What is a Project Risk Management Plan?
A project risk management plan outlines the process for identifying, assessing, mitigating, and monitoring project risks. It is utilized to ensure that all stakeholders are aware of the risks associated with a project, as well as the steps that should be taken to handle them. A well-structured risk management plan will help project teams to identify and understand the potential risks that may arise throughout the project's lifecycle and to create strategies to minimize or eliminate the potential negative impacts of those risks.
What's included in this Project Risk Management Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Project Risk Management Plan template for?
This project risk management plan template is designed for project managers and teams in all industries. It provides a framework to help organizations identify and assess potential risks, develop strategies to mitigate or eliminate those risks, and monitor the progress of those strategies throughout the duration of the project.
1. Define clear examples of your focus areas
A focus area is a broad area of focus that encompasses a collection of objectives and related projects. Examples of strategic focus areas that could fall under a Project Risk Management Plan could be: Identify Risks, Assess Risks, and Mitigate Risks.
2. Think about the objectives that could fall under that focus area
An objective is a specific goal that is to be achieved in order to fulfill the focus area. Objectives should be measurable, achievable, and relevant to the focus area. Examples of some objectives for the focus area of Identify Risks could be: Develop Risk Identification Process, and Detect Risk Sources.
3. Set measurable targets (KPIs) to tackle the objective
A key performance indicator (KPI) is a measurable value that is used to track and assess the progress of an objective. KPIs should be specific, measurable, achievable, relevant, and time-bound. An example of a KPI for the focus area of Identify Risks could be: Create risk questionnaire.
4. Implement related projects to achieve the KPIs
A project (action) is a specific action or set of actions that must be taken in order to achieve a KPI. Projects should be specific, measurable, achievable, relevant, and time-bound. An example of a project related to Identify Risks could be: Create a risk identification process.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is the world's leading strategy execution platform. It provides project managers and teams with the tools and insights they need to create, implement, and track their project risk management plans. Cascade's intuitive dashboard and automated reporting features allow users to gain real-time insights into their project's progress and to quickly adjust their strategy as needed to ensure success.