1.Â Â Â What is the situation?
2.Â Â Â What are the risks associated with the situation?
3.Â Â Â How were the risks identified and assessed?
4.Â Â Â What controls currently exist?
5.Â Â Â What is the desired situation?
6.Â Â Â What are the risks associated with the desired situation?
7.Â Â Â How have they been identified and assessed?
8.Â Â Â How does the risk management plan act to reduce the impact or consequences of the risk/s?
9.Â Â Â Does it introduce any new risks?
10.Â Â Â Who will the plan benefit and how will it be of benefit?
11.Â Â Â Why should the organisation support it? (consider qualitative and quantitative benefits, costs, PR, safety etc)
12.Â Â Â What resources and what personnel would be involved in developing, implementing and monitoring the planned risk controls?
13.Â Â Â What are the cost factors involved?
14.Â Â Â How would you ensure that the risk treatment was sponsored and supported by the organisation?
15.Â Â Â Whose authorisation would you need in order to go ahead with your plan?
16.Â Â Â How would you determine performance expectations?
17.Â Â Â How will you monitor the operation of the plan?
18.Â Â Â Who would be responsible for monitoring the risk controls and why would this person (people) be most suited to the task?
19.Â Â Â How will you measure its success? (ie what measurement processes will you use and what will you measure its success against?)
Format your risk identification, analysis and improvement plan/ proposal (or action plan) in a manner that would be accepted by senior management. Ensure that all risk scenarios are addressed and catered for.
oÂ Â Â the plan
oÂ Â Â answers to the questions
oÂ Â Â the plan rationale
oÂ Â Â tools used in the assessment process and in the plan design process
oÂ Â Â any relevant support information, charts, graphs etc
The plan must clearly describe the risk, proposed actions, resource needs, responsible persons, time frames, deadlines, expected outcomes and success metrics.
Plans should be accompanied by relevant statistics, evidence of the analysis of data/ information, graphs, charts and tables and any relevant background information.
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