The risk management plan sets out the measures to reduce and control risks and summarises the results of the risk management process to date. The plan should be updated at regular risk review meetings to record risks avoided (where these can be identified), risks realised and the revised strategy for risk management moving forward. The plan also aids future project teams by providing a record of successful or unsuccessful risk handling.
At a minimum, a risk management plan should detail:
• the identified risks
• action and detailed strategy to prevent or mitigate risks
• mitigation costs
• key or critical dates
• responsibility for the risk management strategy for particular risks.
Electronic systems are available to assist the contract manager in this role.