How to Write a Risk Management Plan

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Quality Analysts in any industry are task with the weighty job of risk assessment. It can mean the difference in significant cost savings. Proper risk assessment can also save a life. Whatever the purpose, a plan for risk assessment is important to any company. There are some fairly simple steps to writing a risk management plan.

Assess the risk. The easiest way to write a plan is to brainstorm on potential risks. Most companies perform a SWOT analysis. This is where the strengths, weaknesses, opportunities and threats are determined for any organization. Quality Analysts will play particular attention to weaknesses and threats and document for possible inclusion in a risk management plan.

Make sure the plan includes how decisions are made, how controls are implemented and benchmarks for plan’s success. Plans must be very detailed in what is defined as a risk and who addresses the risk. The process that addresses the risk must be clear to anyone who reads the plan.

Contact the advocacy group for the industry. Many times, the risks that affect one organization affect another in the same line of business. Good advocacy group have outlined these risks and can offer a starting point for a plan.

Review the plan with stakeholders. Managers, end users, customers and industry experts are all good pools of feedback to gather information. Seek key plays who will give objective feedback on a plan’s strengths and weaknesses.

Perform periodic review of any plan. Assess its usefulness with stakeholders. Plans are only good as long as they are relevant. Look at the plan at least annually.

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