Using the six risk management processes

·         Plan Risk Management

·         Identify Risks

·         Perform Qualitative Risk Analysis

·         Perform Quantitative Risk Analysis

·         Plan Risk Responses

·        Monitor and Control Risks

Plan Risk Management

WHAT IS A RISK MANAGEMENT PLAN?

Methodology – Approach, tools, & data

Roles & Responsibilities

Budgeting – Resources to be put into risk management

Timing – When and how often to review

Risk Categories – Risk Breakdown Structure (RBS)

Definitions – Risk probabilities and impact

Severity and Frequency Matrix

Stakeholder tolerances

Reporting formats

Establish tracking methods