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Module 02 Content This is a template for a risk management plan. Using this template as a general overall guide, write a description of your

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Module 02 Content This is a template for a risk management plan. Using this template as a general overall guide, write a description of your idea for a risk plan for a company's IT department. Be sure to name the company you are using. State of Minnesota (Insert Agency Name Here) Risk Management Plan Project Name: Prepared By: Date: Risk Management Strategy Define the risk management methodology to be used, the risk assumptions, the roles and responsibilities, the timeframes, risk rating/scoring techniques, establish risk thresholds, define risk communications, and develop a risk tracking process. 1. Define the risk management methodology to be used The risk management process is scalable to ensure that the level, type, and visibility of risk management are commensurate with both the risk and the importance of the project. A. Risk Ildentification Risks will be identified by using the Risk Assessment Questionnaire Template, augmented to include other project specific nisks, as appropriate. B. Categorize Risks The Risk Assessment Questionnaire Template groups the risks into categories. The project will create additional categories, as required. C. Risk Impact Assessment - For each risk identified, assess the nisk event in terms of likelihood of occurrence and its effect on project objectives if the nisk event occurs. This information will be used to prioritize the risk using established threshold criteria. D. Prioritize Risks - Risks that meet the threshold criteria will be recorded in the Risk Response Plan. E. Risk Response Planning: - For each risk in the Risk Response Plan, determine the options and actions to reduce the likelihood or consequences of impact to the project's objectives. - Determine the response based on a cost/benefit analysis (cost vs. expected effectiveness). - Describe the actions to be taken to mitigate the risk - Describe the actions to be taken when the nisk event occurs (contingency plan) - Assign responsibilities for each agreed upon response - Assigned a \"due date\" where risk responses are time sensitive - Incorporated this information into the Risk Response Plan F. Risk Response Tracking: - Document the dates and the actions taken to mitigate the risk - Document the actions taken when the risk event occurred (contingency plan) - Document any subsequent actions taken - Incorporate this information into the Risk Response Plan 2024 ncy= | G. Monitor Risk: - Establish systematic reviews and schedule them in the project schedule. - These reviews are to ensure: o O 00D 0 000 All of the requirements of the Risk Management Plan are being implemented Assess currently defined risks Evaluate effectiveness of actions taken Status of actions to be taken Validate previous risk assessment (likelihood and impact) Validate previous assumptions State new assumpfions ldentify new risks - Risk Response Tracking - Communications H. Control Risk: - Validate mitigation strategies and alternatives - Take corrective action when actual events nccur - Assess impact on the project of actions taken ($$, time, resources) - ldentify new risks resulting from risk mitigation actions - Ensure the Project Plan (including the Risk Management Plan) is maintained - Ensure change control addresses risks associated with the proposed change - Revise the Risk Assessment Questionnaire and other risk management documents to capture results of mitigation actions. - Revise Risk Response Plan - Communications Define assumptions that have a significant impact on project risk Define the roles and responsibilities unique to the Risk Management function Risk Management Team- Risk Response Tracking Coordinator- Define Risk Management Milestones Milestone Date Risk Management Plan approved mm/dd/yy Risk Assessment Questionnaire tailored to project Risk Assessment Questionnaire complete Define risk rating/scoring techniques The project will rate each identified rnisk (High, Medium, Low) based on the likelihood that the risk event will occur and the effect on the project's objectives if the risk event occurs. This will be a subjective evaluation based on the experience of those assigned to the project's risk management team. Establish risk thresholds The project will establish risk responses for risk events that have been determined to have a rating of \"High\". Define risk communications Define risk tracking process

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