Risk Management Plan Flowchart

Overall Procedures how risk will be managed

Risk Management Plan It does not have any list of risks

High Risk

It also defines Tolerance of your stakeholder,

that for that tolerance the threshold Medium Risk
like how much risk you
consider as High, Medium & Low risk
Low Risk

Organization > Risk Attitudes

Risk Seeker
Risk Averse
Risk Neutral

Once RMP is approved.

You implement it.
Sponsor / CCB will approve it

Identification of Risk
SWOT
OPA's EEF's
Analysis

Identify the risk

Expert Focus
Other Tools
Judgement Group
P

Prioritization of Risk Qualitative Probability &

L Analysis Impact Matrix

Tornado
Analysis

A Risk Register Influence

Diagram

Decision Tree
Analysis
N
Expected
Quantitative
Monetary
Analysis
Analysis

Monte Carlo
N Analysis

Other Tools
Put Response

Positive Risk / Negative Risk /

Opportunity Threat Risk Responses
N
Enhance
+ve
Risk
Exploit Avoid
Enhance Mitigate
Share Proactive Strategies Transfer
G Minimize
-ve
Risk

If +ve / -ve risk move away

from Threshold then Escalate

Reactive Strategy Acceptance

You identify
Active Acceptance Passive Acceptance the risk but
do nothing

Plan A

Contingency Plan

Plan B
Fall Back

E
X
E Small /
Residual Risk
If Trigger Happens
C Risk Owners Contingency Plan
U look for triggers

T Secondary Risk

I
O
N

M
Checking
O whether we
Audit
N are following
RMP
I
T
O
Monitor & Control
R Weekly /
Risk Review Meeting Bi-Weekly
I Meeting
N
G

& Money or time

you put aside
Reserves
to handle a
C risk

O
N
T High Level
Risk,
R Overall Risk
Risk Report Exposure &
O Total Risk
L

Important Notes:

Risk : Anything you did not identify but before occurrence you identify & make a plan for it.

Issue : Anything you identify after occurrence & you did not have a plan to handle it.

Issue Log : is a project document where all issues that are negatively affecting the project
are recorded & tracked.

Steps to Handle the Issue:

1) You identify the issue, you put it in Issue Log
2) During RCA, why it was not identified before
3) If you need a Change Request to handle it, Raise a Change Request
4) Once the Change Request is approved, Implement it
5) Update Issue Log
6) If the issue can re-occur in the same project, you update Risk Register
7) If it can occur in the future project, we update Lesson Learned Register