The Detail Necessary in a Risk Management Plan

The Detail Necessary in a Risk Management Plan

A risk management plan has to meet your organizations needs as the organization identifies, manages, and mitigates potential and actual risks. The ISO 31000 framework does not detail how an organization should plan or what elements are required for an effective plan.

This short article outlines a few details that may comprise a starting point as you build a risk management plan within your organization. Or, the suggestions here may help you review and improve your existing plan.

The Plan Supports the Implementation of a Risk Management Program

In the simplest terms, the plan is the details on who does what and when to execute activities such that the organization achieves the risk management program objectives. The plan may be quite simple for a small team or as complex as necessary for the larger organization.

The plan makes clear the roles and responsibility along with specific activities (meetings, reviews, assessments, audits, actions, etc.) required to identify, manage, or mitigate risks.

The plan will require regular updates, refinements, and adjustments as the team involved changes roles, and as the organization…