................6
5.1 Acronyms .............................................................................................................6
5.2 Definitions ............................................................................................................7
Stakeholder Analysis...............................................................................................7
5.3 Project Team .......................................................................................................7
5.4 Sponsor ................................................................................................................8
5.5 Steering Committee ...........................................................................................8
5.6 Other Stakeholder(s) Group 1 .........................................................................9
5.7 Other Stakeholder (s) Group 2 ...................................................................... 10
6 Communication Requirements & Responsibilities ........................... 10
7 Communication Process and Technology ............................................ 15
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3. Risk Management Plan
8 Communication Record .............................................................................. 17
9 Escalation Process........................................................................................ 18
9.1 Issue Categories ............................................................................................... 18
9.2 Escalation Process for Stakeholder Group 1 ............................................... 19
9.3 Escalation Process for Stakeholder Group 2 ............................................... 19
10 Purpose ............................................................................................................ 22
11 Scope ................................................................................................................. 22
12 Audience .......................................................................................................... 22
13 References....................................................................................................... 23
14 Glossary............................................................................................................ 23
14.1 Acronyms ........................................................................................................ 23
14.2 Definitions....................................................................................................... 24
15 Risk Identification ........................................................................................ 25
16 Risk List ............................................................................................................ 25
17 Qualitative Risk Analysis ........................................................................... 26
18 Quantitative Risk Analysis ........................................................................ 28
19 Risk Response Planning ............................................................................. 30
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4. Risk Management Plan
20 Risk Monitoring & Control ......................................................................... 32
21 Organization & Responsibilities .............................................................. 33
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5. Risk Management Plan
1 Purpose
2 Scope
3 Audience
4 References
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6. Risk Management Plan
5 Glossary
5.1 Acronyms
Acronym Description
PMP Project Management Plan
PMO Project Management Office
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7. Risk Management Plan
5.2 Definitions
Term Definition
Stakeholder Project Stakeholders are individuals and organizations that
are actively involved in the project, or whose interests
maybe positively or negatively affected as a project
execution or project completion.
Stakeholder Analysis
5.3 Project Team
S.No. Name Department Role Email
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8. Risk Management Plan
5.4 Sponsor
S.No. Name Department Role Email
5.5 Steering Committee
S.No. Name Department Role Email
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9. Risk Management Plan
5.6 Other Stakeholder(s) Group 1
[Capture information regarding other stakeholder(s), for example a group of stakeholders at customer end.]
S.No. Name Department Role Email
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10. Risk Management Plan
5.7 Other Stakeholder (s) Group 2
[Capture information regarding other stakeholder(s), for example a group of stakeholders at customer end.]
S.No. Name Department Role Email
6 Communication Requirements & Responsibilities
This section analyzes and captures the communication requirements of each of the Stakeholder’s group and also
captures their responsibilities towards the other group.
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11. Risk Management Plan
S.No. Stakeholder Communication Requirements Communication
Group Responsibilities
1 Program  Communicate project  Updating all other
Management/ objectives. stakeholder group with
Project Office accurate information about
the project progress.
 Objective expectation from all
other Stakeholder group about
the project aim.  Remove conflict regarding
any requirements
 Conflicting requirement
 Providing all relevant project
information in a user friendly
 Communicate policies and and timely manner.
standards, escalation process
 Any Cost or schedule
 Communicate success factors, overrun
training benefits, deliverables
quality requirements
 Getting up to date and  Project stakeholder
accurate information from the satisfaction.
Project team about the status
of the ongoing tasks.

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12. Risk Management Plan
2 Project Team  Timely clarification of project  Updating Project Office with
related requirements ongoing tasks progress
 Task assigned to individual  Communicate any training
team members requirements to be
addressed by PMO Office
 Any dependencies of their
tasks.  Seek Clarification on
conflicting roles and
responsibilities
 Resolution of Issues within the
Project Team
 Any issue impacting their
task performance
 Resolution of Issues with other
Project Team
 Raise any conflict to PMO
office with any team
members
 Timely update of Issue(s)
assigned to a team member.
3 Steering  Summarized Project Progress  Timely resolution of
Committee Information. escalated Issues
 Summarized Issues  Updating Organization level
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13. Risk Management Plan
Information. Stakeholder with the Project
Progress
 Deviation between Planned and
Actual Schedule (s).
 Deviation from allocated
budget.
