risk management plan definition
Examples of risk management plan in a sentence
The Risk Management Plan should, at a minimum, include detailed consideration of all potential Risks that could impact the performance of this Contract, with reference to the severity and the likelihood of the Risk occurring; its potential cost, time and reputational impact and an evaluation of reasonable mitigations for the Risks.
The contractor shall provide a Risk Management Plan (RMP) for the Contract which shall be forwarded to the Authority’s Project Manager (PM) (see Box 2 of Appendix to Contract – DEFFORM 111) for approval within 1 week from commencement of Contract.
In order to be effective both the Risk Management Plan and the Contingency Plan need to be regularly reviewed and updated and distributed to all stakeholders that are accountable for an action within them.
As a measure of good practice, the Contractor is expected to maintain an up to date Risk Management Plan as well as a Contingency Plan.