The risk management plan typically includes the following ten components:
2. Roles and responsibilities
5. Risk categories
6. Definitions of risk probability and impact
7. Probability and impact matrix
8. Revised stakeholders' tolerances for risk
9. Reporting formats
10. Tracking information
The tools, methods, and sources of information that will be used to perform
risk management, including how risks will be identified, analyzed, and categorized;
How risk response plans will be prepared, implemented, and monitored; and
How risk triggers will be monitored.
2. Roles and Responsibilities
The roles and responsibilities section defines who does what during all risk management
activities. In particular, it specifies who will direct and manage risk management activities,
this person may be the project manager or a designated risk manager for the project.
The budget establishes the anticipated cost of the risk management activities and the associated
risk response plans, including contingency reserves.
The timing describes how often risk management activities will be performed, and when they
will take place within the project schedule.
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