4 Sponsor  Deviation from allocated  Map rewards against
budget. performance.
 Deviation from Scope of Work.  Timely resolution of
escalated Issues.
 Project Progress Information
 Analyze Project Success
 Issues Information
 Contribute to Lesson Learnt
 Risks
 Project Sign off.
 Performance reporting of
project team members
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14. Risk Management Plan
 Nonconformance of
deliverables to project
objectives.
5 Other
Stakeholder
Group 1
6 Other
Stakeholder
Group 2
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15. Risk Management Plan
7 Communication Process and Technology
This section captures the communication process used in the Project and technologies used to have effective communication.
Stakeholder Communication Steps to get Desired Communication
Group Requirements Information Technology
Business User  Up to date   PMO Tool
information about
Project Progress
 Regular  Send / Receive  Microsoft
communication with Email Exchange
e-Business team
 Formal meeting with  Face to Face  Meeting
members working on Meeting Minutes
the project for Template
clarification
Program  Information about   PMO Tool
Management/ project/Task Progress
Project Office
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16. Risk Management Plan
 Regular  Send / Receive  Microsoft
communication with Email Exchange
the Project Team
 Formal meeting with  Face to Face  Meeting
members working on Meeting Minutes
the project Template
 Issues capturing  Face to Face  Microsoft
Meeting Exchange
 Send/ Receive E-
Mail
 Issue Log
Template
 Escalation Channel  Face to Face  Microsoft
Meeting including, Exchange
Sponsor, General
Manager, and
Steering  Issue Log
Committee Template
 Send/ Receive E-
Mail to/from above
stakeholders
 Summarized Project 
Team
Communication
(Trouble Tickets,
Issues, Resolution)
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17. Risk Management Plan
8 Communication Record
The tabular format describes the Communication Record followed in the project.
Communication Purpose Responsibility Audience/ Timing/ Type of Communication
Participants/ Frequency Communicati Record
Stakeholders on
WSR Report Project Weekly Meeting Meeting Minutes
status
review
reporting
Steering Project Monthly or Meeting Meeting Minutes
Committee Review Need base
Meeting
Iteration Iteration End of every Meeting Iteration
Success Report Review Iteration Summary Report
Email
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18. Risk Management Plan
9 Escalation Process
This section covers the escalation process followed in the Project for speedy resolution of the issues identified in the Project.
The escalation process is identified in terms of the Key resources of the Project and the next authority in line to address the
issues. There shall be different escalation process for different stakeholder group identified above in this plan.
9.1 Issue Categories
Escalation process depends upon the Issue categories. There shall be different escalation process and authority for different
types of issues. This sections list the three different types of Issue categories identified for the Project.
 Technical
 Commercial
 Project Management
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19. Risk Management Plan
9.2 Escalation Process for Stakeholder Group 1
S.No. From: Role To: Escalation Issue Category When to Escalate
& Name Role & Name
9.3 Escalation Process for Stakeholder Group 2
S.No. From: Role To: Escalation Role Issue Category When to Escalate
& Name & Name
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20. Risk Management Plan
TEMPLATE 7: Risk Management Plan
Project Name: << >>
Version:
Release Date:
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21. Risk Management Plan
Document Information
Author
Reviewer
Approver
Revision History
Date Version Section Change Description Author
Changed
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22. Risk Management Plan
10 Purpose
The purpose of this Risk Management Plan is to identify the risks in the project, analyze the impact of these risks and propose
steps to manage them. The objectives of Project Risk Management are to increase the probability and impact of positive events,
and decrease the probability of events adverse to the project.
11 Scope
This document primarily concerns itself with Risks & Mitigation Plan relating to the XXX Project. Risk Management
includes processes concerned with conducting risk management planning, identification, analysis, responses, and
monitoring and control on a project. The scope of the document is limited to:
o Risk Identification
o Risk List
o Qualitative Risk Analysis
o Quantitative Risk Analysis
o Risk Response Planning, and
o Risk Monitoring & Control
12 Audience
The intended audience of this document is:
o
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23. Risk Management Plan
13 References
o
o
14 Glossary
14.1 Acronyms
Acronym Description
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14.2 Definitions
Term Definition
Risk Risk is an uncertain event or condition, that if occurs,
has a positive or negative effect on project objective,
such as cost, time, scope, or quality. A risk has a
cause and, if it occurs, a consequence.
