Risk management plans form an essential part of good business planning. Although often confined to Work Health and Safety (WHS), good risk management planning should encompass all aspects of an organisation and can cover financial risk, market and competitive risk, operational risk and even specific product or initiative risk plans.
Risk management is more than just a plan. Risk management is a process dedicated to identifying risks to the business and developing a process for mitigating or completely removing risks to a business.
A risk management plan, however, is a form of documentation – it is completed at the beginning of a project, or as part of a regular internal safety audit. The document assesses any risks relating to the process and seeks to treat the risk before it becomes a threat.