Risk Management Plan Template for Networking Event

This Risk Management Plan Template is for a Networking Event. It includes the process of risk identification, analysis, response planning, monitoring and reporting. Roles and responsibilities of stakeholders and project manager are also mentioned. Budgeting and risk breakdown structure are also included.

<PROJECT NAME>
RISK MANAGEMENT PLAN
Version <1.0>
<08/03/2018>
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<Project Name> Version: <1.1>
VERSION HISTORY
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1.0 <Author name> <mm/dd/yy> <name> <mm/dd/yy> Initial Risk Management
Plan draft
1.1 <Author name> <mm/dd/yy> <name> <mm/dd/yy> <reason>
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<Project Name> Version: <1.1>
TABLE OF CONTENTS
1 INTRODUCTION......................................................................................................................1
1.1 Purpose Of The Risk Management Plan....................................................................1
2 RISK MANAGEMENT PROCEDURE.................................................................................1
2.1 Process........................................................................................................................1
2.2 Risk Identification......................................................................................................1
2.3 Risk Analysis.............................................................................................................1
2.3.1 Qualitative Risk Analysis.....................................................................................2
2.3.2 Quantitative Risk Analysis...................................................................................2
2.4 Risk Response Planning.............................................................................................2
2.5 Risk Monitoring And Reporting................................................................................2
3 ROLES AND RESPONSIBILITIES.......................................................................................3
4 BUDGETING............................................................................................................................4
5 TIMING.....................................................................................................................................5
6 RISK BREAKDOWN STRUCTURE/ CATEGORIES........................................................7
7 STAKEHOLDER RISK TOLERANCESE............................................................................7
8 COMMUNICATION: REPORTING FORMATS...............................................................8
RISK MANAGEMENT PLAN APPROVAL.................................................................................9
APPENDIX A: REFERENCES.....................................................................................................10
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1 INTRODUCTION
1.1 PURPOSE OF THE RISK MANAGEMENT PLAN
The main purpose which is related to the risk management plan mainly include the
different risk factors which can be associated within the working of the project. The sector
of identification of the risk factors can be considered to be very much important in the
field, due to the factor that if the risk factors are included into the working of the project it
can affect the overall success factor of the project. In a networking event there can be
different type of risk and there are different approach related to the identification and
mitigation of the risk which are implemented according to the requirement of the case
(Pritchard & PMP 2014). There are different areas within which the risk factors can occur,
mainly the sectors include the areas of budget aspect, time factor and delivery of the
success factor of the project. The main point of emphasis which should be taken into
consideration is that despite of the different risk factors the overall project is delivered with
the different criteria being taken into consideration.
2 RISK MANAGEMENT PROCEDURE
2.1 PROCESS
In the aspect of project management there can be different process which can be
implemented within the working of the project which would be effective in the sector of
identification, detection, and mitigation of the risk factors. There are different processing
which can be implemented in the aspect but it can be stated here that the process which
would be implemented would be directly depend on the condition of the project and the
risk factors it can face. The project manager in this context has a crucial role to take up the
decision of the process which should be implemented. If the process which is implemented
does not suite the requirement of the project then the overall success factor of the project
would be impacted. The steps which can be included in the process of risk management are
stated below:
2.2 RISK IDENTIFICATION
This step mainly include the identification sector of the risk which are implemented
within the working of the project. There can be different technique which can be
implemented for the identification purpose which can be used for the aspect of finding out
the risk factors. During this step it can be stated that the project risk register are taken into
consideration. Identification of the risk can be done in the form of different operations
which are included into the working of the organisation. It can majorly include the events
which are directly related to the aspect of working of the different parameters which are
included into the working of the project. The tools which are widely used in the event of
the identification of the different risk factors that may be included in the identification of
the risk is the risk matrix.
2.3 RISK ANALYSIS
This can be stated as a second step related to risk processes which majorly include the
determination and the consequence of each of the factor of risk. The main focus in this step
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would be the development of the understanding of the factor of risk and the nature which
are associated with the factor of the risk. The potential impacts it can possess in the project
are also calculated in this sector taking into consideration the objective and the goal of the
project. All these information are plotted down in the risk management register.
