Risk Management Plan

Document that identifies risks and specifies the actions that have been chosen to manage those risks.

Sample Usage: Businesses often have a risk management plan to address the potential risks that they might encounter.

Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance

Risk Management Plan

Scheme within the risk management framework (2.1.1) specifying the approach, the management components and resources to be applied to the management of risk (1.1).

NOTE 1 Management components typically include procedures, practices, assignment of responsibilities, sequence and timing of activities.

NOTE 2 The risk management plan can be applied to a particular product, process and project, and part or whole of the organization.

Source: ISO Guide 73:2009(E/F), Risk Management – Vocabulary, First Edition, 2009. Global Standards

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