Risk Management Plan: Rio Tinto

Running head: RISK MANAGEMENT PLAN
Risk Management Plan: Rio Tinto
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1RISK MANAGEMENT PLAN:
Table of Contents
Introduction.................................................................................................................................3
Definitions/ glossary of terms.....................................................................................................3
Objectives of risk management plan...........................................................................................3
Risk management policy.............................................................................................................5
Interdependency with strategic planning....................................................................................6
Relationship with corporate governance.....................................................................................7
Organization and responsibilities/ accountability.......................................................................7
Communication and consultation...............................................................................................8
Risk management framework (including context, matrix, criteria)............................................9
Risk identification and assessment techniques...........................................................................9
Risk management processes.......................................................................................................9
Risk register................................................................................................................................9
Risk profile..................................................................................................................................9
Risk appetite and risk tolerance................................................................................................10
Risk treatment plans..................................................................................................................10
Monitor and review...................................................................................................................11
Risk management programme..................................................................................................11
Performance measurement of the plan......................................................................................12
Risk management implementation plan....................................................................................12
References.................................................................................................................................13
Appendix reports (risk by area, risks by owner, risks with controls).......................................15

2RISK MANAGEMENT PLAN:
Introduction
Risk management plan is referred to as one of the most essential relative project
knowledge area that has to be managed and also monitored throughout the business progress
and project progress as well. This report depicts the importance of implementing effective risk
management plan for the nominated company Rio Tinto. The ISO 31000:2018 is the standard
risk management guidelines that are mainly followed by the enterprises and organizations
base in both New Zealand and Australia.
Different risks that Rio Tinto Mining Company is facing these days are identified in
this report. Moreover, a detail risk management plan is also elaborated n the paper followed
by proper risk identification, risk analysis, risk impact and its likelihood and also respective
risk management action for each of the identified risks. The objectives of risk management
plan, the details policies to be followed are also elaborated in this paper. In order to resolve
these risks the different actions those can be taken are also illustrated n this report.
Definitions/ glossary of terms
Risk management, risk analysis, policy, risk register, risk treatment and
ISO31000:2018
Objectives of risk management plan
Assessing and managing risk is defined as a very important part of well managed and
well organized business organization. it is mandatory for any business or project to have an
accurate risk management plan place from the outset of the project. It has been found there
are many situation raises where projects address critical requirements that are essential to

3RISK MANAGEMENT PLAN:
resolve very critical challenge or risk. Every project o business takes some risks. In other
words, for any project or business there are always some specific problems arises. Sometimes
consequences of these risks also come as a huge damage for the future of the business. Every
business requires resolving the risks by developing a risk management plan followed y Risk
management standard ISO: 31000:2018. After analyzing the current situation of Rio Tinto it
is found that the company has come across major structural changes and for that five different
teams were formed. Due to this reason there are huge chances of risk occurrences. For
overcoming such difficult situations the company should implement a risk management plan
in details.
The objectives of risk management plan are not different for varied organizations.
Rather the purpose of using risk management plan is always same for different organizations.
The risks are not always same. Therefore, based on the specific risk identified the risk
management plan as to be developed. The main objectives of developing risks management
plan is to identify the potential risks, analyze the risk, setting priorities for each risk to make
sure which risk needs to be solved earlier and which can be done late, risk impact analysis and
risk treatment planning. If the risk management plan is maintained throughout the business
life cycle then the company would be able to prevent these risks again in future. It is also
determined that without the help of an effective risk management plan the program
management office might find that the company is doing crisis management which is a
resource exhaustive process classically constrained by some restricted and available options.
The man objectives of the risks management plan are elaborated in the below section:
 To sketch detailed, actionable, appropriate, feasible planning that helps to
combat risks as well as business threats.