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How to Create a Risk Management Plan | Video

How to Create a Risk Management Plan | Video

Risk Management is a big topic. But at its core is your risk management plan… How will you deal with a particular risk?

This video is safe for viewing in the workplace.

This is learning, so, sit back and enjoy

Eight Steps to Create a Risk Management Plan

1. Clarify what the risk is

Characterize it, describe it, evaluate it, for:

  • Impact
  • Likelihood
  • Proximity (time)

2. Understand root causes

3. Split it into smaller risks if possible

For each…

4. Determine how you will respond, strategically

You can choose one or more from:

  • Eliminate
  • Reduce likelihood
  • Reduce impact
  • Transfer
  • Create a contingency plan
  • Accept (and do nothing more)

5. For each strategy, determine the tactics and approaches you can take.

Evaluate them and document the best.

6. Write up your action plan. 

Include:

  • What you will do
  • Timing (schedule)
  • Who will be responsible
  • Resources they will need (people, assets, and materials)
  • Budget
  • Review points

7. Determine residual risk

If you follow your action plan, what, if any, risk remains?

8. Document further contingency plans

…if needed, to handle the realization of this residual risk.

There you have it…

Your Risk Management Plan

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About the Author Mike Clayton

Dr Mike Clayton is one of the most successful and in-demand project management trainers in the UK. He is author of 14 best-selling books, including four about project management. He is also a prolific blogger and contributor to ProjectManager.com and Project, the journal of the Association for Project Management. Between 1990 and 2002, Mike was a successful project manager, leading large project teams and delivering complex projects. In 2016, Mike launched OnlinePMCourses.

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