Risk management practice suggests that each project should have a risk management plan—a roadmap to show the way on how the organization will cope with risk and will deal with the vagaries that may occur along the way. It’s a plan to show when and how the organization will proactively deal with identified risks and how it will react when the unforeseen comes to pass. Too often, the risk management plan is discussed, but not created. Or it’s created and never applied. Your risk management plan should include some vital elements, such as:- Risk statement formats
- Tolerances and thresholds
- Escalation process and procedures
- Review cycles
- Risk ownership policies
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