Developing a risk management plan
It is critical to identify and plan to manage risk at the start of the project, however you should also revisit your risks as the project progresses as they may change over time.
Here is a process to help you develop a risk management framework for your project:
- Identify risks – ask yourself what could go wrong? Look at operations, strategic, legal, privacy, people.
- Measure and assess the risk – what would be the impact as a result of each risk? Try to quantify impact in terms of money, time, resources, reputation and so on.
- Mitigate against risk – which risks need to be eliminated, and which are acceptable. How can you minimise the impact of the risks? Consider policies, insurances, procedures.
- Monitor risks – re-examine the risks that you’ve identified and the mitigation efforts to ensure that they are having the desired effect.
- Governance – ensure that the mitigation techniques have been implemented and are working.
Sample Risk Management Plan: