Once completed, the plan serves as a guide for everyone involved in a project and is particularly important as a tool to communicate with key stakeholders. The process also includes identifying both the costs and actions necessary for implementing the plan. ![]() The planning process enables managers to clearly identify risks, and then develop and document risk mitigation strategies and contingency plans. The overall goal of a risk management plan is to manage risk in a way that ensures a successful project outcome. It is generally the project manager’s role to maintain the plan and update it periodically to ensure ongoing clarity and effectiveness. A risk management plan is typically included as part of a larger project plan, and is initiated early in the project lifecycle the risk plan then evolves as the project progresses. ![]() Project risk management seeks to maximize positive risks while avoiding or mitigating negative risks. The Project Management Body of Knowledge (PMBOK® Guide, 5th Edition) defines project risk as “an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives, such as scope, schedule, cost, or quality.” Notice that these risks can be considered positive or negative depending on their effects. Getting started with the Smartsheet API.ENGAGE Smartsheet ENGAGE brings together our global customers, experts, and partners to share their experiences, ideas, and best practices.Smartsheet events Your hub for Smartsheet events, webinars, Q&As, and user groups.Partners Learn about the Smartsheet partner program and access our partner directory.Community Explore user-generated content and stay updated on our latest product features.Help and Learning A comprehensive knowledge base, including articles, tutorials, videos, and other resources that cover a range of topics related to using Smartsheet.Content Center Articles and guides about project management, collaboration, automation, and other topics to help you make the most of the Smartsheet platform.You can also break down each of those categories into specific risk descriptions, and then rate them to determine significance. A supply chain heat map analysis might include environmental, sociopolitical, economic, regulatory, technological, and other internal and external risks. For example, a compliance risk heat map might include risks related to corruption, workplace health and safety, employee behavior, environmental standards, quality, data management, and other categories. ![]() To narrow the focus of the template, select one category to divide into subcategories. For an ERM heat map, categories might include operational risks, IT security risks, financial risks, compliance risks, legal risks, and more. Edit the categories to fit your business needs. The heat map shows risks by score, while the bar chart shows how many risks are in each category. In the data table, after listing risks by category, score each risk for impact and probability on a range from minor or unlikely to critical or almost certain. Use the risk criteria section to define the quantitative measures you will use to determine risk ratings. ![]() It also highlights mitigation strategies and monitoring frequency for each risk. The template includes a data table, a heat map, and a bar chart that shows the total number of risks in each category. This template is designed for enterprise risk management (ERM), but you can also use it to analyze risks in any area that you can break down into multiple subsets, such as in operational or supply chain risk management.
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