Hit The Order Button To Order A **Custom Paper**

>> CLICK HERE TO ORDER 100% ORIGINAL PAPERS FROM AustralianExpertWriters.com <<

5 Sep
2019

Risk Management Plan | Good Grade Guarantee!

<Project Title>
Risk Management Plan
DOCUMENT ACCEPTANCE and RELEASE NOTICE
This is <release/version> <n.n> of the <Project Title> Risk Management Plan.
The Risk Management Plan is a managed document. For identification of amendments each page contains a release number and a page number. Changes will only be issued as complete replacement. Recipients should remove superseded versions from circulation. This document is authorised for release once all signatures have been obtained.
PREPARED: DATE: ___/___/___
(for acceptance) (<name>, <Project Title>, Project Manager)
ACCEPTED: DATE: ___/___/___
(for release) (Project Sponsor, <name>)
on behalf of the <Project Title> Steering Committee
BUILD STATUS:
The most recent amendment first.
Version
Date
Author
Reason
Sections
<n.n>
<dd mmm yyyy>
<Name>
<e.g. Initial Release>
<All>
AMENDMENTS IN THIS RELEASE: Section Title Section Number Amendment Summary<e.g. This is the first release of this document.>
DISTRIBUTION:
Copy No
Version
Issue Date
Issued To
1
<n.n>
<dd mmm yyyy>
<Name, Title, Organisation>
2

Electronic

Table of Contents
1Executive Summary 6
2Introduction 6
3Risk Assessment 6
3.1 Identification 6
3.2 Analysis and Evaluation 8
4Risk Mitigation 9
5Risk Monitoring 10
6Roles and Responsibilities 10
6.1 Steering Committee 10
6.2 Project Manager 10
6.3 Project Team 11
Appendix A:<Project Title> Risk Register (as at dd/mm/yy) 12
Executive Summary
The purpose of this document is to provide a management framework to ensure that levels of risk and uncertainty are properly managed for the remainder of the project. As risk management is an ongoing process over the life of a project, the Risk Register must be considered a ‘snap shot’ of relevant risks at one point in time.
This document will achieve this by defining the following:
the process that will be/has been adopted by the Project to identify, analyse and evaluate risks during the remainder of the project;
how risk mitigation strategies will be developed and deployed to reduce the likelihood and/or impact of risks;
how often risks will be reviewed, the process for review and who will be involved;
roles and responsibilities for risk management;
how reporting on risk status, and changes to risk status, will be undertaken within the Project and to the Steering Committee;
a complete Risk Register containing all risks identified for the Project, their current gradings and the identified risk mitigation strategies to reduce the likelihood and seriousness of each risk.
Introduction
The purpose of risk management is to ensure levels of risk and uncertainty are identified and then properly managed in a structured way, so any potential threat to the delivery of outputs (level of resourcing, time, cost and quality) and the realisation of outcomes/benefits by the Business Owner(s) is appropriately managed to ensure the project is completed successfully.
The objectives of the risk management approach in the <Project Title> Project are to identify, assess and mitigate risks where possible and to continually monitor risks throughout the remainder of the project as other risks or threats emerge or a risk’s impact or likelihood changes.
As risk management is an ongoing process over the life of a project, this Risk Management Plan and Risk Register must be considered a ‘snap shot’ of relevant risks at one point in time.
Where required, the process of risk identification, assessment and the development of countermeasures will involve consultation with the Steering Committee members, the <Project Title> Reference Group, other relevant stakeholders and Project team members.
Risk Assessment
Identification

Please Identify minimum 5
In this section specify:
1.Risk Trigger – Consider what might be a ‘trigger’ event or threat (eg. ‘poor quality materials causes costs to rise’) – several triggers may reveal the same inherent risk;
2. Risk Identification Identify the risk – use a ‘newspaper headline’ style statement – short, sharp and snappy (eg. ‘budget blow out’)
3. Risk Description describe the nature of the risk
4. Risk Impact the impact on the project if the risk is not mitigated or managed (eg. project delayed or abandoned, expenditure to date wasted, outcomes not realised, government embarrassed etc).
what risk identification process has been undertaken (ie. brainstorm, facilitated session, scan by Project Manager etc);
any categories used to assist in the identification or relevant risks;
when the risk identification process occurred; and
who was involved.
Analysis and Evaluation
Once risks have been identified they must be analysed by determining how they might affect the success of the project. Generally the impact of a risk will realise one or any combination of the following consequences:
Project outcomes (benefits) are delayed or reduced;
Project output quality is reduced;
Timeframes are extended;
Costs are increased.
EG –
Identify Risk
Consequences
Eg High Staff Turnover
Project outcomes (benefits) are delayed or reduced; Project output quality is reduced; Timeframes are extended; Costs are increased.

