Risk Mitigation Plan Template Excel

Download risk mitigation plan in excel format. After implement risk management in overall project or in project planning phase, you must use risk mitigation template. Through this, you can easily manage any project with proper risk plan.

A project management process is not complete without a risk reduction plan. It’s a report detailing the hazards a project could face and the preventative measures that will be taken.

Risk mitigation plan’s goal is to finish the project on schedule, within budget, and with as little hassle as possible for everyone involved.

Related Template: Project Implementation Plan Template Excel + Word

When to use Risk Mitigation Templates?

Purpose

1. Risks are events or circumstances that potentially affect project goals.
2. Risk mitigation involves analyzing, addressing, monitoring, and reporting dangers.
3. This technique identifies, investigates, and manages project hazards.
4. It includes templates and instructions for identifying and prioritizing risks and describes the methods for carrying out, recording, and monitoring risk management activities throughout the project.
5. Project managers update and assess it.
6. This paper targets project team, sponsor, and management.

Risk Mitigation Procedure

1. This section outlines project risk response steps.
2. The project manager, team, and sponsors will identify, analyze, and manage risks throughout the project.
3. To minimize project risks, they will be detected early.
4. Following are the steps to do this.
5. The project manager or designee will manage risk.

Risk Identification

1. Risk identification encompasses the project team, stakeholders, environmental conditions, corporate culture, and the project management strategy and scope.
2. deliverables, assumptions, restrictions, WBS, cost/effort estimates, resource plan, and another project documentation will be carefully reviewed.
3. The project library will have an electronic Risk Mitigation Log.

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Risk Analysis

Assessing all hazards will determine project outcomes.

Qualification will establish which dangers should be addressed and which can be ignored.

Qualitative Risk Mitigation Plan Analysis

• The project manager and team will evaluate each risk’s probability and impact:

Probability 

• High—Over 70% chance of occurrence
• Medium—30%–70% frequency of occurrence
• Low – Probability below 30%

Affect 

• High – Risk that could significantly affect project cost, schedule, or performance
• Medium – Risk that could modestly impact project cost, schedule, or performance
• Low – Risk that has minimal impact on cost, schedule, or performance

Quantitative Risk Analysis

• This portion of the risk management plan estimates the impact of qualitative risk analysis-prioritized risk events on project work plan and assigns a numerical rating to each risk.

Risk Response Planning

• For each large risk, one of these methods will be chosen:
• Avoid—eliminate the hazard by eliminating the cause
• Mitigate—reduce the risk’s probability or impact
• Accept – Nothing will change.
• Transfer—Outsource, insure, etc.
• The project team will find solutions to prevent or mitigate each risk.
• Prototyping, scheduling, increasing resources, etc.
• To minimize the impact of large risks that are mitigated or accepted, a plan will be created.

Risk Monitoring, Controlling, And Reporting

• Project risk management is monitored and reported throughout the lifespan.
• This project’s status report will include the project team’s top ten risk list.
• Project risks will be assessed for all change requests.
• The Executive Project Status Report will notify management of significant risk status changes.

Tools And Practices

Project team meetings will include a risk log review by the project manager.

Roles and Responsibilities

• The risk mitigation plan template should list the project team’s responsibilities in implementing it.
• This includes choosing the plan’s monitors, controllers, and reporters.
• To properly implement the risk mitigation plan, you must know who is responsible for what.

Communication Plan

• This section describes the communication plan to notify stakeholders on hazards and risk mitigation progress.
• This comprises determining communication frequency, format, accountable parties, and dissemination methods.
• You need a robust communication strategy to keep stakeholders up-to-date and invested in the project at all times.

Budget/ Resource Planning

• This section describes the risk mitigation budget and resource plan.
• This includes identifying resources, the projected cost of implementing methods, and the risk mitigation budget.
• Risk mitigation solutions need a realistic budget and resource plan to work.

Contingency Plan

• If risk mitigation fails, this section will be used. This involves choosing specific actions.

Risk Mitigation Plan Approval

• List signature-seekers. Project Managers, Business Stewards, and Sponsors are examples.
• Add signature lines as needed.
• This document requires signatures, but they are not necessarily necessary to proceed.

What are Main Types and importance Factors in Risk Mitigation Template?

The template includes the following information:

Project Id

Project Name

Project Manager

Ref / Id Activity

Risk

Pre-Mitigation

Risk Severity

• Acceptable
• Tolerable
• Undesirable
• Intolerable

Risk Likelihood

• Probable
• Possible
• Probable
• Probable

Risk Level

• Low
• Medium
• High
• Extreme

Mitigations / Warnings / Remedies

Post-Mitigation

Risk Severity

• Acceptable
• Tolerable
• Undesirable
• Intolerable

Risk Likelihood

• Improbable
• Improbable
• Possible
• Probable

Risk Level

• Low
• Low
• Medium
• High

Acceptable To Proceed?

