Risk Management Planning The organisation's Risk Management Plan Template should be used. The following procedure should be followed for risk management: 1. Gather information about potential risks and risk treatments or controls using a range of risk management tools and techniques. The preferred method is brainstorming potential risks with key staff members and conducting a PESTLE analysis to identify external risks. 2. Confirm key risks and risk treatments or controls to be documented in the risk management plan. For each risk, indicate the consequence of the risk e.g. loss in sales, loss in profits, business closure, lack of qualified staff, etc. 3. Identify key risks and document them in the risk register. 4. Using the risk legend within the risk management plan, assess and document the likelihood of the risk occurring. 5. Using the risk legend within the risk management plan, assess and document the severity of the risk occurring. 6. Identify and document the agreed treatment or control method for each risk. 7. Assign a ranking to the risk using the risk assessment legend. The ranking of the risk will determine its importance in terms of risk management