Step Four: Risk Resolution ideas
In Step Four, the sub-teams identify and document preventive actions for the "threats" and enhancement actions for the "opportunities." This can be approached through the various departments involved, such as Financial Risk reports, HR Risk Reports, IT Risk Reports, etc.
Risks are unknown events that are inherently neutral. They can be characterized as either positive or negative. Unfortunately, a lot of time and energy is spent handling negative project risks, or "threats" rather than positive risks, or "opportunities". No organization should overlook the chance to benefit from any opportunities that present themselves.
Step Five: Risk Resolution Action Plan In Step Five, based on the collective ideas of all the departmental teams, the project manager will have to decide on a plan of action to bring about risk resolution. Risks with a high P-I value will have to be treated with utmost urgency while those with the least probability or impact can just be monitored without having any real action plan. Identifying the most serious risks at the onset of a project saves time, cost and resources, and likewise identification of such risks also trigger the resolution plan at the earliest moment.
Step Six: Responsibility and Accountability
The last step in writing a risk management plan is assigning an owner for each risk on the master list. Use the Responsibility Assignment matrix. Using this chart, various teams and team members may be assigned responsibility for carrying out the risk resolution plans. At the end, the project manager is solely accountable to the project sponsor for all the plans and actions related to the risks and project at large.