Published 3 Nov 2023
What is Risk Management?
Risk management is a project management tool that helps ensure workplace safety. Beyond accident prevention, risk management can make your team more efficient and better prepared to take on potential risks or hazards and improve the overall safety of your site.
In this article
- 4 Steps of the Risk Management Process
- How To Write A Risk Management Plan
- Risk Management Plan For Construction
- What is A Risk Management Plan Template?
- What’s in the Risk Management Plan Template?
- Why Should A Project Manager Use A Risk Management Plan Template?
- Mitigate Risks With SafetyCulture's Risk Management Plan Templates
- Top 4 Risk Management Templates
4 Steps of the Risk Management Process
- Risk Recognition: Identify all potential risks affecting the project.
- Risk Assessment: Prioritize identified risks based on severity/damage impact.
- Risk Mitigation: Reduce the risk occurrence by implementing safety measures or removing/modifying certain aspects.
- Risk Monitoring: Evaluate the effectiveness of safety measures.
How To Write A Risk Management Plan
The following should be included in a risk management plan:
- All the identified risks that can potentially impact a project.
- A scale that estimates the probability of a risk occurring and the severity of impact.
- The consequences on the project should any of the risks take place.
- Mitigation actions to either prevent the occurrence of identified risks or serve as damage control should they happen.
Risk Management Plan For Construction
Construction companies are faced with huge risks. Aside from ensuring worker safety and promoting a culture of safety, construction companies have to plan for project delays, issues with clients, and miscommunication among team members.
While a lot of things can go wrong during construction, it is the project manager’s responsibility to resolve issues before they harm the project. To ease the construction process, the project manager needs a risk management plan.
Here’s an example of a risk management plan for construction:
- Assess management of resources.
- Identify project requirements.
- Discuss project phases with team.
- Assign tasks and set deadlines.
- Prepare for possible setbacks.
- Establish risk protocols.
- Inspect site for safety hazards.
What is A Risk Management Plan Template?
A risk management plan template is used in establishing a framework that will assess and manage risks associated with a project. Project managers can create multiple risk management plans from one template. Here is a sample template report of a Risk Management Plan PDF created in the context of warehouse safety.
What’s in the Risk Management Plan Template?
Generally, a risk management plan should include the following items:
- Project reference
- Risk identification
- Risk assessment
- Risk analysis
- Risk response/mitigation actions
- Personnel responsible for mitigation actions
- Associated costs
- Risk monitoring
Why Should A Project Manager Use A Risk Management Plan Template?
A project manager should use a risk management plan template because it can be confusing to keep track of several risk management plans for different projects. Even if a project manager has only one ongoing project, writing a risk management plan from scratch can seem daunting.
By using a risk management plan template, project managers can implement safety guidelines across a wide range of projects. Starting with a risk management plan template gives the project manager an idea of what to look out for.
Mitigate Risks With SafetyCulture’s Risk Management Plan Templates
Paper-based risk management plans cost you time and money. Save both by using a digital risk management plan. With SafetyCulture (formerly iAuditor), you can access and store your risk management plan on your mobile device, automatically generate reports after an inspection, and seamlessly share them with the appropriate people. Using SafetyCulture in your digital risk management process helps you create rich data sets to better support your decisions and encourages compliance within your organization.
SafetyCulture lets you proactively manage safety and quality in your business with the use of your mobile device or tablet. Use SafetyCulture as a risk management software and be able to:
- Streamline audits – Save time from manual entry when doing an audit. Attach notes and media directly during inspections.
- Automate communication – Receive immediate notifications when critical risks are identified or when audit scores start to drop.
- Deliver immediate actions – Create corrective actions for issues in need of immediate resolution. Assign actions to members of the organization and set the time, date, and priority level.
- Gain safety & quality insights – Get real-time insights from comprehensive reports that automatically generate every time you complete an audit. Preview a sample report here.
- Share reports immediately – Automatically send your reports to multiple recipients. Reports are shareable in multiple formats (PDF, Word, CSV, JSON, HTML, or XML) and delivery options (email, DropBox, SharePoint, or more).
Top 4 Risk Management Templates
You can use this Risk Management Template converted using SafetyCulture to help identify the risks associated with your projects. Choose control measures (elimination, substitution, engineering controls, administrative controls, PPE) to help eliminate risks. Use SafetyCulture to capture photo evidences of the hazards and generate reports even while onsite. This risk management checklist is customizable and allows you to include additional risk rating criteria appropriate to your projects.
Use this Risk Management Framework Template to record the identified risks, consequences, probable causes, effects, and control measures. Describe the adequacy of existing controls. Rate the likelihood of risks associated with the project. You can use SafetyCulture even while you’re offline and capture photos of the hazard and generate reports. Assign mitigation actions, highlight priority level, and timeline to finish the task to appropriate team member via SafetyCulture’s Action feature and immediately receive feedback regarding the progress.
This Project Risk Management Template can be used to monitor risk management activities throughout the project. Identify the risks, likelihood, and consequences. Record how risks will impact the project. Identify the symptoms, triggers, strategy, and contingency plan to eliminate the risk. This template uses SafetyCulture’s repeat sections allowing you to ask recurring questions. Generate comprehensive reports and highlight the current status of risks with SafetyCulture.
Use this risk management readiness checklist to find gaps and build your organization's risk management system to be at par with ISO 31000:2018's standard. To ensure that best practices are consistently implemented and followed, this risk management process template provides a list of steps that risk managers can regularly check and monitor for progressive results. Additionally, this template lets you and your team:
- Plan the establishment of your Risk Management Framework
- Show leadership by making a commitment to risk management
- Make your organization’s personnel responsible for managing risk
- Design your organization's unique risk management framework