A risk management plan outlines the initiatives, processes, and procedures for managing risks. It identifies potential risks, outlines how to assess and prioritize them, and provides strategies to respond to each risk. A risk management plan should be tailored to each organization’s specific needs and objectives, and should be regularly updated.
This risk management plan template is designed for teams of any size and industry. It provides the framework for teams to identify, assess, and prioritize risks, and create initiatives to respond to those risks. This template is a great starting point for organizations to create their own comprehensive risk management plan.
The focus areas of a risk management plan are the broad categories of risk that your organization is looking to mitigate. Examples of focus areas may include: Identify and Assess Risks, Prioritize Risks, Create Response Strategies, Monitor and Adapt Strategies. Each focus area should be broken down into objectives, actions, and measurable targets (KPIs).
Objectives are the specific goals that need to be achieved within each focus area. Examples of objectives could include: Identify potential risks, Assess potential risks, Prioritize risks, Establish risk strategy, Develop risk response strategies, Implement risk response strategies. Each objective should be broken down into actions and measurable targets (KPIs).
Measurable targets (KPIs) are the specific metrics that will be used to measure progress towards achieving each objective. Examples of KPIs could include: Number of risks identified, Number of risks assessed, Number of risks prioritized, Number of response strategies generated, Number of response strategies implemented. Each KPI should have an initial value, target value, and unit of measurement.
Actions are the specific projects that will be implemented in order to achieve each objective. Examples of actions could include: Conduct risk assessment, Analyze risks, Rank risks, Determine risk strategy, Brainstorm response strategies, Execute response strategies.
Cascade Strategy Execution Platform is a powerful tool that helps teams to develop, track, and measure progress against their strategy. Cascade provides powerful visualizations to help teams quickly identify which strategies are succeeding and which are struggling, and provides easy-to-understand insights to help teams make better decisions. Utilizing Cascade can help teams see faster results from their strategy and achieve their goals more efficiently.