ICT-Governance-Framework-Application

Risk Management Plan

Document Type: PMBOK Management Plan
Project: ICT Governance Framework Implementation
Date: August 7, 2025
Version: 1.0

Table of Contents

1. Introduction
2. Risk Management Approach
3. Roles and Responsibilities
4. Risk Categories
5. Risk Assessment Methodology
6. Risk Monitoring and Control
7. Risk Response Strategies
8. Risk Register
9. Risk Communication
10. Appendices

Introduction

This Risk Management Plan defines the approach for identifying, analyzing, monitoring, and controlling risks for the ICT Governance Framework Implementation project. The plan outlines the processes, tools, and responsibilities for managing risks throughout the project lifecycle.

Purpose

The purpose of this Risk Management Plan is to:

• Establish a consistent approach for identifying and managing risks
• Define roles and responsibilities for risk management activities
• Outline the processes for risk identification, analysis, response planning, and monitoring
• Document risk thresholds and response strategies
• Provide templates and tools for risk documentation and tracking

Scope

This Risk Management Plan applies to all activities, deliverables, and resources associated with the ICT Governance Framework Implementation project. It covers risks related to technology, compliance, operations, personnel, and strategic objectives.

Risk Management Approach

The project will use a proactive approach to risk management, following the PMBOK Guide standards. The risk management process includes:

1. Risk Identification: Identifying and documenting risks that may affect the project
2. Risk Analysis: Assessing the probability and impact of identified risks
3. Risk Response Planning: Developing strategies and actions to enhance opportunities and reduce threats
4. Risk Monitoring and Control: Tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of risk responses

The risk management process will be iterative throughout the project lifecycle, with formal risk reviews conducted at key milestones and project phase transitions.

Roles and Responsibilities

Role	Responsibilities
Project Sponsor	- Approve the Risk Management Plan - Review high-priority risks - Approve risk response strategies for high-impact risks
Project Manager	- Develop and maintain the Risk Management Plan - Lead risk identification sessions - Assign risk owners - Monitor and report on risk status - Escalate risks as necessary
Risk Owner	- Develop and implement risk response strategies - Monitor assigned risks - Report on risk status to Project Manager
Project Team Member	- Identify risks in their area of responsibility - Participate in risk assessment activities - Implement assigned risk response actions
Stakeholders	- Participate in risk identification - Provide input on risk impact assessment - Support risk response implementation as needed

Risk Categories

Risks will be categorized to facilitate analysis and response planning. The main risk categories for this project include:

1. Technical Risks
   • Technology compatibility
   • System performance
   • Integration challenges
   • Technical standards compliance
2. Organizational Risks
   • Resource availability
   • Stakeholder engagement
   • Change management
   • Organizational process alignment
3. Compliance and Regulatory Risks
   • Regulatory requirements
   • Industry standards compliance
   • Legal constraints
   • Audit findings
4. External Risks
   • Vendor/supplier performance
   • Market conditions
   • Environmental factors
   • Third-party dependencies
5. Project Management Risks
   • Schedule management
   • Cost management
   • Scope management
   • Quality management
   • Communication management

Risk Assessment Methodology

Risk Probability

Level	Description	Probability Range
1	Very Low	<10%
2	Low	10-30%
3	Medium	30-50%
4	High	50-70%
5	Very High	>70%

Risk Impact

Level	Description	Impact Definition
1	Very Low	Minimal impact on project objectives
2	Low	Minor impact on project objectives
3	Medium	Moderate impact on project objectives
4	High	Significant impact on project objectives
5	Very High	Critical impact on project objectives

Risk Priority Matrix

Probability/Impact	Very Low (1)	Low (2)	Medium (3)	High (4)	Very High (5)
Very High (5)	Medium	Medium	High	Very High	Very High
High (4)	Low	Medium	Medium	High	Very High
Medium (3)	Low	Low	Medium	Medium	High
Low (2)	Very Low	Low	Low	Medium	Medium
Very Low (1)	Very Low	Very Low	Low	Low	Medium

Risk Tolerance Thresholds

• Very High (Red): Requires immediate attention and response. Must be reported to the Project Sponsor.
• High (Orange): Requires a detailed response plan and regular monitoring. Reported to the Project Sponsor in status reports.
• Medium (Yellow): Requires a response plan and periodic monitoring. Managed by the Project Manager.
• Low (Green): Monitored periodically. Response plan may be developed at Project Manager’s discretion.
• Very Low (Blue): Documented and monitored as part of regular risk reviews.

