A 5-Step Process for Risk Response Planning

risk management Sep 01, 2019
A 5-Step Process for Risk Response Planning

Developing a process for risk response planning is critical. In addition to reducing thinking bias, a process reduces the risk of poor responses and ensures any responses creating new risks receive treatment as all others.

  1. Start with the highest priority risk - review the identification and analysis of the risk.
  2. Identify at least one risk trigger. In the process, you may uncover additional information.
  3. Select a response strategy aligned with the risk. For example, don't accept a high priority risk or avoid one with low priority.
  4. Given the response strategy, plan and analyze response actions. Align them with the strategy, the risk profile of the organization, and the objectives of your project or other initiatives. Document in the risk log.
  5. For avoid and adopt strategies, and any other responses with impacts on initiative plans, document with change requests as appropriate to ensure attainment of responses.

As part of response planning, new risks by the responses may appear - be sure to route them through your overall risk management process.

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