Composite Risk Plan Creation

Composite Risk Plan

A Risk Plan must now be created which includes a set of actions to be taken to avoid, transfer or mitigate each risk, based on the priority of the risk assigned.

Schedule

For each risk identified and in priority order, list:

·         the preventative actions to be taken to reduce the likelihood of the risk's occurring

·         the contingent actions to be taken to reduce the impact should the risk eventuate

For each risk action identified, assign a resource responsible for undertaking the action and a date within which the action must be completed. For example:

Rating	ID	Preventative Actions	Action Resource	Action Date©	Contingent Actions	Action Resource	Action Date
Very High	2.2	Clearly quantify the expected business benefits in the Business Case document	Project Sponsor	xx/yy/zz	Measure the actual  business benefits achieved by the project	Project Manager	xx/yy/zz
High	1.2	Clearly specify the customer requirements in the Quality Plan	Project Manager	xx/yy/zz	Reconsider the requirements after the deliverable has been produced, measure any deviation and enhance the deliverable to meet the requirements	Project Manager	xx/yy/zz
High	1.3	Clearly specify the quality criteria used to determine that the stated requirements for each deliverable have been met within the Quality Plan	Quality Manager	xx/yy/zz	Reconsider the quality criteria after the deliverable has been produced, measure any deviation and enhance the deliverable to meet the quality criteria set	Quality Manager	xx/yy/zz

The above table should be completed for every risk identified. Higher priority risks should be assigned more comprehensive actions where possible.

Composite Risk Process

(NB Refer to the Method123 ‘Risk Management Process’ for a complete example)

Purpose

Describe the purpose of risk management and the general process for the identification and mitigation of risks within the project.

Procedures

Provide a diagrammatic representation of the processes undertaken to identify and mitigate risks within the project.

Responsibilities

Define the roles and responsibilities of all resources involved with the identification and mitigation of risks within the project.

Register

The ‘Risk Register’ is a database which records and tracks the progress of all risks through to completion. Insert a copy of the Risk Register here.

Templates

Insert a copy of each of the templates required to formally raise risks within the project (e.g. Risk Form).

Appendix

Attach any documentation you believe is relevant to the Risk Plan. For example:

·         Other project documentation (Business Case, Feasibility Study, Terms of Reference, Project Plan, Resource Plan, Financial Plan, Quality Plan)

·         Organizational Risk Management Policies, Standards, Guidelines or Procedures

·         Risk documentation from other related projects

·         Other relevant information or correspondence. ©