The Risk Management Plan is an evolving document that will change over the life of the project, with risks increasing and decreasing at different phases. The Risk Management Plan is the document that specifies the approach, the management components and the resources to be applied to the management of a risk. The Residual Risk Allowance associated with the planned contracts, which will be used by Acquisitions Branch to establish the Pre-Approved Amount for Anticipated Amendments (PAAA) to allow for efficiencies in processing amendments to the consultant contract. The Risk Management Plan should be developed in consultation with the Risk Taxonomy, available in tab 5. The residual risk amount will be used by the Real Property Contracting Directorate as a guideline in establishing the PAAA for construction and consultant contracts. The Risk Response (Column J) is the selected strategy for minimizing risks before they materialize. A risk mitigation plan should not only consist of business continuity plans and asset protection but also  a set of actions to maintain personal security and well-being . The Risk Taxonomy has been developed to aid in the preparation of the Risk Management Plan and provides a compilation of the most common risks related to project management.
The purpose of such strategies is to lessen or reduce, if not totally eliminate the adverse impacts of the known or perceived risks inherent in a particular undertaking, even before any damage or disaster takes place. When it comes to risk mitigation planning, many businesses go for the 'learn-as-you-go' approach and end up learning things the hard way. Best practices require that the known and perceived risks be analyzed according to the degree and likelihood of the adverse results that are anticipated to take place. For a given project, the first level of analysis therefore focuses on developing risk assessments at each site. Accepting risks should still signify that existing resources are used to the best of their capabilities to address the risks.
We adapt this approach to avoid redundancies and focus on managing risk in distributed teams. The risk mitigation strategies are contained in a crisis management plan and shall form part of the initial emergency measures to take, in order to contain and prevent the worsening of the damages caused by an accident or catastrophe.
Copyright © 2012 Best Template Collection, All trademarks are the property of the respective trademark owners. You can use this Risk Management Plan to identify, evaluate and prioritize risks during the software development lifecycle. Risk Managers uses this information to prepare mitigation actions and contingency plans in order to counteract the potential impacts these risk may have on the project’s success.
This Risk Management plan is updated and expanded throughout the development life-cycle as the project increases in complexity and risks become more defined.

Use our Social Media Policy templates to control your employees’ use of Facebook, Twitter, LinkedIn, Flickr, Blogs and more. The Risk Management Plan should be developed in consultation with the Risk Taxonomy which has been developed to aid in the preparation of the Risk Management Plan and provides a compilation of the most common risks related to project management. The Risk Management Plan should be developed in conjunction with the Preliminary Project Plan, and updated with the Project Management Plan. Analyzing 72 scientific articles, we identified inherent risks in distributed teams, tech­niques to solve them, and guidelines for applying the techniques. The former is the framework for the entire risk management aspect of the project while the latter pertains to the entire risks and response actions plan. The good news is that you and your team together can probably do an excellent job identifying those risk.
The set of mitigation strategies shall likewise be listed in the plan, properly labeled as such and categorized under each risk. During this step, participants can adopt resolution techniques from the list or develop novel resolu­tion techniques to address distributed-team risks in their project. The sec­ond level focuses on developing risk assessments for the entire project based on the local estimates. This requires a collocated or mediated project meeting where participants uncover differences in perspec­tives and experiences across sites and negotiate how to prioritize overall distributed-team risks.
Risk Identification – the Risk Manager conducts risk identification meetings and uses the Risk Identification report and questionnaire to assist with initial identification of risks.
Risk Analysis – this involves categorizing risks, impact analysis, risk reviews, risk acceptance and updating the Risk Log. Risk Response Planning – next plan mitigation activities, contingency activities, and review the risk action plans. Risk Plan Implementation – once these are established, monitor trigger events, execute the action plan, and update the Risk Log. The Risk Management Plan is part of the System Concept Development Phase in the Software Development Life Cycle (SDLC). So, the eight areas of risks, the four types of resolution techniques, and the guidelines for combining them are syntheses of state-of-the-art research on distrib­uted teams and form the conceptual foundation for our risk management process. Some project managers, however, deem it more appropriate to categorize the risks as Most Likely, Likely or Unlikely.
In financial institutions, where numerous risks against lost of assets, particularly cash, are perceived, these set of mitigation strategies are simply referred to as the internal control policies. Thereafter, all such risks analyzed shall be documented according to their levels of priority in a form known as the risk mitigation plan.

Your risk mitigation plan should detail the risks facing your business and the actions to manage the risk factors, if not eradicate them. Manag­ers can distribute the resulting risk assessment data to the rest of the organization, allowing for risk management across subprojects and comparisons and learning among independent projects.
We adopted a risk-action list approach in the risk management processes that offers directions for how to apply the four types of resolution techniques to the eight areas of distributed-team risks[30].
While in the process of developing each phase, procedure or methodology, the project management team or the principal players of a transaction or venture shall also establish the critical points where the possible risks may take place. One of its processes focuses on risk management to help identify and analyze poten­tial problems before they occur so that managers can plan risk-handling activities and invoke them across the project life cycle. In another aspect of risk management, a separate set of mitigating actions shall be incorporated to address the threats or hazards that were previously evaluated as having the highest levels of adverse impact in the event of its happening.
After which, the development and integration of the corresponding risk mitigation strategies follows, and shall be referenced against the previously prepared risk management plan. The current literature offers rich insights into these challenges,[3] ,[4] ,[5] ,[6] but it offers no process for managing risks that apply to distributed team structures. We have identified and categorized the risks (see Table 1), so risk management participants can focus on analyzing risk probabilities and impacts and prioritize how to address them.
Some of these might seem typical for any project, but the table focuses on risks related to distributed teams. Distributed environments can significantly intensify risks, to an extent that tradi­tional project management approaches might not apply.
Processes (including methods, templates, and guidelines) vary but are reasonably well aligned across sites.
Developing a risk mitigation plan is supported by the list of resolution techniques and guidelines for how to ap­ply them to address specific risk areas (see Table 2). For example, the collaboration structure risk area includes a risk factor for collaboration capabil­ity (see Table 1)[13],[14],[15].
We structured the risk management process into the three steps shown in Figure 1: identify and analyze risks, develop risk mitigation plans, and implement risk mitigation plans.

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