Risk Management Plan

A Risk Management Plan is a structured approach used to identify, assess, and prioritize potential risks that could impact an organization or project. It involves outlining strategies to minimize or eliminate the negative effects of these risks. The plan typically includes methods for monitoring risks over time and adapting strategies as needed. By proactively managing risks, organizations can better protect their assets, ensure safety, and increase the likelihood of achieving their objectives, ultimately helping them to respond effectively to uncertainties while maintaining stability and success.