A Risk Management Plan is a component of the portfolio, program, or project management plan that describes how risk management activities will be structured and performed.
It defines the approach, tools, roles, responsibilities, and procedures for managing risk, ensuring consistency, alignment, and accountability throughout the risk management process.
Key Characteristics
- Process-Oriented – Details how each step of risk management will be executed
- Scope-Specific – Tailored to the context of the portfolio, program, or project
- Includes Roles and Responsibilities – Identifies who will manage, monitor, and respond to risk
- Supports Integration – Aligns with overall planning and performance management
Example Scenarios
- Defining how risks will be categorized and scored for a large capital project
- Establishing escalation thresholds and review cadence for a program
- Outlining stakeholder engagement practices for risk communication and reporting
Role in Risk Governance and Planning
- Enables Proactive Management – Provides a structured roadmap for risk handling
- Improves Consistency – Standardizes processes across project teams or units
- Supports Decision-Making – Establishes criteria and metrics for evaluating risk
- Aligns With Organizational Objectives – Integrates risk practices into the broader management plan
See also: Project Management Plan, Risk Register, Risk Strategy, Risk Response Plan, Monitor Risks.