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Risk Assessment and Mitigation Plan
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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.) |
| Electrical accidents | Medium | High | To check cables if installed correctly. |
| Unsafe structure | low | High | Fix the upstairs container and conduct monthly safety checks. |
| Cybersecurity threats | high | High | Train employees on cybersecurity and which websites to avoid. |
| Slips or falls can occurs when the workplace. E.g when the floor is wet. | low | High | Insurance for injuries provided by the company. |
| Car/ taxi noise from outside | low | High | Build a structure which has a sound proof. |
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