Project Risk Management Plan

Project Risk Management Plan
Department
Project Name
How to Use This Template
Naming Files—e.g. “Project Business Case v0.1 (25 June 2014)”

Title Page—Click on any of the fields that you may wish to change. This includes:
 Document Title
 Project Name—also in footer
 Status: ‘Draft’ (or ‘Final’, ‘For Discussion’—depending on your need)
 Version Number—also in footer—a “0._” generally denotes a draft in progress,
while a “1._” denotes an initial release, with minor changes noted as “1.1, 1.2, 1.3”
etc.; any number after 1 (e.g. 2.1) signifies the next major release
 Author
 Department
Headers & Footers—After the title page, click on the headers and footers to change the
fields: ‘Project Name’, ‘Version #’, Status [‘Draft’]. ‘Formal Document Template.Doc’ is the filename, and is
updated when you right-click on it and select ‘Update Field’
Field Properties (optional)— Some MS Word users may be aware of the File Properties
feature. Each document field is linked to the document properties, and can be updated from
the ‘File—Properties’ menu, under ‘Custom’.
Template Name—The name and number of the template is listed in the ‘Template
Information’ table after the copyright section. If you have any questions about a template,
use this information to help us identify the document you are inquiring about.
Content—The information (headings) contained in this template can be customised to suit
the needs of your project; the explanations (italic text in grey) can be deleted prior to
distribution.
Questions?— Contact the Government Technical Advisory Centre, National Treasury,
Telephone: (012) 315-5587; Email: ppminfo@gtac.gov.za or Website:
http://www.gtac.gov.za
Adapted and used with the permission of the Project Management Centre of Excellence, Government of Ontario
You may wish to delete this box before distributing this document.
Author: Enter Your Name Here Version Number: 0.0
Status: Draft Version Date: dd/mm/yyyy
Template # PLA9a_v5.0
Version No: 0.0
Version Date: dd/mm/yyyy
Project Number:
Project Name:
Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 2 of 15

Template #: PLA9a_v4.0
Version No: 0.0
Project Number:
Project Name:
Copyright & Disclaimer

Government of South Africa reserves the right to make changes in the information contained in this
publication without prior notice. The reader should in all cases consult the [enter name of your
organisation here] to determine whether any such changes have been made.
Ó 2023 Government of South Africa. All rights reserved.
Other product or brand names are trademarks or registered trademarks of their respective holders. This
document contains proprietary and confidential information about Government of South Africa,
disclosure or reproduction is prohibited without the prior express written permission from Government of
South Africa.
Revision History
Revision Date Status Author Reviewed By Summary of Changes
Document Approval List
Version Approved By Signature Date
Document Distribution List
Name of receiver / group Date

Version No: 0.0
Project Number:
Project Name:
Table of Contents
How to Use This Template........................................................................................................................1
1. INTRODUCTION......................................................................................................4
1.1. Background...............................................................................................................................4
1.2. Purpose....................................................................................................................................4
1.3. Scope......................................................................................................................................4
2. RISK MANAGEMENT METHODOLOGY & STRATEGIES...............................................5
2.1. Adopted Methodology..................................................................................................................5
2.1.1. Risk Identification Methods..................................................................................................................... 5
2.1.2. Risk Analysis Methods............................................................................................................................ 5
2.1.3. Risk Ranking/Scoring Methods............................................................................................................... 5
2.1.4. Risk Response Strategies....................................................................................................................... 6
2.1.5. Risk Monitoring & Tracking Methods...................................................................................................... 6
2.2. Agreed Process..........................................................................................................................6
2.3. Assumptions Made......................................................................................................................6
3. RISK MANAGEMENT ROLES & RESPONSIBILITIES.....................................................8
4. RISK THRESHOLD...................................................................................................9
4.1. Acceptable Levels of Risk..............................................................................................................9
4.2. Unacceptable Levels of Risk...........................................................................................................9
5. IDENTIFIED PROJECT RISKS...................................................................................10
6. RISK RESPONSE STRATEGIES FOR HIGH-LEVEL RISKS...........................................11
6.1. [Enter Name of High-Level Risk Here].............................................................................................11
7. Risk Monitoring & Control............................................................................................14

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Project Number:
Project Name:
1. Introduction
1.1. Background
Provide the necessary background and briefly describe the context within which the project
team will operate. Be brief, but provide enough detail so that any new person not familiar with
the project will have the necessary information to understand the project’s context. Identify and
briefly describe project goals and objectives. Identify the specific purpose and scope of this
document in sub-sections below.
Insert text providing the necessary context and background here. Insert text here. Insert text
here. Insert text here. Insert text here. Insert text here. Insert text here. Insert text here. Insert
text here. Insert text here. Insert text here. Insert text here. Insert text here. Insert text here.
Insert text here. Insert text here. Insert text here. Insert text here. Insert text here. Insert text
here. Insert text here.
1.2. Purpose
Identify and document the purpose of this document. Be brief, but specific.
The purpose of the Project Risk Management Plan is to:
 Describe the methodology adopted and processes that will be used to carry out risk
management activities on the project and identify any assumptions made about
project risks and the management of risks. (Including an explanation of the risk
ranking and scoring methods and techniques.)
 Describe the risk management roles and responsibilities of the steering committee,
project sponsor, manager and team members and the outline of the project’s risk
thresholds, i.e. an illustration of acceptable and unacceptable levels of risk.
 Describe how risks and risk management activities and plans will be communicated
internally and externally to the project and what methods, timeframes and techniques
will be used to track and monitor risks.
 Document identified project risks, the results of qualitative and quantitative risk
analysis and the adopted risk response plans for major risks.
Insert additional text here. Insert text here. Insert text here. Insert text here. Insert text here.
Insert text here. Insert text here. Insert text here. Insert text here. Insert text here.
1.3. Scope
Describe the boundaries of this document. Be specific, and document what this document will
address and what it will it not address.
Insert additional text here. Insert text here. Insert text here. Insert text here. Insert text here.
Insert text here. Insert text here. Insert text here. Insert text here.

