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A Risk Management Plan is supposed to add value, if it doesn’t add value, then it serves little or no purpose. A Risk Management Plan is used to describe the risk mitigation and monitoring processes that will be applied to manage risk for your organisation, project, or specific activities.

A Risk Management Plan isn’t a risk assessment, but it is a risk mitigation. Done correctly, a Risk Management Plan provides structure to your activities, describes how your organisations Risk Management Procedure will be applied, and ensures personnel understand your organisations approach and expectations when it comes to risk management for the identified work scope.

The purpose of a Risk Management Plan is to provide an understanding and explanation of your organisations risk management techniques, application, and implementation. The content of a Risk Management Plan is often decided by the complexity of the subject matter. Developing a Risk Management Plan doesn’t have to be complex but to be effective it needs to be structured.

Clear outputs from the Risk Management Plan should be stated and expected, these could include:

  • Risk identified and mitigation implemented into each phase of your activity development
  • Improved development of procedures
  • Increased safety during activities
  • Reduction of downtime
  • Identification of improvement areas based on knowledge transfer, experience, and risk assessment
  • Regulatory compliance

We’ve produced a guide to developing a Risk Management Plan and a template that can be downloaded and edited to create your Risk Management Plan.

RISKUL includes reporting options that can be used in your Risk Management Plan to provide a complete overview of your risk management activities and progress. In addition, RISKUL includes 5x risk assessment tools, HAZID, HAZOP, HIRA, Task Risk Assessment, Risk Register all with 40+ specific design and functionality features unique to RISKUL.

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Need advice on how to use RISKUL in your workplace or project, contact us.

Click below to download a word version of the RISKUL Risk Management Plan Template
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