Risk Management Process Template

About this template

Risk management process template

This risk management process template helps project managers, safety officers, and teams identify, assess, respond to, and monitor risks in a project, activity, or organization. The concept map defines the scope and responsibilities, covers business trips and workplace contexts, and guides you through a five-step cycle: risk identification, risk assessment, response selection, response implementation, and monitoring and review.

Use this template to assign risk IDs, rate likelihood and impact, compare response options, define actions with owners and due dates, and set review indicators. It also brings together tools and methods such as SWOT and PEST analysis, surveys and interviews, literature searches, and computer-based tools, so every risk can be traced from identification to review.

Risk identification

Assign each risk an ID. Describe its cause, the uncertain event, and its potential consequences. Identify affected people, assets, or objectives, and record the evidence and existing controls.

Add risk id and description

Enter a risk ID, cause, event, consequences, and existing controls. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Risk assessment

For each risk ID, assess likelihood and impact using a clearly defined scale. Record the rating, rationale, and priority. Apply the same criteria consistently and distinguish current risk from expected risk after further controls.

Add likelihood, impact and priority

Enter the risk ID, assessment scale, ratings, rationale, and priority. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Response selection

For each risk ID, compare possible responses such as avoiding the activity, reducing likelihood or impact, sharing the risk, or accepting it with appropriate approval. Record benefits, costs, feasibility, and the preferred response.

Add options and chosen response

Enter the risk ID, response options, and your justified choice. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Response implementation

Turn each selected response into an action with a responsible owner, due date, required resources, and completion evidence. Link actions to risk IDs and record progress.

Add action, owner and due date

Enter the risk ID, action, owner, due date, resources, and status. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Monitoring and review

Define indicators, review dates, and a review owner for each risk ID. Record whether controls work, reassess remaining risk, and identify triggers for escalation. Feed new or changed risks back into the identification stage.

Add indicators and review findings

Enter the risk ID, indicator, review date, owner, findings, and next steps. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Computer-based tools

Name the software, spreadsheet, risk register, or analysis tool you will use. Specify its purpose, data inputs, and who maintains it. Record this in the Tools and methods findings field.

Literature search

Review relevant reports, procedures, incident records, or research. Record each source, its date or link, and the finding that informs your assessment in the Tools and methods findings field.

Surveys and interviews

Identify whom you will consult, the questions you will ask, and the key findings. Include the date and any limitations in the responses. Record this in the Tools and methods findings field.

SWOT/ PEST

Use SWOT to examine strengths, weaknesses, opportunities, and threats, or PEST to examine political, economic, social, and technological factors. Translate relevant findings into specific risks and record them in the Tools and methods findings field.

Tools and methods

Choose the methods you will use to identify and assess risks. Explain why each method is suitable and what information it will provide. Record the key findings from every method you use in the findings field below; enter Not applicable with a reason for any method you will not use.

Traditional methods

Use interviews, document reviews, and structured analysis to gather evidence. Complete the relevant methods below and enter Not applicable with a reason for any method you will not use.

Management

Identify who approves the plan, provides resources, and accepts or escalates remaining risks. Specify the reporting plan: format, audience, frequency, and required fields (risk IDs, descriptions, likelihood, impact, controls, owners, actions, due dates, review results).

Add approver, resources and reporting plan

Enter the approving manager, resources, review responsibilities, and the report format, audience and frequency. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Workplace

Describe the workplace and activities being assessed. Identify who or what could be affected, existing controls, and any gaps that need further assessment.

Add workplace risks

Describe activities, affected people or assets, risks, and existing controls. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Business trips

Describe the purpose, destination, timing, and participants of business travel. Describe the location and operating context, overseas or local: language, infrastructure, environmental conditions, and local procedures. Consider transport, accommodation, communication, and emergency arrangements; record relevant risks and what needs verification.

Add destination, context and travel risks

Enter trip details, the location and its conditions, risks, planned precautions, and details to verify. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

Safety officers

Identify the person or role coordinating the risk assessment. Specify responsibilities, contact details where appropriate, and the escalation route.

Add safety lead and duties

Enter the responsible person or role, duties, and escalation route. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.

RISK MANAGEMENT

Define the project, activity, or organization covered by this assessment and its objectives. Complete the context, methods, and responsibilities, then follow the five-step cycle. Use matching risk IDs throughout the cycle so each assessment, action, and review can be traced to its risk.

Focus question: How do we identify, assess, respond to and monitor risks in this project?

The question this concept map answers. Every concept and link should help answer it.

Add project / scope

Enter the project or activity, objectives, assessment date, and scope. Use consistent risk IDs where applicable. If this field does not apply, enter Not applicable and explain why.