Templates
Operational risk management plan template

Operational risk management plan template

Lay out risks systematically and take action with a template built to help you record, evaluate, and follow up on operational issues that matter.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF
Operational risk management plan template

Lay out risks systematically and take action with a template built to help you record, evaluate, and follow up on operational issues that matter.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

Equipment breakdowns, process delays, or compliance gaps—operational risks come in many forms, and you can take charge of them with this risk management plan template. Moving beyond simple risk listing, this template guides you through a complete risk management cycle. You’ll establish effective key risk indicators (KRIs) and clear accountability for risk mitigation actions.

Being systematic with this is increasingly vital, as PwC reports that 9 in 10 organizations have gone through several major disruptions. Use this template to move beyond reactive crisis management and be proactive with risk prevention instead.

Related categories

Preview of the template
Entity
Page 1
Risk Identification
Identify all potential operational risks
Describe the nature and source of each identified risk
Assess the likelihood and impact of each risk
Risk Assessment
Analyze the potential consequences of each risk
Prioritize the risks based on their likelihood and impact
Determine the organization's risk appetite and tolerance levels
Risk Mitigation
Identify control measures to mitigate each risk
Assign responsibilities for implementing control measures
Establish key performance indicators to monitor risk mitigation
Risk Monitoring and Review
Regularly review the operational risk management plan
Update the plan to address changes in the organization or environment
Communicate findings and updates to relevant stakeholders
Reporting and Documentation
Maintain a comprehensive record of operational risks and mitigation efforts
Prepare regular reports on the organization's operational risk profile
Ensure compliance with regulatory requirements and industry standards

Frequently asked questions

How do I identify the most critical operational risks for my organization?

Focus on risks that could significantly impact your core operations. Review past incidents, analyze process workflows, and gather input from frontline staff. Consider both high-probability/low-impact risks and low-probability/high-impact scenarios. Our template’s categorization system helps prioritize risks by type and severity.

What’s a good way to categorize operational risks in the template?

Start with the template’s suggested categories (people, process, system, external), then customize based on your organization’s structure. Consider adding categories specific to your industry or operations. The goal is to group similar risks to identify patterns and develop consistent mitigation strategies across related risk types.

How detailed should my risk descriptions be in this template?

Each risk description should clearly communicate the nature of the threat, potential consequences, and affected operations. Aim for concise yet comprehensive descriptions—typically 1-3 sentences. Include enough detail that someone unfamiliar with the risk could understand its significance and context within your organization.

What should I do if a risk falls between two rating levels?

When a risk falls between rating levels, consider its potential business impact as the deciding factor. Document your reasoning in the assessment section. The template allows for this flexibility—the ratings aren’t rigid boundaries but tools to help prioritize your response. Consider creating custom intermediate ratings if this happens frequently.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.