What is a risk management plan?

A risk management plan is a comprehensive document that outlines strategies for identifying, assessing, and managing risks that may impact an organization's objectives. It serves as a framework for how to approach potential risks, including the implementation of strategies that allow a unit to mitigate, avoid, transfer, or accept those risks based on their assessment.

This type of plan is crucial because it not only addresses what risks exist but also details the actions that will be taken to manage those risks effectively. By focusing on strategies, the plan ensures that small unit leaders are prepared to respond to risks proactively, rather than reactively, enhancing overall operational resilience and safety.

In contrast to other options, a risk management plan is not intended for general reference or simply acting as a checklist of risks without defined strategies. Additionally, while reviewing past failures can inform future risk approaches, it does not constitute a risk management plan itself; rather, it is more about learning from history rather than planning for the future.