What is the purpose of a risk mitigation plan?

What is the purpose of a risk mitigation plan?

• A. To document the mission objectives and success criteria.
• B. To specify risk owners and deadlines for remediation of all risks.
• C. To specify actions, owners, and timelines to reduce identified risks to acceptable levels.
• D. To define contingency budgets for all mission phases.

Answer: (C)

A risk mitigation plan is a proactive roadmap that shows exactly how to lower identified risks to an acceptable level. It does this by outlining concrete actions to reduce either the likelihood of a risk occurring or the impact if it does occur, assigning a responsible owner for each action, and setting target dates to complete those actions. By specifying what will be done, who will do it, and when, the plan provides a clear path to manage risk throughout the mission and to track progress toward reducing residual risk. This approach isn’t about listing mission objectives or success criteria, which belong to planning and evaluation. It also isn’t simply about documenting risk owners and remediation deadlines for every risk without detailing the actions to reduce risk, nor is it about budgeting contingencies for all phases, which is more about financial planning. The essence is to lay out the actions, owners, and timelines needed to bring risks down to acceptable levels.

A risk mitigation plan is a proactive roadmap that shows exactly how to lower identified risks to an acceptable level. It does this by outlining concrete actions to reduce either the likelihood of a risk occurring or the impact if it does occur, assigning a responsible owner for each action, and setting target dates to complete those actions. By specifying what will be done, who will do it, and when, the plan provides a clear path to manage risk throughout the mission and to track progress toward reducing residual risk.

This approach isn’t about listing mission objectives or success criteria, which belong to planning and evaluation. It also isn’t simply about documenting risk owners and remediation deadlines for every risk without detailing the actions to reduce risk, nor is it about budgeting contingencies for all phases, which is more about financial planning. The essence is to lay out the actions, owners, and timelines needed to bring risks down to acceptable levels.