How to Create a Risk Management Plan

The video tutorial outlines an eight-step process for creating a risk management plan. It begins with identifying and understanding risks, followed by clarifying and evaluating them. The tutorial emphasizes the importance of understanding root causes and designing early interventions. It suggests breaking down larger risks into smaller, manageable sub-risks. Strategic responses are then determined, documented, and combined for significant risks. An action plan is developed, detailing responsibilities, resources, and budgets. The tutorial concludes with assessing residual risks and documenting contingency plans.

What is the first step in developing a risk management plan?

Why is it important to understand the causes of a risk?

What should you do if you can split a risk into smaller sub-risks?

What are some strategic responses to manage risks?

What is the purpose of documenting contingency plans?