riskmanagementplan
Project Part One Risk Management Draft
Jarvis Thomas
ITT Technical Institute
IS 3110 Risk Management in Information Technology Security
16 October 2014
Table of Contents
Document Purpose 3
Definition 3
Risk Management Approach 3
Risk Tolerance 4
Risk Management Tasks 4
Document Purpose
The Risk Management Plan describes how risk management will be structured and performed on the project to ensure risk are being managed and controlled at acceptable levels. Risk in a project environment cannot be totally eliminated. The objective of a risk management process is to minimize the impact of unplanned incidents on the project by identifying and addressing potential risks before significant negative consequences occur.
The Risk Management Plan also becomes a subset of the Project Management Plan.
Definition
Definition of Risk Management: the formal process by which risks factors are systematically identified, assessed, and responded to. Risk management concentrates on identifying and controlling areas or events that have a potential of causing unwanted change. (Note that opportunities, also known as positive risk, should also be managed/exploited. This document is focused on mitigating negative risk, rather than maximizing positive risk.)
Definitions, Acronyms, and Abbreviations
Risk
A potential undesirable and unplanned event or circumstance, anticipated in advance, which could prevent the project from meeting one or more of its objectives.
Issue
An event or circumstance that has occurred with project impact that needs to be managed and resolved, with escalation if appropriate.
Task / Action Item
Work packages from the Work Breakdown Structure (WBS) or work resulting from project meetings or conversations.
Risk Management Approach
The project team will implement a continuous risk management process which entails two major processes – risk assessment and risk mitigation.
Risk assessment includes activities to identify risks,
Jarvis Thomas
ITT Technical Institute
IS 3110 Risk Management in Information Technology Security
16 October 2014
Table of Contents
Document Purpose 3
Definition 3
Risk Management Approach 3
Risk Tolerance 4
Risk Management Tasks 4
Document Purpose
The Risk Management Plan describes how risk management will be structured and performed on the project to ensure risk are being managed and controlled at acceptable levels. Risk in a project environment cannot be totally eliminated. The objective of a risk management process is to minimize the impact of unplanned incidents on the project by identifying and addressing potential risks before significant negative consequences occur.
The Risk Management Plan also becomes a subset of the Project Management Plan.
Definition
Definition of Risk Management: the formal process by which risks factors are systematically identified, assessed, and responded to. Risk management concentrates on identifying and controlling areas or events that have a potential of causing unwanted change. (Note that opportunities, also known as positive risk, should also be managed/exploited. This document is focused on mitigating negative risk, rather than maximizing positive risk.)
Definitions, Acronyms, and Abbreviations
Risk
A potential undesirable and unplanned event or circumstance, anticipated in advance, which could prevent the project from meeting one or more of its objectives.
Issue
An event or circumstance that has occurred with project impact that needs to be managed and resolved, with escalation if appropriate.
Task / Action Item
Work packages from the Work Breakdown Structure (WBS) or work resulting from project meetings or conversations.
Risk Management Approach
The project team will implement a continuous risk management process which entails two major processes – risk assessment and risk mitigation.
Risk assessment includes activities to identify risks,