Risk Mitigation Document
A quality risk mitigation file is a comprehensive document that outlines potential risks to a business or project and strategies to address them.
The file should be structured to allow easy access, regular updates, and clear traceability between risks and mitigation efforts throughout the entire product or project lifecycle. Using a centralized system or template can help ensure consistency and completeness across all identified risks.
Identification
Risk Identification and Assessment
- List of individual risks identified through analysis of the business or project
- Short description of each risk
- Risk analysis and rating based on likelihood of occurrence and severity of impact
- Root cause analysis to determine underlying factors leading to each risk
Risk Evaluation
- Prioritization of risks based on their overall risk rating
- Focus on significant quality risks with high likelihood and material impact on quality objectives
Mitigation Strategies
- Detailed plan of action for mitigating each identified risk
- Specific, measurable, and achievable risk response strategies aligned with project objectives and budget
- Preventive and corrective measures to minimize risk impacts
Implementation Details
- Designated person/team responsible for each mitigation action
- Timeline for implementing the action plan
- Estimated costs for mitigating each risk
Monitoring and Control
- Procedures for regular monitoring of mitigation efforts
- Mechanisms to identify any new emerging risks
- Process for adjusting risk response strategies as needed
Documentation
- Risk management plan outlining overall approach
- Traceability between identified hazards, risk analysis, evaluation, and control measures
- Evidence of risk control implementation and verification
- Evaluation of residual risks after mitigation
Review and Updates
- Schedule for reviewing and updating the risk mitigation file
- Process for incorporating new information and modifying assessments as conditions change