Risk Assessment and Mitigation Plan

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  

1. Identify risks.
2. Evaluate the potential impact of the risk.
3. Prioritize risks.

Risk mitigation  

1. Take actions to reduce the probability of risks occurring.
2. 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  

1. Planning and zoning.
2. Floodplain protection.
3. Property acquisition and relocation.
4. Public outreach projects.
5. Installing disaster warning systems.
6. Purchasing radio communications equipment.
7. 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.