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Risk Management Template

Template​

# [Project Name] Risk Management Plan

## Risk Overview
- **Project Name:** [Name]
- **Assessment Date:** [YYYY-MM-DD]
- **Prepared By:** [Name]
- **Version:** [Version]
- **Status:** [Draft/In Review/Approved]

## Risk Categories
### Technical Risks
| Risk ID | Description | Impact | Probability | Severity | Mitigation Strategy | Owner | Status |
|---------|-------------|--------|-------------|----------|-------------------|--------|--------|
| TECH-001 | [Description] | H/M/L | H/M/L | H/M/L | [Strategy] | [Name] | [Status] |

### Schedule Risks
| Risk ID | Description | Impact | Probability | Severity | Mitigation Strategy | Owner | Status |
|---------|-------------|--------|-------------|----------|-------------------|--------|--------|
| SCHED-001 | [Description] | H/M/L | H/M/L | H/M/L | [Strategy] | [Name] | [Status] |

### Resource Risks
| Risk ID | Description | Impact | Probability | Severity | Mitigation Strategy | Owner | Status |
|---------|-------------|--------|-------------|----------|-------------------|--------|--------|
| RES-001 | [Description] | H/M/L | H/M/L | H/M/L | [Strategy] | [Name] | [Status] |

### Business Risks
| Risk ID | Description | Impact | Probability | Severity | Mitigation Strategy | Owner | Status |
|---------|-------------|--------|-------------|----------|-------------------|--------|--------|
| BUS-001 | [Description] | H/M/L | H/M/L | H/M/L | [Strategy] | [Name] | [Status] |

## Risk Assessment Matrix
### Impact Levels
- **High:** Major impact on project success
- **Medium:** Moderate impact, can be managed
- **Low:** Minor impact, easily handled

### Probability Levels
- **High:** >70% chance of occurrence
- **Medium:** 30-70% chance of occurrence
- **Low:** <30% chance of occurrence

### Severity Matrix
| Probability/Impact | Low Impact | Medium Impact | High Impact |
|-------------------|------------|---------------|-------------|
| High Probability | Medium | High | Critical |
| Medium Probability | Low | Medium | High |
| Low Probability | Low | Low | Medium |

## Risk Response Strategies
### Strategy Types
1. **Avoid**
   - [Strategy description]
   - [Example]

2. **Transfer**
   - [Strategy description]
   - [Example]

3. **Mitigate**
   - [Strategy description]
   - [Example]

4. **Accept**
   - [Strategy description]
   - [Example]

## Risk Monitoring
### Monitoring Process
1. [Step 1]
2. [Step 2]
3. [Step 3]

### Review Schedule
| Activity | Frequency | Participants | Deliverables |
|----------|-----------|--------------|--------------|
| [Activity] | [Frequency] | [Who] | [What] |

## Risk Response Plan
### Critical Risks (Immediate Action Required)
| Risk ID | Action Items | Timeline | Resources | Status |
|---------|--------------|----------|-----------|--------|
| [ID] | [Actions] | [When] | [What/Who] | [Status] |

### High Risks (Planned Response)
| Risk ID | Action Items | Timeline | Resources | Status |
|---------|--------------|----------|-----------|--------|
| [ID] | [Actions] | [When] | [What/Who] | [Status] |

## Contingency Plans
### Emergency Response
1. [Response 1]
2. [Response 2]
3. [Response 3]

### Fallback Plans
| Scenario | Trigger | Response Plan | Owner |
|----------|---------|---------------|-------|
| [Scenario] | [Trigger] | [Plan] | [Name] |

## Risk Communication
### Communication Plan
| Stakeholder | Information Needs | Frequency | Method |
|-------------|-------------------|-----------|--------|
| [Who] | [What] | [When] | [How] |

### Escalation Path
1. [Level 1]
2. [Level 2]
3. [Level 3]

## Risk Documentation
### Risk Log Updates
| Date | Risk ID | Change | Updated By |
|------|----------|--------|------------|
| [Date] | [ID] | [Change] | [Name] |

