Composite Risk Plan

What is a Composite Risk Plan?

A Composite Risk Plan outlines the foreseeable project risks and provides a set of actions to be taken to both prevent the risk from occurring and reduce the impact of the risk should it eventuate.  More specifically, the plan includes:

·         A full list of all of the foreseeable risks during the project

·         A rating of the likelihood of each Composite risk's occurring

·         A rating of the impact on the project should each Composite risk actually occur

·         A priority rating of the overall importance of each Composite risk

·         A set of preventative actions to reduce the likelihood of the Composite risk's occurring

·         A set of contingent actions to reduce the impact should the Composite risk eventuate

·         A process for managing Composite risks through the project. 

When to use a Composite Risk Plan?

A Composite Risk Plan should be documented early in the project, during the Planning phase. The plan is undertaken prior to the Execution phase to ensure that any risks identified are addressed during the Execution phase itself. Immediately after the plan has been documented, the Composite Risk Management Process will be engaged to monitor and control the likelihood and impact of risks on the project.

The Composite Risk Management Process is terminated only when the Execution phase of the project is completed (i.e. just prior to Project Closure). 

How to use this template

This document provides a guide on the topics usually included in a Risk Plan. Sections may be added, removed or redefined at your leisure to meet your particular business circumstance.  Example tables, diagrams and charts have been added (where suitable) to provide further guidance on how to complete each relevant section.

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