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Project Number:
Project Name:
2. Risk Management Methodology & Strategies
Risk is the chance of something happening that will positively or negatively impact the
achievement of project goals and objectives. Provide a description of the methodology adopted
and processes that will be used to carry out risk management activities on the project. Include
an explanation of the risk ranking and scoring methods and techniques. Refer to the
Programme and Project Management Framework (FWK_1) for assistance in understanding
this process.
2.1. Adopted Methodology

Define the methodology that will be used and how it will be structured for the project. Describe
approaches, tools and data sources that may be used to perform risk management on the
project.
Enter text here. Enter text here. Enter text here. Enter text here. Enter text here. Enter text
here. Enter text here. Enter text here. Enter text here. Enter text here. Enter text here. Enter
text here. Enter text here. Enter text here. Enter text here.
2.1.1. Risk Identification Methods

Risk identification involves determining which risks might affect the project while documenting
their characteristics.
2.1.2. Risk Analysis Methods

Various risk analysis methods are available (refer to the Project Management Framework
FWK_1). Regardless of the method used, it is imperative that any risks that can occur on the
project, and which have the potential to impede project’s success, are identified and
documented appropriately.
2.1.3. Risk Ranking/Scoring Methods

Risk ranking may indicate the overall risk position of a project relative to other projects by
comparing the risk scores. This rating can be used to assign personnel or other resources to

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Project Number:
Project Name:
projects with different risk rankings, to make a cost-benefit analysis decision about the project,
or to support a recommendation for project initiation, continuation, or cancellation.
2.1.4. Risk Response Strategies

Risk Response Planning is the process of developing options, and determining actions to
enhance opportunities and reduce threats to the project’s objectives.
2.1.5. Risk Monitoring & Tracking Methods

Risk Monitoring and Control is the process of identifying, analysing, and planning for newly
arising risks, keeping track of the identified risks and those on the watch-list, re-analysing
existing risks, monitoring trigger conditions for contingency plans, monitoring residual risks, and
reviewing the execution of risk responses while evaluating their effectiveness.
2.2. Agreed Process

Describe the approach that will be taken to set the best course of action (under uncertainty) to
identify, assess, understand, act on (i.e. mitigate) and communicate project risks.
text here. Enter text here. Enter text here. Enter text here:
1. [enter high-level process steps here]

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Project Number:
Project Name:
2.3. Assumptions Made

List any assumptions relating to risk management.
text here. Enter text here. Enter text here. Enter text here:
 [list assumptions made here]

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Project Number:
Project Name:
3. Risk Management Roles & Responsibilities
Describe the risk management roles and responsibilities of the steering committee, project sponsor,
manager and team members. Add additional roles specific to your project and their associated
responsibilities on this project. Explain how risks and risk management activities and plans will be
communicated internally and externally to the project.
High-Level Responsibilities Relevant to Risk

Project Role
Management
Identify the individual(s)/group(s). Briefly describe the high-level duties, tasks and areas of
responsibility associated with risk management.
 Steering Committee  [enter text]
 Project Sponsor  [enter text]
 Project Manager  [enter text]
 Project Team Members  [enter text]
 Project Partners  [enter text]
 [enter additional project-  [enter text]

specific roles]

specific roles]

specific roles]

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Project Number:
Project Name:
4. Risk Threshold
Outline the project’s risk thresholds, i.e. provide an illustration of acceptable and unacceptable levels of
risk. Describe the process that was used to determine the risk threshold for this project. Who made the
appropriate decisions and how were they made?
Enter text here. Enter text here. Enter text here. Enter text here. Enter text here. Enter text here.
Enter text here. Enter text here. Enter text here. Enter text here. Enter text here. Enter text here.
Enter text here. Enter text here. Enter text here. Enter text here. Enter text here.
4.1. Acceptable Levels of Risk

 [provide examples of acceptable levels of risk]
4.2. Unacceptable Levels of Risk

 [provide examples of unacceptable levels of risk]