### Risk Reports
| Report | Frequency | Distribution | Owner |
|--------|-----------|--------------|-------|
| [Report] | [When] | [Who] | [Name] |

## Approvals
- [ ] Risk Manager
- [ ] Project Manager
- [ ] Project Sponsor

Usage Guide​

When to Use​

  • Project planning phase
  • Risk assessment updates
  • Major project changes
  • Periodic risk reviews

Best Practices​

  1. Risk Identification

    • Be comprehensive
    • Use multiple sources
    • Consider all aspects
    • Update regularly

  2. Risk Assessment

    • Use consistent criteria
    • Be objective
    • Consider dependencies
    • Document assumptions

  3. Risk Response

    • Be proactive
    • Assign ownership
    • Set clear actions
    • Track progress

  4. Risk Monitoring

    • Review regularly
    • Update status
    • Track effectiveness
    • Adjust as needed

Example​

# Auth System 2.0 Risk Management Plan

## Risk Overview
- **Project Name:** Auth System 2.0
- **Assessment Date:** 2024-02-04
- **Prepared By:** Jane Smith
- **Version:** 1.0.0
- **Status:** In Review

## Risk Categories
### Technical Risks
| Risk ID | Description | Impact | Probability | Severity | Mitigation Strategy | Owner | Status |
|---------|-------------|--------|-------------|----------|-------------------|--------|--------|
| TECH-001 | Legacy system integration failure | High | Medium | High | Detailed integration testing, fallback mechanism | John Dev | Active |
| TECH-002 | Performance degradation | High | Low | Medium | Load testing, performance monitoring | Sarah Ops | Monitoring |

### Schedule Risks
| Risk ID | Description | Impact | Probability | Severity | Mitigation Strategy | Owner | Status |
|---------|-------------|--------|-------------|----------|-------------------|--------|--------|
| SCHED-001 | Resource availability delay | Medium | High | High | Early resource planning, backup resources identified | PM Team | Active |
| SCHED-002 | Third-party dependency delays | High | Medium | High | Regular vendor meetings, buffer in timeline | Jane PM | Monitoring |

## Risk Response Plan
### Critical Risks (Immediate Action Required)
| Risk ID | Action Items | Timeline | Resources | Status |
|---------|--------------|----------|-----------|--------|
| TECH-001 | 1. Create test environment | Week 1 | Dev Team | In Progress |
|          | 2. Develop integration tests | Week 2 | QA Team | Planned |
|          | 3. Run pilot migration | Week 3 | Ops Team | Planned |

### High Risks (Planned Response)
| Risk ID | Action Items | Timeline | Resources | Status |
|---------|--------------|----------|-----------|--------|
| SCHED-001 | 1. Identify backup resources | Week 1 | HR Team | Complete |
|           | 2. Cross-train team members | Ongoing | Dev Team | In Progress |
|           | 3. Create contingency schedule | Week 2 | PM Team | Planned |

## Contingency Plans
### Emergency Response
1. System rollback procedure
2. Customer communication plan
3. Incident response process

### Fallback Plans
| Scenario | Trigger | Response Plan | Owner |
|----------|---------|---------------|-------|
| Auth Service Failure | >1% error rate | Activate legacy system | Ops Team |
| Data Migration Issue | >0.1% data loss | Restore from backup | DBA Team |

## Risk Communication
### Communication Plan
| Stakeholder | Information Needs | Frequency | Method |
|-------------|-------------------|-----------|--------|
| Executive Team | Project status, major risks | Weekly | Status Report |
| Development Team | Technical risks, blockers | Daily | Stand-up |
| Customers | Service impacts | As needed | Email/Portal |

### Escalation Path
1. Team Lead -> Project Manager
2. Project Manager -> Program Manager
3. Program Manager -> Executive Sponsor