Developing and reviewing your risk management plan

A risk management plan details your strategy for treating risks. It details information about:

• identified risks
• the level of risks
• your planned strategy
• the time frame for implementing your strategy
• the resources required
• the individuals responsible for ensuring the strategy is implemented.

Your final plan should include appropriate objectives, a budget and milestones on the way to achieving those objectives.

Reviewing your risk management plan

The business environment is constantly changing. The type of risks you face will change as your business develops and grows. Regularly reviewing your risk management plan is therefore essential for identifying new risks and monitoring the effectiveness of your risk treatment strategies.

Also consider...

• Consider purchasing Risk management – guidelines (Standards Australia AS ISO 31000:2018) for an excellent resource on risk management.
• Find out how to prepare an incident response plan.