What is a risk management plan? | Risk management plan

Whatisariskmanagementplan?PublishedMarch25,2019•ByTheaGarcia•2minreadAriskmanagementplanisawrittendocumentthatdetailstheorganization’sriskmanagementprocess.Thisprocessstartsbycreatingateamofstakeholderacrosstheorganizationtoreviewpotentialriskstotheorganization.Thisstakeholderteamshouldincludeseniormanagement,thecomplianceofficer,andanydepartmentmanagers.Iftheorganizationisdevelopingsoftware,thenoneprojectmanagerfromeachprojectteamshouldalsobeincludedtoreviewprojectmanagementandrespondtoprojectrisks.Oncecreated,theteamcanbeginworkingontheriskmanagementprocess.SetObjectivesFirst,theteammembersneedtoreviewbusinessobjectives,suchasproductdevelopmentorthird-partybusinesspartnerships.Bystartingwithbusinessobjectives,theriskmanagementprocessalignstocurrentaswellasfuturegoals.RiskIdentificationThesecondstepincreatingariskmanagementplanliesinreviewingdigitalassetssuchassystems,networks,software,devices,vendors,anddata.Catalogingtheseassetsthenallowstheteammemberstoidentifyriskstotheassets.Arisk,oruncertainevent,canbeapositiveornegativeconditionthathasafinancial,operational,orreputationalimpact.RiskAssessmentAfteridentifyingrisks,theriskmanagementteamneedstoassesstherisk.Positiverisks,suchasearlyproductdelivery,canalsoleadtonegativerisks,suchasacustomer’sinabilitytomeetapaymentschedule.Theorganizationneedstoforeseerisksinordertofindawaytoanalyzetheirpotentialimpact.RiskAnalysisForeachriskidentifiedandassessed,theteammustlookatthelikelihoodtheeventwilloccurandthenestimateimpactstothebusinessifitdoesoccur.Multiplyinglikelihoodbytheestimatedimpactcangiveinsightintoarisk’seffect.Ariskwithalowlikelihoodleadstoadevastatingfinancialimpact.Meanwhile,ariskwithahighlikelihoodmayhavenoimpact.Partofthequantitativeorqualitativeanalysisiscreatingtheriskassessmentmatrix.Thisallowstheriskmanagementteamtousetheriskanalysisandassignratingssuchashigh,medium,orlow. RiskToleranceAfterassigningriskratings,theteamworkstodeterminewhetheritwillaccept,transfer,mitigate,orrefusearisk.Theteammaydecidet

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