What is the purpose of a risk response plan?

CPMGT300 Project Management | CPMGT300 Project Management | University of Phoenix

An organization’s risk response plan is an array of strategies it uses to manage, mitigate and address potential risks. These strategies can include the identification of potential problems and then the laying down steps to resolve them. It is important to know how to respond quickly to changing situations so businesses can function normally without interruptions and minimize any potential losses.

The company has designated a risk owner to take responsibility for specific risks in their business areas. The risk owner is responsible for creating response plans and monitoring progress to ensure compliance with regulatory requirements.

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