Risk Management Plan: Risk Response Strategies

Developing Specific Risk Responses

To develop an effective response for a specific risk, follow these steps:

Select the Primary Strategy: Based on your Risk Analysis (i.e., Probability × Impact), choose the most appropriate ATMA (for threats) or ESEA (for opportunities). High-impact, high-probability risks often require Avoid or Mitigate/Exploit strategies.

Develop Contingency Plan (Fallback): For risks that are difficult to avoid or mitigate (or exploit/enhance), a Contingency Plan should be created. This plan defines the specific actions to be taken only if the risk event actually occurs. These actions are triggered by a trigger condition or warning sign.

Allocate Resources: Ensure the response strategy has assigned owners (the person responsible for executing the plan) and dedicated budget/time in the project plan.

Sample Answer

This task requires specific risk analyses as input to develop appropriate risk response strategies. Since you haven't provided the risks or the preceding analyses (e.g., risk identification, qualitative/quantitative analysis), I will provide the general categories of risk response strategies and explain how to apply them, which you can then use with your specific risks.

General Risk Response Strategies 🛡️

The four primary risk response strategies for negative risks (threats) are: Avoid, Transfer, Mitigate, and Accept (ATMA).

The four primary risk response strategies for positive risks (opportunities) are: Exploit, Share, Enhance, and Accept (ESEA).