Once analysed, risks should be evaluated to determine the likelihoodof a risk or threat being realised and the seriousness, or impact, should the risk occur.
‘Likelihood’ is a qualitative measure of probability to express the strength of our belief that the threat will emerge (generally ranked as Low (L), Medium (M) or High (H)). 
‘Seriousness’is a qualitative measure of negative impact to convey the overall loss of value from a project if the threat emerges, based on the extent of the damage (generally ranked as Low (L), Medium (M), High (H) or Extreme). 
From this risks will be graded as A, B, C, D or N according to the following matrix:
Likelihood
Seriousness

Low
Medium
High
EXTREME
Low
N
D
C
A
Medium
D
C
B
A
High
C
B
A
A
The ratings for likelihood and seriousness determine a current grading for each risk that in turn provides a measure of the project risk exposure at the time of the evaluation.
In this section specify:
Identify Risk
Consequences
Eg High Staff Turnover
Project outcomes (benefits) are delayed or reduced; Project output quality is reduced; Timeframes are extended; Costs are increased.

Identify Risks and then Grade the Likelihood and Seriousness of each Risk and provide overall Grading
For Each Risk please Grade
EG-
Risk 1 – Likelihood SeriousnessLow Medium High EXTREME LowMediumHighA
Or
Risk 1 –
Likelihood Grading – A
Seriousness Grading – A
Overall Grading – A
How the identified risks could potentially impact on the project in terms of the four categories of consequence (eg. x have potential to delay or reduce project outcomes/reduce output quality etc);
Summarise the distribution of risks according to the grading (Grade A Risks – 2 Grade B Risks – 3 etc)
Identify and List ‘A’ Grade risks.
Risk Mitigation
Mitigation of risks involves the identification of actions to reduce the likelihood that a threat will occur (preventative action) and/or reduce the impact of a threat that does occur (contingency action). This strategy also involves identifying the stage of the project when the action should be undertaken, either prior to the start of or during the project.
Risk mitigation strategies to reduce the chance that a risk will be realised and/or reduce the seriousness of a risk if it is realised have been developed. The following table is useful to determine how risks will be treated in terms of preparation and/or deployment of mitigation strategies during the life of the Project. Mitigation strategies are usually only prepared and/or deployed for Grades A through to C, however where an existing risk graded at D appears likely to be upgraded, mitigation strategies should be prepared.
Grade
Possible Action
A
Mitigation actions, to reduce the likelihood and seriousness, to be identified and implemented as soon as the project commences as a priority.
B
Mitigation actions, to reduce the likelihood and seriousness, to be identified and appropriate actions implemented during project execution.
C
Mitigation actions, to reduce the likelihood and seriousness, to be identified and costed for possible action if funds permit.
D
To be noted; no action is needed unless grading increases over time.
N
To be noted; no action is needed unless grading increases over time.
Identify Risk
Overall Grading
Mitigation Possible Action

In this section specify:
The proportion of risk mitigation actions that are preventative (eg. 30%);
The proportion of risk mitigation actions that are contingency (eg. 70%);
Key stakeholders nominated as responsible for undertaking specific risk mitigation actions;
Any major budgetary implications
For any identified ‘A’ Grade risks specify:
What type of mitigation action is proposed (preventative or contingency);
Who is responsible for undertaking the proposed action; and
Any cost implications for the project Budget.
Risk Monitoring
Risk Management is an iterative process that should be built into the management processes for any project. It must be closely linked with Issues Management, as untreated issues may become significant risks. If prevention strategies are being effective, some of the Grade A and B Risks should be able to be downgraded fairly soon into the project.
In this section specify
How frequently a review of the Risk and Issues Registers will be undertaken (eg. fortnightly, monthly);
Who will be involved in the review of the Risk and Issues Registers (eg. the Project team);
How often risks will be monitored to ensure that appropriate action is taken should the likelihood, or impact, of identified risks change and to ensure that any emerging risks are appropriately dealt with (eg. monthly);
If the Risk Register will be maintained as a separate document or as part of the Risk Management Plan;
How often the Steering Committee or Project Sponsor/Senior Manager will be provided with an updated Risk Register for consideration; and
How often Risk status will be reported in the Project Status Reports to the Steering Committee/Project Sponsor/Senior Manager (usually only Grade A and B risks).
Roles and Responsibilities
Steering Committee

Ultimate responsibility for ensuring appropriate risk management processes are applied rests with the Project Sponsor and Project Steering Committee, and they should be involved in the initial risk identification and analysis process. The Risk Management Plan and the Risk Register should provide the Project Sponsor and Project Steering Committee with clear statements of the project risks and the proposed risk management strategies to enable ongoing management and regular review.
The Steering Committee will review the Grade A and B project risks on a <specify frequency, eg. monthly> basis via updated information provided in the Project Status Reports and provide advice and direction to the Project Manager. The Steering Committee will also be provided with an updated Risk Register for consideration, as required, when additional threats emerge or the likelihood or potential impact of a previously identified risk changes.
Project Manager
The Project Manager will be responsible for:
Development and implementation of a Project Risk Management Plan;
Organisation of regular risk management sessions so that risks can be reviewed and new risks identified;
Assessment of identified risks and developing strategies to manage those risks for each phase of the project, as they are identified;
Ensure that risks given an A grading are closely monitored; and
Providing regular Status Reports to the Steering Committee noting any ‘A’ Grade risks and specifying any changes to the risks identified during each phase of the project and the strategies adopted to manage them.
In large or complex projects, the Project Manager may choose to assign risk management activities to a separate Risk Manager, but they should still retain responsibility. It should be noted that large projects are a risk in themselves, and the need for the Project Manager to reassign this integral aspect of project management may be an indication that the project should be re-scoped, or divided into several sub-projects overseen by a Project Director.
Project Team
All members of the Project Team will be responsible for assisting the Project Manager in the risk management process. This includes the identification, analysis and evaluation of risks and continual monitoring through out the project life cycle.
Appendix A: <Project Title> Risk Register (as at dd/mm/yy)
Rating for Likelihood and Seriousness for each risk
L
Rated as Low
E
Rated as Extreme (Used for Seriousness only)
M
Rated as Medium
NA
Not Assessed
H
Rated as High

