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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
or download 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
or download pdf

About the Operational risk management plan template

Equipment breakdowns, process delays, or compliance gaps—operational risks come in many forms. This template gives you a clear, systematic way to identify and manage risks across your workflows. Whether you’re standardizing risk reviews across teams or preparing for audits, you can use this template to document threats, assign responsibilities, and assess mitigation efforts.

Build an effective risk process and stay ahead

The operational risk management plan template is divided into four practical sections: risk identification, risk assessment, mitigation, and monitoring. Each step guides you through a structured process to document risks, evaluate their potential impact, and take action before small issues escalate.

You can delegate tasks, monitor progress, and make risk reporting more consistent across teams with the template. This helps you avoid miscommunication and makes follow-up tasks easier to manage.

By organizing risk data in one place, the template supports faster decision-making and gives you a clear overview of your operational risk landscape. Make the most of the template by integrating it into regular reviews and audits—it simplifies reporting and strengthens internal controls.

How to use the operational risk management plan template

This template gives you a repeatable process to follow. Here’s how to put it into action and get your team aligned.

  1. Customize the template to your workflow. Open the template in the Lumiform app and adjust it to fit your operation. Tailor the risk categories, likelihood scales, and mitigation fields based on the specifics of your industry and processes.
  2. Document risks during audits or inspections. Use the mobile app to conduct assessments in the field—on-site at a warehouse, plant, or office. Capture key details like the source of each risk, its potential consequences, and photos if needed.
  3. Assign follow-up tasks and mitigation actions. Once you’ve logged risks, assign actions directly from the form. Add deadlines, instructions, and responsible team members so tasks don’t get missed.
  4. Track status and monitor implementation. Use Lumiform’s dashboard to track which risks are resolved, which need attention, and where delays are happening. This helps you stay ahead of recurring issues.
  5. Use analytics to improve your risk strategy. Review your data to spot trends, recurring threats, and weak points in your current controls. This insight allows you to refine your risk management strategy over time.

Download Lumiform’s operational risk management plan template today

Implement an efficient, streamlined approach to managing operational risks across your organization. This template supports you in clarifying roles, documenting threats, and assigning follow-ups, without having to start from scratch. Put it to work today and bring greater control and accountability to your risk management process!

Related categories

  • Operational excellence templates
  • Risk management and compliance templates
  • General templates
  • Risk assessment templates
Preview of the template
entity_item!!!
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

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Related resources

Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

Topic guides

Read in-depth guides covering key topics related to this article.

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Frequently asked questions

Who should be involved in creating the plan?

Operational managers, team leads, compliance officers, and those working directly on the ground should all be involved. People closest to day-to-day processes often have the clearest view of where things break down. Include multiple perspectives for a more complete picture and prevent blind spots in your risk assessment.

What kind of data is useful for identifying operational risks?

Look at incident reports, maintenance logs, audit findings, customer complaints, supplier performance data, and even downtime records. Trends in delays, errors, or bottlenecks are often early indicators of underlying risks. Regular team feedback sessions can also reveal issues that don’t show up in the numbers.

What are common mistakes in risk management planning?

One of the biggest mistakes is being too vague—generic risks with no context won’t help anyone. Another is setting it up once and not revisiting it. A risk plan should adapt as your operations, tools, and teams change. Also, avoid making it too complicated—if people can’t use it easily, they won’t use it at all.


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.
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