Three IT Risk Management Plan

Risk is the uncertainty of an event or condition with the potential to cause a negative or positive effect (Watt, n.d.). Risk management is the identification and assessment of risk and planning responses to reduce it acceptable level and increasing the likelihood of it reaching a successful conclusion (Watt, n.d.). A risk management plan is a strategy to bring to a minimum the adverse effects that uncertain conditions have on a project (Watt, n.d.)
Three IT risk management plan are, Risk Avoidance, Risk Transfer and Risk Reduction.
Risk avoidance. It is the prevention of a risk from happening. Preventing a risk from happening will not hurt the project result in the accomplishment of the project goal will (Watt, n.d.).
Risk Reduction: Risk Reduction is lessening the of …show more content…
Risk Identification is the identification of a potential list of risks, its likelihood of its occurrence and how it could impact the successful completion of the project. The experience of the project team and industry experts can be relied upon to provide information on potential risks to be encountered on the project.
Assessment. The probability and impact assessment of each identified risk and the categorization of the standard risk breakdown structure is crucial in identifying the patterns of exposure. Updating the risk register and assessment data is a necessary component ("Risk Management", n.d).
Communication. Effective communication between stakeholders ensures effective risk management for IT projects. Communication is the cornerstone of effective risk management.
Monitor. After risks have been identified, analyzed, and prioritized, and response actions are established, regular monitoring of the project is very crucial to a successful