2.3.1 Qualitative Risk Analysis
In this step the risk are evaluated and ranked according to the magnitude of the risk which
are identified. The magnitude of the risk is directly linked with the consequence and the
likelihood of the risk. The decision should be taken in this step relating to the risk factor
whether they are acceptable or not or whether the risk factor is serious factor or not. The
treatment of the risk are also taken into consideration in this step due to the fact that the
impact it can possess on the project may be severe which can impact the success factor of
the project.
2.3.2 Quantitative Risk Analysis
This step can be considered as a risk plan related to the response of the risk factors. During
this step there is assessment of the highest risk which are ranked and set out the plan to
modify the factor of risk and the treat the risk to minimize the impact it can have on the
project. The main question which can be asked in this step is that how would be
minimization of the probability of the risk which are negative would be ignored and
mitigated. According to the treatment measures which are identified the risk factors are
plotted down in the risk register plan. The quantitative analysis in this sector mainly
include the selection of the different parameters which may be included into the risk factors
of the project.
2.4 RISK RESPONSE PLANNING
The main response which is related to the risk is directly taken into consideration by the
project manager. The project manager initiates the project plan and takes into consideration
that the risk factors are not included into the working of the project. In most of the sectors
it is seen that the risk factor identification are not taken into consideration at the right time
due to which it impacts the overall working of the project. The main impact which is seen
is in the success factor of the project. Majorly projects are dominated by the stakeholders
and the project manager and they majorly take into consideration the major working of the
project. Response should be very much timely in a manner which basically forms the basis
of operation of the risk mitigation aspect (Burtonshaw, 2017). There can be different
conditions which can be faced within the working of the project but the main aspect which
should be taken into consideration is that risk plans which are pre planned and can be just
implemented within the working of the project according to need of the project and which
plan would be working appropriately in the sector of mitigation of the risk.
2.5 RISK MONITORING AND REPORTING
This can be considered as an outcome of the plan. In this phase the different risk factors
which are identified are taken into consideration and the working on the risk plan are taken
into consideration. Monitoring of the risk factors can be considered very much important
due to the factor that if the risk factors are not take into consideration it can directly impact
the overall working of the project. Reporting of the risk can be implemented from the end
of the members of the project or from the end of the project manager. The stakeholders in
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this context can be directly concerned with the external risk factor of the project so the
project do not include any type of external risk factors (Bailles et al., 2016). Monitoring of
the risk can sometimes referred to as a continuous planning towards a better processing of
the projects in which there are different parameters included into the working. Sometimes
it can be stated that there are dedicated person who are always engaged into the monitoring
aspect of the project throughout the working and implementation of the project.
3 ROLES AND RESPONSIBILITIES
Stakeholders
The main role which is related to the stakeholders mainly include the following points:
Provide expertise: Stakeholders majorly have the knowledge relating to the wealth and
knowledge of the current processes, information which are related to historical and
industry insight (Pritchard & PMP, 2014). Many a times it can be stated that the role of the
project manager are more important than the project member or the project manager and
they may have to include their own activity even after the activity of the project are
completed.
Uncovering and reducing of risk: It can be stated here that more the involvement of the
stakeholders in the project there would be less risk factors involved into the working of the
project. When taking into consideration the initial requirement of the project the
stakeholders can very much play an important role in this context.
Increasing project success: By means of gathering the initial requirement of the project
they can get together their buy which would be directly beneficial from the point of view
of the successful completion of the project. This aspect would be beneficial in a way
which would be directly reducing the factor of getting surprise at the execution phase of
the project.
Acceptance of the project: The more the engagement of the stakeholders in the project
there would be more chances of the project reaching the success factor.
Project manager
The main role which can be related to the project manager mainly include the following
points:
The main role of the project manager would be to organize the overall team and maintain a
sense of responsibility for the team. It would be directly beneficial in a way of making the
project reach the desired level of success.
The project manager has an overall role to maintain the working of the team. He also has a
role to appoint different role to the member and look into the aspect that the member
perform their individual activity properly (Reddel et al., 2015). The project manager and
the team under him always have a common goal to reach which is success factor of the
project.
If there are any sort of discrepancy faced within the working of the project the project
manager would be liable for it. At each stage of the project the project manager has a role
to detect the working areas of the project and make necessary alteration of the project.
