Risk Management Plan Instructions

 

 

A.      General Information – Basic information that identifies the project.

Project Title – The proper name used to identify this project.

 

Project Working Title – The working name or acronym used to identify the project.  If an acronym is used, define the specific meaning of each letter.

 

Proponent Secretary – The Secretary to whom the proponent agency is assigned to or the Secretary that is sponsoring an enterprise project.

 

Proponent Agency – The agency that will be responsible for the management of the project.

 

Prepared by – The person(s) preparing this document.

 

Date/Control Number – The date the plan is finalized and the change or configuration item control number assigned.

 

B.     Risk Management Strategy – Describes how risk identification and evaluation is performed, the general mitigation approach, and the plan for maintaining a current risk management plan. 

  1. Risk Identification Process – The processes for risk identification.
  2. Risk Evaluation and Prioritization – How risks are evaluated and prioritized.
  3. Risk Mitigation Options – Describe the risk mitigation options.  They must be realistic

and available to the project team.

  1. Risk Plan Maintenance – Describe how the risk plan is maintained during the project lifecycle.
  2. Risk Management Responsibilities – Identify all project team members with specific risk management responsibilities.  (e.g., an individual responsible for updating the plan or an individual assigned as a manager).

 

C.     Risk Analysis Summary – Using the table provided, list each risk identified, the probability of occurrence, the expected impact level, a description of the impact, and when the risk event is likely to occur.

 

Risk Number - Assign a Risk Number to each risk.

 

Risk Name - Provide a Risk Name or title for the risk.

 

Probability of Occurrence – Identify, as a percentage, the likelihood that the risk event will occur.

 

Impact Level - Provide a value (between 1 and 5) for the impact the risk will have on the project.  A value of one (1) is the least impact and a value of five (5) is the highest impact. 

 

Impact Description - Describe the impact of the risk is if it occurs.

 

Time Frame - Estimate the actual date or timeframe in which the risk is most likely to occur.  Timeframes are provided in fiscal years and quarters – if known.

 

D.     Risk Responses Summary - Prioritize and describe the plans for responding to each risk

      identified and evaluated in Section C.

 

Risk Priority - Assign a numeric priority to the risk identified in Section C

 

Risk Number - Copy the Risk Number from Section C for each risk.

 

Risk Name – Copy the Risk Name from Section C for each risk.

 

Responsible Person - Identify the person responsible for monitoring the specified risk and executing the mitigation action(s).

 

Mitigation Action(s) - Describe the mitigation action(s) that are taken if the anticipated risk occurs.

 

Response Trigger - Identify an event, report, or activity that will initiate the mitigation action(s) identified in the previous column.

 

E.     Risk Mitigation Cost - Detail the estimated cost for responding to each identified risk. 

Based on the Risk Response Summary in Section D, identify the total cost of responding to a particular risk using the most likely mitigation strategy and the planned expenditure categories provided in the table.

 

Risk Number - Copy the Risk Number from Section C for all identified risks.

 

Risk Name – Copy the Risk Name from Section C for all identified risks.

 

Internal Staff Labor, Service, Development Tools, Software, Hardware, Materials and Supplies, Facilities, Telecommunications, Training - Identify the planned expenditure for the mitigation actions associated with the identified risk for each of the following (items 3 through 9).

 

Total Cost – Total the cost of responding to each identified risk.

 

F.      Contingency (Risk) Budget - Calculate the Contingency Budget for each fiscal year based on the Probability of Occurrence (from Section C) and the Total Cost for mitigation (from Section E) for each risk.  Use one table for each fiscal year and list all risks anticipated for that fiscal year (see Section C).  Calculate the Planned Contingency Cost for each risk in the last column, by multiplying the Probability of Occurrence and the Mitigation Cost.  Sum the Planned Contingency Cost for all risks anticipated in the fiscal year at the bottom of each table.

 

Contingency Budget for FY – Enter the correct fiscal year for each table

 

Risk Number - Copy each Risk Number for a fiscal year from Section C.

 

Risk Name – Copy each Risk Name for a fiscal year from Section C.

 

Probability of Occurrence - Copy the Probability of Occurrence for the risk from

      Section C.

 

Mitigation Cost – Copy the Total Cost for the risk mitigation from Section E.

 

Planned Contingency Cost – For each risk calculate the Planned Contingency Cost by multiplying the Probability of Occurrence (Column 3) with the Mitigation Cost (Column 4).

                                                                                                             

Total – Sum the Planned Contingency Cost for the fiscal year.

Risk Management Plan

A.     General Information

Provide basic information about the project including: Project Title – The proper name used to identify this project; Project Working Title – The working name or acronym that will be used for the project; Proponent Secretary – The Secretary to whom the proponent agency is assigned or the Secretary that is sponsoring an enterprise project; Proponent Agency – The agency that will be responsible for the management of the project; Prepared by – The person(s) preparing this document; Date/Control Number – The date the plan is finalized and the change or configuration item control number assigned.

 

 

Project Title:

 

 

Project Working Title:

 

 

Proponent Secretary:

 

 

 

Proponent Agency:

 

 

Prepared by:

 

 

Date / Control Number:

 

 

 

B.     Risk Management Strategy

 

1.      Risk Identification Process

Describe the process for risk identification.

 

 

 

 

2.      Risk Evaluation and Prioritization 

Describe how risks are evaluated and prioritized.

 

 

 

3.      Risk Mitigation Options

Describe, in general terms, the risk mitigation options.

 

 

 

4.      Risk Plan Maintenance

Describe the methods for maintaining or updating the risk plan.

 

 

 

5.      Risk Management Responsibilities

 Identify individuals with specified risk management responsibilities.

 

Individual

Responsibility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C.     Risk Analysis Summary

Using the table provided, list each risk identified, the probability of occurrence, the expected impact level, a description of the impact, and when the risk event is likely to occur.

Risk Number

Risk Name

Probability of Occurrence

(Note 1)

Impact Level

(Note 2)

Impact Description

Time Frame

(Note 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note:   1.  Probability of Occurrence is the percentage of likelihood that the risk will occur.

2.  Impact Level is a score of one to five.  One is the least impact and five is the highest impact.

3.  Provide time frames in fiscal years and quarters, if known.

 

 

 

D.    Risk Response Summary

Prioritize and describe the plans for responding to each risk identified and evaluated in Section C.

 

Risk Priority

Risk Number

Risk Name

Responsible Person

Mitigation Action(s)

Response Trigger

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E.     Risk Mitigation Cost

Detail the estimated cost for responding to each identified risk.  Based on the Risk Response Summary in Section D, identify the cost

of responding to a particular risk using the most likely mitigation strategy.  The total costs are used to derive the fiscal year contingency budget. 

 

Risk Number

Risk Name

Internal Staff Labor

Services

Develop-ment Tools

Software

Hardware

Materials and Supplies

Facilities

Tele-commun-ications

Training

Total Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F.      Contingency (Risk) Budget

Calculate the Contingency Budget for each fiscal year based on the Probability of Occurrence (from Section C) and the Total Cost for mitigation (from Section E) for each risk.  Use one table for each fiscal year and list all risks anticipated for that fiscal year (see Section C).  Calculate the Planned Contingency Cost for each risk in the last column, by multiplying the Probability of Occurrence by the Mitigation Cost.  Sum the Planned Contingency Cost for all risks anticipated in the fiscal year at the bottom of each table.

 

Contingency Budget for FY ______

Risk Number

Risk Name

Probability of Occurrence

Mitigation Cost

Planned

Contingency Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

Source: http://www.vita.virginia.gov/projects/cpm/templates.cfm