• Yes
• Yes
• Yes
• No

Risk Mitigation Plan Template in Excel
Risk Identification	Risk Assessment
Risk Analysis	Risk Mitigation Strategies
Risk Monitoring	Contingency Plans
Communication Plan	Documentation
Budget Allocation	Risk Review Meetings
Risk Reporting	Risk Register

Project Risk Log Template

The template focuses on the following set of information:

1. Ref Id
2. Risk
3. Risk Owner
4. Risk Trigger
5. Risk Category
6. Probability 1 – 3
7. Impact 1 – 3
8. PI Score Prob x Impact
9. Expected Result | No Action
10. Positive Risk Response
11. Negative Risk Response
12. Response Trigger
13. Response Owner
14. Response Description

Expected Response Impact

PROBABILITY 1 – 3 KEYS

• 1
• 2
• 3

IMPACT 1 – 3 KEY

• 1
• 2
• 3

Project Risk Management Plan

The template emphasizes on the following:

Project Ownership                                     

1. Project Name
2. Project Overview
3. Project Manager
4. Name
5. Contact Info
6. Phone
7. Email
8. Mailing Address
9. Plan Version
10. Version
11. Date
12. Author
13. Reason
14. Sections Impacted
15. Section Title
16. Amendment
17. Distribution
18. Delivery Method
19. Issue Date
20. Issued To
21. Executive Summary
22. Risk Analysis and Evaluation Process
23. Development Of Risk Prevention Mitigation Strategies Process
24. Review Schedule, Process, And Parties Responsible
25. Risk Management Roles And Responsibilities
26. Name
27. Role
28. Responsibilities
29. Risk Reporting Process
30. Risk Assessment
31. Risk Identification
32. Risk Overview
33. Event Or Threat Triggers
34. Risk Register
35. Identified Risk
36. Current Status
37. Risk Mitigation Strategies
38. Risk Analysis and Evaluation
39. Identified Risk
40. Risk Grade
41. Potential Impact
42. Risk Mitigation
43. Identified Risk
44. Mitigation Action: Preventative or Contingency?
45. Budgetary Implications
46. Proposed Mitigation Action
47. Stakeholders Responsible
48. Identified Risk
49. Mitigation Action: Preventative Or Contingency?
50. Budgetary Implications
51. Proposed Mitigation Action
52. Stakeholders Responsible
53. Identified Risk
54. Mitigation Action: Preventative or Contingency?
55. Budgetary Implications
56. Proposed Mitigation Action
57. Stakeholders Responsible
58. Identified Risk
59. Mitigation Action: Preventative or Contingency?
60. Budgetary Implications
61. Proposed Mitigation Action
62. Stakeholders Responsible
63. Identified Risk
64. Mitigation Action: Preventative or Contingency?
65. Budgetary Implications
66. Proposed Mitigation Action
67. Stakeholders Responsible
68. Identified Risk
69. Mitigation Action: Preventative or Contingency?
70. Budgetary Implications
71. Proposed Mitigation Action
72. Stakeholders Responsible
73. Identified Risk
74. Mitigation Action: Preventative or Contingency?
75. Budgetary Implications
76. Proposed Mitigation Action
77. Stakeholders Responsible
78. Identified Risk
79. Mitigation Action: Preventative or Contingency?
80. Budgetary Implications
81. Proposed Mitigation Action
82. Stakeholders Responsible
83. Risk Monitoring
84. Review Of Risks and Issues
85. Review Frequency
86. Parties Responsible for Reviewing
87. Monitoring
88. Monitoring Frequency
89. Parties Responsible for Monitoring

Reporting

Reporting Frequency

Parties Responsible for Reporting

Project Risk Matrix Template

The template encompasses the following data:

Name

Objective

Ref/Id

Pre-Mitigation

Risk

Risk Severity

• Acceptable
• Tolerable
• Undesirable
• Intolerable

Risk Likelihood

• Improbable
• Possible
• Probable
• Probable

Risk Level

• Low
• Medium
• High
• Extreme

Department / Location

Mitigations / Warnings / Remedies

Post-Mitigation

Risk Severity

• Acceptable
• Acceptable
• Tolerable
• Undesirable

Risk Likelihood

• Improbable
• Improbable
• Possible
• Probable

Risk Level

• Low
• Low
• Medium
• High

Acceptable To Proceed?

• Yes
• Yes
• Yes
• No

 

Main Risk Mitigation Plan Elements in Project Planning

A sample risk mitigation plan should include the following components:

• Individual risk list
• A succinct explanation of each risk
• Analysis and grading of risks based on impact and likelihood of occurrence
• Finding the root cause(s) that generated the risk is known as root cause analysis.
• Plan of action: detailing the actions to be taken to reduce the risk.
• Specialized individual or group
• The action plan’s timeline
• Cost(s) anticipated for reducing the risk

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Usage of Risk Mitigation Planning and Strategy implementation

This risk mitigation strategy plan template helps teams of all sizes and sectors minimize risk.

The template contains a step-by-step guidance to evaluate risks, set goals, and create projects to meet measurable targets.

List Specific Priority Areas

• Risk reduction strategy plan focus areas. Risk Management, mitigation, reaction, and monitoring may be key areas.
• To manage risk, set goals and activities for each priority area.

Consider Objectives For That Particular Area

• Objectives guide risk mitigation.
• Measurable, achievable, and focused goals are best.
• Risk assessment could aim to raise awareness.

Set KPIs For the Goal

• KPIs track progress toward goals.
• KPIs should be specific, measurable, achievable, practical, and timely.
• Risk awareness, risk exposure, and reaction plan completion are KPIs.

Complete KPI-Related Projects

• Projects achieve KPIs.
• Specific projects should have a timetable and budget.
• Projects may involve risk awareness training, risk management policies, and risk response strategies.

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How to Risk Mitigation Implement in any project and Importance?

In conclusion, a successful project management strategy must include an efficient risk reduction approach. You can reduce risks’ effects and improve the likelihood of completing the project’s goals by proactively recognizing and managing risks.

Utilize the sample risk mitigation plan provided above, and keep track of your risk management activities while communicating with others about them and learning from them. With a solid risk mitigation strategy in place, you can confidently handle any project’s unknowns.