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Project Number:
Project Name:
5. Identified Project Risks
Use the table below to document project risks that have already been identified in either the Business
Case (CON_11)or the Project Charter (DEF_11). Use this opportunity to identify additional risks based
on any new information or any proven or disproven assumptions. Focus on risks that are likely to
happen & have a significant affect on project success. Consider risks associated with people &
organisation change, knowledge management and transition to operations. This list will serve as a
baseline and will be incorporated into the Integrated Project Plan (PLA_12) Once the Implementation
Phase commences, use the Risk List & Risk Matrix template (PLA_9b) to continuously monitor, track
and update project risks.
Likelihoo
Risk Impact Risk Response
d
List risk events that pose Low/ Low/ Explain what will be done to avoid,
threats or opportunities to Moderate/ Moderate/ transfer, mitigate or accept each risk.
the project. High High
   
   
   
   
   
   
   
   
   
   
   

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Project Number:
Project Name:
6. Risk Response Strategies for High-Level Risks
Document the management and response strategies for those risks that have been identified
as high-probability and high-impact in the previous section. Copy the number of sub-sections
below to match the number of high-level risks identified on your project.
6.1. [Enter Name of High-Level Risk Here]

Identify and describe the high-level risk below. Document the strategy that will be followed to
manage and respond to this risk.
Risk ID [enter the tracking number for this risk]
Risk Name [enter brief name for this risk]
Risk Description [enter detailed description of this risk]
Likelihood Assessment [indicate likelihood of this risk occurring: High/Moderate/Low]
Impact Assessment [indicate impact this risk can have if it occurs: High/Moderate/Low]
[describe here how will you know that this risk is about to or has
Risk Triggers
occurred]
Risk Response Strategy [describe what will be done if this risk in fact occurs here]
[enter the name of the person assuming responsibility for

Risk Champion monitoring the risk triggers and activating the risk response
strategy if this risk occurs]
Cost & Resource [outline the costs and number/type of resources required to carry
Requirements out the risk response]
Timeframe for [indicate the required duration and anticipated results of the risk
Implementation response strategy]
[enter the actions that will be taken or steps that will be followed. If
Contingency Plans the risk response strategy is not successful; what alternate plans
have been identified?]

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Project Number:
Project Name:

[describe here how you will know that this risk is about to or has
Risk Triggers
occurred]


Version No: 0.0
Project Number:
Project Name:

[describe here how you will know that this risk is about to or has
Risk Triggers
occurred]


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Project Number:
Project Name:
7. Risk Monitoring & Control
Define how project risks will be monitored and controlled on this project. Identify who will be
updating the project Risk List & Risk Matrix. Who will keep track of risk management
activities and who will monitor them to ensure that risk response strategies have actually been
carried out and were successful? How will updates to the risk list be made, how often, and by
whom? Describe how any updates and changes will be communicated to the project team,
project sponsor and project manager.
text here. Enter text here. Enter text here. Enter text here. Enter text here. Enter text here.
here. Enter text here. Enter text here. Enter text here. Enter text here.


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Project Risk Management Plan

How to Use This Template

Naming Files—e.g. “Project Business Case v0.1 (25 June 2014)”

Author: Enter Your Name Here Version Number: 0.0

Status: Draft Version Date: dd/mm/yyyy

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 2 of 15

Copyright & Disclaimer

Ó 2023 Government of South Africa. All rights reserved.

Revision Date Status Author Reviewed By Summary of Changes

Document Approval List

Version Approved By Signature Date

Document Distribution List

Name of receiver / group Date

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 3 of 15

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 4 of 15

The purpose of the Project Risk Management Plan is to:

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 5 of 15

2. Risk Management Methodology & Strategies

2.1. Adopted Methodology

2.1.1. Risk Identification Methods

2.1.2. Risk Analysis Methods

2.1.3. Risk Ranking/Scoring Methods

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 6 of 15

2.1.4. Risk Response Strategies

2.1.5. Risk Monitoring & Tracking Methods

2.2. Agreed Process

1. [enter high-level process steps here]

2. [enter high-level process steps here]

3. [enter high-level process steps here]

4. [enter high-level process steps here]

5. [enter high-level process steps here]

6. [enter high-level process steps here]

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 7 of 15

2.3. Assumptions Made

 [list assumptions made here]

 [list assumptions made here]

 [list assumptions made here]

 [list assumptions made here]

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 8 of 15

3. Risk Management Roles & Responsibilities

High-Level Responsibilities Relevant to Risk

 Project Sponsor  [enter text]

 Project Manager  [enter text]

 Project Team Members  [enter text]

 Project Partners  [enter text]

 [enter additional project-  [enter text]

 [enter additional project-  [enter text]

 [enter additional project-  [enter text]

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 9 of 15

4.1. Acceptable Levels of Risk

 [provide examples of acceptable levels of risk]

 [provide examples of acceptable levels of risk]

 [provide examples of acceptable levels of risk]

 [provide examples of acceptable levels of risk]

4.2. Unacceptable Levels of Risk

 [provide examples of unacceptable levels of risk]

 [provide examples of unacceptable levels of risk]

 [provide examples of unacceptable levels of risk]

 [provide examples of unacceptable levels of risk]

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 10 of 15

5. Identified Project Risks

Government Technical Advisory Centre, National Treasury http://www.gtac.gov.za Page 11 of 15

6. Risk Response Strategies for High-Level Risks