Risk Monitoring and Control

Risk Review Schedule

Review Type	Frequency	Participants
Formal Risk Review	Monthly	Project Manager, Risk Owners, Key Stakeholders
Project Status Meetings	Weekly	Project Team
Milestone Reviews	At each milestone	Project Manager, Project Sponsor, Key Stakeholders
Ad-hoc Reviews	As needed	Based on risk triggering event

Risk Monitoring Tools

• Risk Register: Updated continuously to track the status of all identified risks
• Risk Dashboard: Visual representation of risk status, updated monthly
• Risk Triggers: Pre-defined conditions that indicate a risk is about to occur or has occurred

Risk Reporting

• Weekly Status Report: Summary of top risks and their status
• Monthly Risk Report: Detailed analysis of all risks, response strategies, and trends
• Ad-hoc Risk Alerts: Immediate notification of triggered high-priority risks

Risk Response Strategies

The project will use the following risk response strategies:

For Threats (Negative Risks)

• Avoid: Eliminate the threat by removing the cause
• Transfer: Shift the impact and ownership of the risk to a third party
• Mitigate: Reduce the probability and/or impact of the risk
• Accept: Acknowledge the risk without taking action (for low-priority risks)

For Opportunities (Positive Risks)

• Exploit: Ensure the opportunity is realized
• Share: Allocate ownership of the opportunity to a third party
• Enhance: Increase the probability and/or impact of the opportunity
• Accept: Take advantage of the opportunity if it occurs, without actively pursuing it

Risk Register

The Risk Register is the primary tool for documenting and tracking risks. It includes:

• Risk ID and description
• Risk category
• Probability and impact assessment
• Risk priority
• Risk owner
• Response strategy
• Response actions
• Status and updates

The initial Risk Register is attached as Appendix A and will be updated throughout the project lifecycle.

Risk Communication

Internal Communication

• Risk status will be communicated in weekly project status meetings
• High-priority risks will be highlighted in all project communications
• Risk owners will report on their assigned risks during team meetings

External Communication

• Significant risks that may affect project deliverables or timelines will be communicated to external stakeholders as appropriate
• The Project Sponsor will approve all external risk communications
• Vendor-related risks will be communicated to the relevant vendors according to contractual requirements

Appendices

Appendix A: Initial Risk Register

Risk ID	Description	Category	Probability	Impact	Priority	Response Strategy	Risk Owner
R001	Inadequate stakeholder engagement in governance framework development	Organizational	3	4	High	Mitigate	Project Manager
R002	Technical incompatibility between existing systems and new governance tools	Technical	3	4	High	Mitigate	Technical Lead
R003	Regulatory changes requiring adjustment to governance framework	Compliance	2	4	Medium	Monitor and Mitigate	Compliance Officer
R004	Resource constraints impacting implementation timeline	Project Management	4	3	Medium	Mitigate	Project Manager
R005	Resistance to change from operational staff	Organizational	4	3	Medium	Mitigate	Change Manager
R006	Vendor delays in delivering governance tool components	External	3	3	Medium	Mitigate and Transfer	Procurement Lead
R007	Data migration issues during implementation	Technical	3	4	High	Mitigate	Data Manager
R008	Insufficient training resources for governance framework adoption	Organizational	2	3	Low	Mitigate	Training Lead
R009	Budget constraints limiting scope of governance implementation	Project Management	2	4	Medium	Mitigate	Project Manager
R010	Security vulnerabilities in governance tools	Technical	2	5	High	Avoid and Mitigate	Security Officer

Appendix B: Risk Identification Checklist

A comprehensive checklist to support risk identification activities, covering:

• Technical aspects
• Organizational considerations
• Compliance requirements
• External factors
• Project management elements

Appendix C: Risk Response Plan Template

Template for documenting detailed risk response plans, including:

• Risk description
• Response strategy
• Specific actions
• Resources required
• Timeline
• Success metrics
• Contingency plans

---

Approved By: [Project Sponsor Name]
Date: August 7, 2025

---

Generated by ADPA Enterprise Framework Automation v3.2.0

This site is open source. Improve this page.