Stakeholder Project Stakeholders are individuals and organizations
that are actively involved in the project, or whose
interests may be positively or negatively affected as a
project execution or project completion.
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25. Risk Management Plan
15 Risk Identification
Risk identification involves determining which risks might affect the project and documenting their characteristics. It
is an iterative process. Risks are identified throughout the project life cycle.
Following Risk Identification process shall be followed in XXX project.
16 Risk List
This section lists all identified Risks in the XXX Project. This is the list of Risks as of now and subject to change as
the project progresses. Project Manager shall be responsible to continuously update the risk list.
Risk Risk Description Risk Category Identified
No During
R 001
R 002
R 003
R 004
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26. Risk Management Plan
R 005
R 006
R 007
R 008
R 009
R 010
17 Qualitative Risk Analysis
Qualitative Risk Analysis is the process of assessing the impact and likelihood of identified Risks. Based on this
analysis, the prioritized risks shall be identified and further analyzed and managed.
Risk Probability and Impact Assessment: investigates the likelihood that each risk will occur. Risk impact
assessment investigates the potential effect on a project objective such as time, cost, scope, or quality, including
both negative effects for threats and positive effects for opportunities.
The analysis is done in terms of Risk probability and Risk consequences. Risk probability is the likelihood that Risk
will occur. Risk consequence is the effect on project objectives if the risk event occurs. Both the parameters are
described in three qualitative levels, which are Low, Medium and High.
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27. Risk Management Plan
The Probability –Impact (PI) value is the multiplication of Probability and Impact. Its value is calculated with the
following equation.
Risk Probability (P) Risk Impact (I) PI Value
High High Very High
High Medium High
High Low Medium
Medium High High
Medium Medium Medium
Medium Low Low
Low High Medium
Low Medium Low
Low Low Low
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28. Risk Management Plan
Risk Risk Description Risk Risk Impact PI Value
No Probability (I)
(P)
R 001
R 002
R 003
R 004
R 005
R 007
18 Quantitative Risk Analysis
The quantitative Risk Analysis process aims to analyze numerically the probability of each risk and its consequence
on project objectives. The Risk Probabilities are measured on a scale of 1 to 1.0 and these values correspond to
10% probability of Risk happening to 100%. The impact of the Risk is captured also on a scale of 1 to 10.
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29. Risk Management Plan
The PI value is multiplication of these values and all Risks who have a PI value of less than four are not considered
for Risk response planning. However, these calculations shall be periodically reviewed by the PMO.
Risk Risk Description Risk Risk PI Value
No Probability Impact (I)
(P)
R 001
R 002
R 003
R 004
R 005
R 007
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30. Risk Management Plan
19 Risk Response Planning
Risk response planning is the process of developing options and determining actions to enhance opportunities and
reduce threats to the project objectives. It includes the identification and assignment of one or more persons (risk
response owner) to take responsibility for each agreed to risk response.
One of the following four approaches shall be used to respond to the Risk.
o Avoidance: Risk Avoidance is changing the Project Plan to eliminate the Risk or to protect the Project
objectives from its impact.
o Transference: Risk Transference is to shift the consequence of the Risk to a third party together with
ownership of the response.
o Mitigation: Risk Mitigation is to reduce the probability or consequence of an adverse Risk event to an
acceptable threshold.
o Acceptance: Risk Acceptance is to accept the risk as it is and have a contingency plan in case it occurs.
Risk Risk Description Risk Response Risk Response
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31. Risk Management Plan
No Technique
R 001
R 002
R 003
R 004
R 005
R 007
R 008
R 009
R 010
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32. Risk Management Plan
20 Risk Monitoring & Control
Risk monitoring and control is the process of keeping track of the identified Risks, identifying new Risks, ensuring
the execution of the risk response plan and evaluating their effectiveness in reducing Risks. Risk monitoring &
control shall be done throughout the project lifecycle.
Recommended Corrective Actions: include Contingency plans and Workaround Plans. The latter are responses
that were not initially planned, but are required to deal with emerging risks that were previously unidentified or
accepted passively.
Recommended Preventive Actions: These are used to bring the project into compliance with the project
management plan.
Risk Review and
Risk No Risk Description Update on Risk Status
Reporting Schedules
R 001
R 002
R 003
R 004
R 005
R 007
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33. Risk Management Plan
21 Organization & Responsibilities
This section lists the organization responsibilities of the project with respect to Risks.
Person Role (s) Tasks & Responsibilities
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