The project manager can directly help in the execution of the project and by this means
generate a sense of responsibility of the team members of the project. There are some of
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the roles of the project manager which play a very crucial role within the working of the
project (Kerzner & Kerzner, 2017).
4 BUDGETING
Task Name Duration Resource Names Cost
Risk Management for PJM
Networking Event 79 days $32,400.00
Identification of the risks 7 days $4,200.00
Identifying impacting sectors 4 days
Business Analyst, Event
Manager, Resource
Manager, Risk Manager
$2,400.00
Listing variables and impacts 3 days
Business Analyst, Event
Manager, Resource
Manager, Risk Manager
$1,800.00
Risks prioritization 23 days $9,260.00
Listing risks 5 days
Business Analyst, Event
Manager, Resource
Manager, Risk Manager,
Volunteers
$3,400.00
Assigning Impact 7 days Event Manager, Risk
Manager $2,240.00
Analysing Probability 6 days Event Manager, Risk
Manager $1,920.00
Mapping risk Register 5 days Event Manager, Risk
Manager, Resources[1] $1,700.00
Risk register development 17 days $6,980.00
Listing Risks 4 days
Business Analyst, Event
Manager, Resource
Manager, Resources[1],
Risk Manager,
Volunteers
$2,820.00
Identifying Stakeholders 7 days Event Manager, Risk
Manager $2,240.00
Relating prioritization 6 days Event Manager, Risk
Manager $1,920.00
Mitigation strategies 21 days $6,720.00
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Development
Identifying highest priority
risks 7 days Event Manager, Risk
Manager $2,240.00
Highlighting stakeholders 3 days Event Manager, Risk
Manager $960.00
Setting risk management
strategies 5 days Event Manager, Risk
Manager $1,600.00
Identifying later impacts 6 days Event Manager, Risk
Manager $1,920.00
Monitoring implementation of
risk mitigations 11 days $5,240.00
Tracking risks 3 days
Business Analyst, Event
Manager, Resource
Manager, Resources[1],
Risk Manager,
Volunteers
$2,140.00
Tracking impacts 4 days
Event Manager,
Resources[1], Risk
Manager
$1,380.00
Tracking probability 2 days
Event Manager,
Resources[1], Risk
Manager
$740.00
Documenting revised risk
register 2 days
Event Manager,
Resources[1], Risk
Manager, Business
Analyst
$980.00
5 TIMING
Task Name Duration Start Finish
Risk Management for
PJM Networking Event 79 days Fri 8/3/18 Wed 11/21/18
Identification of the
risks 7 days Fri 8/3/18 Mon 8/13/18
Identifying impacting
sectors 4 days Fri 8/3/18 Wed 8/8/18
Listing variables and 3 days Thu 8/9/18 Mon 8/13/18
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impacts
Risks prioritization 23 days Tue 8/14/18 Thu 9/13/18
Listing risks 5 days Tue 8/14/18 Mon 8/20/18
Assigning Impact 7 days Tue 8/21/18 Wed 8/29/18
Analysing Probability 6 days Thu 8/30/18 Thu 9/6/18
Mapping risk Register 5 days Fri 9/7/18 Thu 9/13/18
Risk register
development 17 days Fri 9/14/18 Mon 10/8/18
Listing Risks 4 days Fri 9/14/18 Wed 9/19/18
Identifying
Stakeholders 7 days Thu 9/20/18 Fri 9/28/18
Relating prioritization 6 days Mon 10/1/18 Mon 10/8/18
Mitigation strategies
Development 21 days Tue 10/9/18 Tue 11/6/18
Identifying highest
priority risks 7 days Tue 10/9/18 Wed 10/17/18
Highlighting
stakeholders 3 days Thu 10/18/18 Mon 10/22/18
Setting risk
management strategies 5 days Tue 10/23/18 Mon 10/29/18
Identifying later
impacts 6 days Tue 10/30/18 Tue 11/6/18
Monitoring
implementation of risk
mitigations
11 days Wed 11/7/18 Wed 11/21/18
Tracking risks 3 days Wed 11/7/18 Fri 11/9/18
Tracking impacts 4 days Mon 11/12/18 Thu 11/15/18
Tracking probability 2 days Fri 11/16/18 Mon 11/19/18
Documenting revised
risk register 2 days Tue 11/20/18 Wed 11/21/18
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6 RISK BREAKDOWN STRUCTURE/ CATEGORIES
7 STAKEHOLDER RISK TOLERANCESE
Sl. No. Risks Impact Probability Risk
Owner
Trigger Event
1 Budget escalation V H H Manager Improper planning
2 Timeline H H Manager Improper planning
3 Less number of
participants
V H M Market
analyst
Ineffective
advertisement
4 Network issues H L IT team Slow network
