A Risk Management plan is a sub-plan to the larger Project Management Plan. It will document the process for identifying, analyzing, monitoring and controlling risk. It will also define roles and responsibilities in risk management. Much like other sub-plans it should clearly describe people and process – and ensure risk management is a key component of your project.

Your risk management plan should also provide resources – both time and budget – to support response planning. The plan should also formalize time commitments and the individuals participating in risk management throughout the project. This definition will ultimately feed into the project schedule – or a revised project baseline.

We have provided a general template to get you started with Risk Management. It can be found here:

Risk – Risk Management Plan – Sample – 09-02-2015

Conclusion

Your Risk Management Plan is a critical project artifact. As a sub-plan to the Project Management Plan it should clearly document how risk will be managed on the project. It should include a clear process, allocate responsibilities and describe the risk environment of the project at a systemic level. Your Risk Management Plan need not be a lengthy document so long as it is clear in how your organization will manage risk.