Grade: Combined effect of Likelihood/Seriousness

Seriousness
Likelihood

low
medium
high
EXTREME
low
N
D
C
A
medium
D
C
B
A
high
C
B
A
A
Recommended actions for grades of risk
Grade
Risk mitigation actions
A
Mitigation actions, to reduce the likelihood and seriousness, to be identified and implemented as soon as the project commences as a priority.
B
Mitigation actions, to reduce the likelihood and seriousness, to be identified and appropriate actions implemented during project execution.
C
Mitigation actions, to reduce the likelihood and seriousness, to be identified and costed for possible action if funds permit.
D
To be noted – no action is needed unless grading increases over time.
N
To be noted – no action is needed unless grading increases over time.
Change to Grade since last assessment
NEW
New risk

Grading decreased

No change to Grade

Grading increased
Please complete the Risk Register below
Minimum 5 Risks
Id
Description of Risk
Impact on Project (Identification of consequences1)
L2
S3
G4
Change
Date of Review
Mitigation Actions (Preventative or Contingency)
Individual/Group responsible for mitigation action(s)
Cost
Timeline for mitigation action(s)
WBS5
<n>
<A “newspaper headline” style statement. Also identify relevant triggers that may cause the risk to be realised.>
<Describe the nature of the risk and the impact on the project if the risk is not mitigated or managed>

<Change in Grade since last review>
<Date of last review>
<Specify planned mitigation strategies: Preventative (implement immediately); Contingency (implement if/when risk occurs).>
<Specify who is responsible for undertaking each mitigation action(s)>

<Specify timeframe for mitigation action(s) to be completed by>

<n + 1>

1
Steering Committee unavailable Triggers include: Steering Committee meetings repeatedly rescheduled due to lack of availability; Members do not attend despite prior confirmation of attendance.
Lack of availability will stall progress (ie. delayed decisions will defer output finalisation, extend project timelines and staff resources will be required for longer than anticipated)
H
H
A
NEW
15/02/06
Preventative: Highlight strategic connection – link Project Objective to relevant Agency strategic objectives Confirm 2006 meeting schedule in January Confirm SC membership Widen representation (include other Agencies)
Project Manager
NA
15/03/06
Y
2
Inadequate funding to complete the project Triggers include: Funding is redirected; Costs increase (poor quality materials/ inaccurate cost estimates)
Budget blow out means cost savings must be identified – ie. reduce output quality, extended timeframes, outcomes (benefits) will be delayed
M
M
B
No change
15/02/06
Contingency: Re-scope project, focusing on time and resourcing
Project Manager
TBC
TBC
N
3
Staff reject new procedures Triggers include Staff don’t participate in training (not prepared for new roles); New procedures not applied (work-arounds still used).
Rejection means additional time and resources required to achieve successful implementation – ie. some outputs languish; more training is required (additional cost, time delays); potential for ‘falling back into old ways’ (more change mgt required); loss of credibility for project (perception of failure).
H
H
A
NEW
15/02/06
Preventative: Reinforcement of policy changes by management; Provide opportunity for staff feedback/input prior to policy/procedure finalisation; Develop Training Plan that allows for repeat attendance (perhaps 2 stage training?); Identify staff ‘champions’ to promote adoption of new procedures (buddy system); Circulate information to staff that promotes how new procedures have improved processes (eg. 10 steps reduced to 4 steps etc); proportion of staff that have successfully completed the training. Identifies local ‘buddies’ for troubleshooting.
SponsorProject ManagerConsultantProject ManagerProject Manager
NANA$3,000 NANA
21/02/0621/02/0630/03/0630/03/0630/04/06
YYNNN
Note: This example is in brief and more detail would be added as required. For example, in larger projects separate documentation might be developed for each major risk providing much more detail regarding mitigation strategies and costings.
1 This can be useful in identifying appropriate mitigation actions.
2 Assessment of Likelihood.
3 Assessment of Seriousness.
4 Grade (combined effect of Likelihood/Seriousness).
5 Work Breakdown Structure – specify if the mitigation action has been included in the WBS or workplan.

QUALITY: 100% ORIGINAL – NO PLAGIARISM.

  • **REMEMBER TO PRECISE PAGE NUMBER**
  • Hit The Order Button To Order A **Custom Paper**

>> 100% ORIGINAL PAPERS FROM AustralianExpertWriters.com <<