connectivity
5 Less number of
companies
V H V L Campaignin
g manager
Inefficient
campaigning
6 Entrance and exit
at on-ground
M L Manager Ineffective event
management
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venue (Liang et
al., 2017)
7 Accidents at on-
ground venue
H V L Volunteers No contingency plan
8 Natural calamities V H V L Volunteers No contingency plan
9 Improper
management
H M Manager
and
managemen
t team
Less experienced
manager
10 Lack in resources L V L Resource
Manager
Less experienced
manager (Hopkin,
2018)
8 COMMUNICATION: REPORTING FORMATS
The communication aspect of the project can be considered to be very much important due
to the fact that most of the risk factors in the project should be noted down so that in the
near future they are not faced again. It can be stated as a precaution which are implemented
within the working and documentation of the project (Hartmann & Driessen, 2017). They
are ideally conducted from the end of the project manager or someone who is experienced
in the field due to a document which can be accessed later on for guidance purpose.
Sometimes it can be stated that similar event take place which affect the internal working
of the project and in this context it can be stated that the document can be referred to
provide a guideline which directly help in the sector of implementing a mitigation strategy
which would be directly reducing the impact time of the risk. In most of the cases it can be
seen that the risk factors are initiated due to the lack of communication between the
different members of the project.
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RISK MANAGEMENT PLAN APPROVAL
The undersigned acknowledge they have reviewed the Risk Management Plan for the
<Project Name> project. Changes to this Risk Management Plan will be coordinated with
and approved by the undersigned or their designated representatives.
[List the individuals whose signatures are required to approve the risk management plan..
Examples include the Project Manager and Project Sponsor. Add additional lines for
signature as necessary.]
Signature: Date:
Print Name:
Title:
Role:
Signature: Date:
Print Name:
Title:
Role:
Signature: Date:
Print Name:
Title:
Role:
Signature: Date:
Print Name:
Title:
Role:
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APPENDIX A: REFERENCES
Bailles, N., Beattie, N., Chandler, M., Donovan, T., Edwards, B., Erickson, A., ... &
Laberda, L. (2016). Brooklyn Park Risk Management Plan for Nature Playscapes.
Burtonshaw-Gunn, S. A. (2017). Risk and financial management in construction.
Routledge.
Hartmann, T., & Driessen, P. (2017). The flood risk management plan: towards spatial
water governance. Journal of Flood Risk Management, 10(2), 145-154.
Hartmann, T., & Spit, T. (2016). Legitimizing differentiated flood protection levels–
Consequences of the European flood risk management plan. Environmental Science
& Policy, 55, 361-367.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to
planning, scheduling, and controlling. John Wiley & Sons.
Leoni, E., Dallolio, L., Stagni, F., Sanna, T., D'Alessandro, G., & Piana, G. (2015). Impact
of a risk management plan on Legionella contamination of dental unit
water. International journal of environmental research and public health, 12(3),
2344-2358.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014).
Project risk management methodology for small firms. International journal of
project management, 32(2), 327-340.
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance.
Auerbach Publications.
Reddel, S. W., Barnett, M. H., Riminton, D. S., Dugal, T., Buzzard, K. A., Erickson, D., ...
& Ackland, T. (2017, October). Design and implementation of an automated
platform supporting the Alemtuzumab risk management plan: The Alemtuzumab
MS Safety Systems (AMS3) study. In MULTIPLE SCLEROSIS JOURNAL (Vol.
23, pp. 642-643). 1 OLIVERS YARD, 55 CITY ROAD, LONDON EC1Y 1SP,
ENGLAND: SAGE PUBLICATIONS LTD.
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