This plan describes how risk management will be structured and performed on the project. It also becomes a subset of the Project Management Plan. It includes the following.

Methodology: Defines the approaches, tools and data sources that may be used to perform risk management on the project.

Roles and Responsibilities. Defines the lead, support and risk management team membership for each type of activity in the risk management plan and then assigns people to these roles and clarifies their responsibilities.

Budgeting: Assigns resources and estimates costs needed for risk management for inclusion in the project cost baseline.

Timing: Defines when and how often the risk management process will be performed throughout the project life cycle and establishes risk management activities to be included in the project schedule.

Risk Categories: Provides a structure that ensures a comprehensive process of systematically identifying risk to a consistent level of detail and contributes to the effectiveness and quality of Risk Identification. A risk breakdown structure is one approach to providing such a structure.

Definitions of Risk Probability and Impact: The quality and credibility of the Risk Analysis process requires that different levels of the risk probabilities and impacts be defined. General definitions and probability levels and impact levels are tailored to the individual project during the Risk Management Planning process for use in the Qualitative Risk analysis process.

Revised Stakeholders Tolerance: Stakeholders tolerance may be revised in the risk management planning process as they apply to the specific project.

Reporting Formats: Describes the content and format of the risk register as well as any other risk reports required. Delivers how the outcomes of risk management processes will be documented, analyzed and communicated.

Tracking: Documents whether and how risk management processes will be audited.