Risks are not inherently bad - sometimes taking a risk can lead to big rewards. However, risks do represent uncertainty, and if you’re managing an organization or project, having a clear understanding of potential risks can help you move forward and make decisions with confidence. Risk management is the process of identifying risks, analyzing them to assess their likelihood and potential impact on a program, and developing and implementing methods for responding to each risk. To support your risk management planning, this page offers multiple templates that are free to download. Choose from simple matrix templates or more comprehensive risk management plan templates for Excel, Word, and PDF, all of which are fully customizable to meet the needs of your specific enterprise or project.
This template allows you to create a project risk management plan for Excel, which may be helpful for adding any numerical data or calculations. You include typical sections in the template, such as risk identification, analysis and monitoring, roles and responsibilities, and a risk register. Add or remove sections to create a customized template for your project.
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On this risk register template, you include project details at the top and list risks below with assigned tracking numbers. The register provides a detailed log of who owns a risk, the level of impact and probability, planned actions, and the response status. This is a spreadsheet template that can be easily edited to include additional columns if needed.
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This simple matrix template is designed to aid the assessment process, providing a quick view of the relationship between the likelihood of occurrence and the severity of impact, as well as the number of risks that fall into each category. The color scheme makes it easy to distinguish among the different ratings, so you can get an overview of the levels of risk that need to be addressed.
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For some smaller projects, you may only need to use a risk management matrix (rather than create a lengthy management plan). You can also use this matrix template, in addition to a detailed plan, to organize vital information in a single spreadsheet. The template includes a risk assessment matrix for getting an overview of risk ratings, plus a management matrix for identifying and assessing risks, describing mitigation strategies, and monitoring control efforts.
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You can use this template to create an RBS diagram based on the risks involved at the different stages of a project’s work breakdown structure. You can also use the RBS template to organize risks by category by breaking down internal risks into subcategories, such as technical or organizational, and distinguishing them from external risks. This is a helpful tool for organizing risks visually and listing them in the risk register.
Download Risk Breakdown Structure Diagram
This risk management plan sample offers a basic layout that you can develop into a comprehensive plan for project or enterprise risk management. It includes a matrix for viewing probability and impact as well as sections for describing a risk management approach, budgeting, scheduling and reporting protocols, and more.
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An action plan template allows you to go into detail about proposed actions for a specific risk. This PDF template offers a simple layout with sections for describing the risk and recommended response, defining an action plan, listing required resources, assigning responsibility, and setting a timeline for completion.
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The Project Management Body of Knowledge (PMBOK® Guide, 5th Edition) defines project risk as “an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives, such as scope, schedule, cost, or quality.” Notice that these risks can be considered positive or negative depending on their effects. Project risk management seeks to maximize positive risks while avoiding or mitigating negative risks. A risk management plan is typically included as part of a larger project plan, and is initiated early in the project lifecycle; the risk plan then evolves as the project progresses. It is generally the project manager’s role to maintain the plan and update it periodically to ensure ongoing clarity and effectiveness.
The overall goal of a risk management plan is to manage risk in a way that ensures a successful project outcome. The planning process enables managers to clearly identify risks, and then develop and document risk mitigation strategies and contingency plans. The process also includes identifying both the costs and actions necessary for implementing the plan. Once completed, the plan serves as a guide for everyone involved in a project and is particularly important as a tool to communicate with key stakeholders.
Once you’ve identified and evaluated a risk, there are several potential responses. The response you choose will depend on the probability of the risk occurring and the potential severity of its impact on a project.
Risks can be internal or external, and projects may face a combination of both. Internal risks may include issues with technology, staffing, financial security, and other factors that can be controlled within your organization. External risks can be harder to predict and control, and may include factors such as issues with suppliers, changes in the political climate or economy, or even the weather. The process of analyzing risks and measuring them on a scale of probability and severity can provide the initial framework for determining which of the above methods will be the most effective response to a given risk.
Healthcare organizations are under strict regulations when it comes to risk and compliance. That’s why the ability to determine where those risks exist and establish a plan to manage them is extremely important for the business, both legally and functionally.
Risk management for healthcare organizations helps to ensure the all businesses are compliant with HIPAA requirements, and outlines potential risks that could occur in a healthcare organization, such as clinical testing errors, hospital facilities issues, security breaches of protected health information PHI, and more. To ensure that all healthcare data is effectively analyzed for security and protection purposes, you need a tool that is able to quickly identify, mitigate, and prevent risks from coming to fruition, while also offering real-time visibility into all potential risks.
Smartsheet is a work execution platform that enables healthcare companies to view and update risks across the company with real-time dashboards, so you can make the best decisions at the right time. Highlight all identified risks and manage how they are addressed, all while ensuring utmost security and protection of PHI. Set sharing settings to ensure that only authorized users have access to confidential information, so your organization remains compliant with HIPAA regulations.
Interested in learning more about how Smartsheet can help you accurately and securely document healthcare processes and maximize your efforts? Discover Smartsheet for Healthcare.
The length and level of detail included in a risk management plan will vary depending on the scope of a project and the needs of an organization. Here is a risk management plan example outline that describes the information you typically include:
You will need to adjust the content and formatting of this example plan to meet the needs of your business or project. To see how others have handled this process for similar projects, you can search for sample risk management plans online and compare different approaches. Comparing project risk management plan examples may save you time in the long run, especially if you are new to the process. To use the free templates provided below, simply download your chosen file, and make any required edits.
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These templates are provided as samples only. These templates are in no way meant as legal or compliance advice. Users of these templates must determine what information is necessary and needed to accomplish their objectives.
