Risk Management Plan

Identify, assess, foresee and mitigate risks before they come to life.

Workflow Steps

Step 1 - Risk Identification

Teams across the company use workshops or surveys to identify potential risks in their areas of operation. These are logged in a central risk register.

Step 2 - Risk Assessment & Scoring

Each risk is assessed and scored based on its likelihood (probability) and potential impact (financial, reputational, etc.). This generates a risk score.

Step 3 - Mitigation Planning & Ownership

For high-priority risks, a mitigation plan is developed with specific actions, a timeline, and a designated owner who is responsible for executing the plan.

Step 4 - Regular Review & Monitoring

The risk register and the status of mitigation plans are reviewed on a regular basis (e.g., quarterly) by a risk committee or senior leadership to track progress and identify new or emerging risks.

The Purpose of Risk Management Plan

This workflow provides a structured process for proactively identifying, assessing, and mitigating risks across the organization. It helps to create a central risk register where all potential risks (financial, operational, security, legal, etc.) are documented and tracked. For each significant risk, a mitigation plan is developed and an owner is assigned, helping the company to reduce its exposure to potential threats and ensure business continuity.