Description
A risk assessment and mitigation plan are a process for identifying and evaluating potential risks, and then developing strategies to reduce or eliminate the impact
of those risks.
Risk assessment
- Identify risks.
- Evaluate the potential impact of the risk.
- Prioritize risks.
Risk mitigation
- Take actions to reduce the probability of risks occurring.
- Develop combinations of mitigation strategies.
| Example Risk Potential Impact on Project Success (Low/Medium/High) Probability of Occurrence (Low/Medium/High) Mitigation Plan Biomarker is not discovered High Low Cell lines become contaminated Medium Medium Thoroughly clean cell culture room. Go over sterile techniques with all persons using the cell culture room. Personnel turnover (co-PI and/or research scientist leaves) Low Low Unable to recruit participants High Medium Hire a GRA to manage the recruitment and retention of participants. |
- Use economic tools to identify the most cost-effective
Additional Risk mitigation examples
- Planning and zoning.
- Floodplain protection.
- Property acquisition and relocation.
- Public outreach projects.
- Installing disaster warning systems.
- Purchasing radio communications equipment.
- Conducting emergency response train
Template [Copy and paste into your word document] Instructions:
Step 1: Brainstorm possible risks.
Step 2: For each risk, assign a High/Medium/Low value for both potential impact and probability of occurrence on the project.
Step 3: Develop a mitigation plan for each High/High, High/Medium and Medium/High risk. Consider developing mitigation plans for the Medium/Medium risks.
Risk Assessment and Mitigation Plan
| Risk | Potential Impact on Project Success (Low/Medium/High) | Probability of Occurrence (Low/Medium/High) | Mitigation Plan (For all H/H, H/M and M/H risks. Recommended for M/M risks.) |
| Operational Risks | High | High | Ensure sufficient staffing through recruitment and cross-training. |
| Compliance and Legal Risks | High | Medium | Regularly review and update compliance with laws and regulations. |
| Project-Specific Risks | Medium | high | Conduct periodic legal audits and train staff on key compliance requirements. |
| Health and Safety Risks | High | Medium | Use project management software to track progress and identify bottlenecks early. |
| Technological Risks | High | High | Implement safety training and provide proper personal protective equipment (PPE). |
| Strategic Risks | Medium | Medium | Train staff on technology usage and cybersecurity best practices. |
| Environmental Risks | High | Medium | Develop contingency plans for natural disasters, including evacuation protocols and backup resources. |
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