Risk assessment and mitigation plan
Policy overview
Include the following details:
- Policy title
- Policy owner
- Policy lead
- Policy sponsor (if applicable)
- Policy contact details
- Date approved
- Policy effective date
- Version number
Brief description
Provide a concise summary of the policy, including its objectives and scope.
Purpose of risk assessment
Objective
To identify, assess, and mitigate risks associated with the development, implementation, and maintenance of the policy.
Scope
Outline the scope of the risk assessment, such as whether it applies to internal agency processes, external stakeholder impacts, or cross-governmental collaboration.
Risk assessment methodology
Risk assessment approach
Briefly describe the methodology or framework used to assess risks, e.g., likelihood and impact matrix, qualitative or quantitative analysis.
Risk categories
List the categories of risks to be assessed, such as operational, financial, legal, reputational, or technological.
Risk identification
Risk register
Identify all potential risks related to the policy. Include risks that may arise during policy development, implementation, and post-implementation phases.
Risk Description
Provide a brief description of each identified risk, including its cause and potential impact.
| Risk ID | Risk Description | Category | Likelihood (low/med/high) | Impact (low/med/high) | Overall risk (low/med/high] | |
| 1 | [Risk description] | [Category] | [low/med/high] | [low/med/high] | [low/med/high] | |
| 2 | [Risk description] | [Category] | [low/med/high] | [low/med/high] | [low/med/high] | |
Risk analysis
Likelihood assessment
Assess the probability of each risk occurring—low, medium, or high.
Impact assessment
Evaluate the potential consequences or impact of each risk, should it occur—low, medium, or high.
Risk level
Determine the overall risk level by combining the likelihood and impact assessments—low, medium, or high.
Risk mitigation strategies
Mitigation actions
List mitigation strategies for each identified risk. Outline the actions needed to reduce the likelihood or impact of the risk.
Assigned responsibility
Specify the team or individual responsible for implementing the mitigation strategies.
Timeframe for implementation
Indicate when the mitigation actions will be put into effect.
| Risk ID | Mitigation Strategy | Responsible party | Timeframe |
| 1 | [Mitigation strategy] | [Responsible party] | [Date] |
| 2 | [Mitigation strategy] | [Responsible party] | [Date] |
Risk monitoring and reporting
Monitoring process
Describe how each risk will be monitored throughout the policy’s lifecycle. Include the frequency of reviews and updates to the risk register.
Reporting requirements
Identify who will receive updates on risk management, such as senior leadership, oversight committees, or external agencies. Include the frequency and format of reporting.
Triggers for action
Identify any triggers that would require immediate action or re-evaluation of risks, such as policy changes, new data, or incidents.
Contingency planning
Contingency plans for high risks
For high-risk items, develop contingency plans in case mitigation strategies fail. Detail the steps to take if the risk materialises.
Escalation process
Specify the process for escalating risks to higher levels of management or to other stakeholders.
Legal and compliance risks
Legislative and regulatory risks
Identify any legal or compliance risks associated with the policy. Include risks related to breaches of existing laws or failure to meet new legislative requirements.
Mitigation for legal risks
Provide strategies for mitigating legal risks, including seeking legal advice, compliance checks, or legislative amendments.
Communication of risk management plan
Internal communication
Outline how risk management activities will be communicated internally to staff and stakeholders within the agency.
External communication
Specify how external stakeholders will be informed of key risks and how the agency is addressing them. This may include public announcements or targeted stakeholder briefings.
Continuous risk improvement
Review and update cycle
Detail how often the risk assessment and mitigation plan will be reviewed and updated to reflect new information, changes in the policy environment, or emerging risks.
Feedback loop
Establish mechanisms for continuous feedback and improvement, ensuring that lessons learned from previous risk management activities are incorporated into future plans.
Contact information
Risk management lead
Provide the contact details of the individual or team responsible for managing and coordinating the risk assessment and mitigation plan.
Support team
List additional contacts for queries or support.