A Risk Management Plan is one that defines the Risks associated with a Software Project. The Risk Management Plan is a document that is prepared should incorporate a schedule for mitigating the risks that have been identified in the SDLC process. It should be able to foresee the risks, analyze them, quantify the impact of the risks and create response plans to mitigate these risks involved in SDLC processes.

A typical Risk Management Plan comprises of the following.

·         Risk Management Approaches – The methodology and the tools that would be used

·         Roles and Responsibilities definition of the team members of the Project

·         Risk Assessment – Risk Identification, Risk Analysis and Response Actions

·         Defined Timelines to address the identified risks

·         Cost Estimation

·         Risk Monitoring or tracking

·         Risk Control

·         Risk Reporting or Risk Communication