Risk Management Plan For A Risk Assessment

879 Words Feb 8th, 2016 4 Pages
The goal of a risk assessment is to figure out all of the risks and vulnerabilities there are, or could possibly be within a business. The goal of a risk management plan is to then figure out how to mitigate those risks and vulnerabilities to lessen the impact on the business if ever one should arise. Creating a plan helps not only to identify any risks, but also helps to choose the best solutions available to mitigate those risks. If a risk management plan is not created and implemented, there is greater chance of failure.
The purpose of this risk assessment plan is to update the existing out-of-date risk management plan. The scope of the plan will include:
• List of threats and vulnerabilities
• Security
• Responsibilities assigned
• Recommendations for mitigation
• Cost-benefit analysis
• Documentation
• Milestones
The approach to a risk assessment could be done a couple different ways. One of the ways it could be done is by using a what-if analysis that will help to identify the threats and hazards. Use a checklist of known threats and hazards to help determine any threats and hazards you may have. A failure mode and effect analysis could also be done to identify potential failures and the effects.

The steps of a risk assessment include:
• Identifying the threats/hazards
• Determine the possible impact
• Categorize the threat/hazard
• Develop strategies to mitigate
• Executive Officers o Will validate the data provided o Complete a…
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