Risk Management Plan

Definition

Risk Management Plan (RMP)

the risk management work product that documents specific plans for identifying, analyzing, monitoring, and controlling the significant risks to the success of an endeavor

Classification

As illustrated in the preceding figure, Risk Management Plan is part of the following inheritance hierarchy:

• Type: Concrete
• Superclass: Document
• Subclasses:
  • None

Responsibilities

The typical responsibilities of a Risk Management Plan are to:

• Formally document the
  • Scope of the risk management activity for the endeavor.
  • Plans for performing the risk management tasks.
  • Responsibilities and resources for performing the risk management tasks.
• Significantly reduce risks.
• Thereby increases the probability of success.

Contents

A Risk Management Plan typically has the following contents:

• Overall Risk Management Approach:
  • Objectives
  • Risk Identification
  • Risk Analysis
  • Risk Control
  • Risk Monitoring
• Responsibilities and Resources
• Appendices:
  • Major Issues
  • TBDs
  • Assumptions

Stakeholders

A Risk Management Plan typically has the following stakeholders:

• Producer:
  • Project Management Team
• Evaluators:
  • Project Team
• Approvers:
  • Technical Leader
  • Project Manager
  • Customer Representative
• Maintainers:
  • Project Management Team
• Users:
  • Project Team

Phases

A Risk Management Plan is typically produced and maintained during the following phases:

• Business Strategy: Completed
• Business Optimization: Maintained
• Initiation: Completed
• Construction: Maintained
• Initial Production: Maintained
• Full-Scale Production: Maintained
• Delivery: Maintained
• Usage: Completed
• Retirement: Completed

Preconditions

A Risk Management Plan can typically be started if the following preconditions hold:

• The project has started.
• The project management team is properly staffed and trained in risk management.

Inputs

A Risk Management Plan typically has the following inputs:

• Work Products:
  • Contract
  • Statement Of Work
  • Management Plan
  • Master Schedule
  • Process Description Document
  • Application Vision Statement
  • System Requirements Specification
  • System Architecture Document
  • Project Environments Description Document
• Stakeholders:
  • Program Management Team or Project Management Team
  • Requirements Team
  • Architecture Team
  • Environments Team
  • Technical Leader

Guidelines

• On projects with limited risk management needs, the contents of the risk management plan may be included as a section of the project plan instead of being developed as a separate document.
• This is a living document that must be maintained and updated as risks change.
• Minimize redundancy between the risk management plan and the disaster recovery plan.
• Use the procedure in the associated work flow to produce this work product.
• If you tailor this work product, then tailor its associated standard, template, and inspection checklist.

Conventions

Risk Management Plan is typically constrained by the following conventions:

• Work Flow
• Content and Format Standard
• MS Word Template
• XML Template
• Inspection Checklist

Examples

• Example Risk Management Plan