An enhanced risk management plan occurs when risk is integrated in an overall Integrated Enterprise Excellence (IEE) business management system. The IEE system is a 9-step process, where a risk management plan is created as part of step 4 noted in the following figure.
According to Wikipedia: A risk management plan is a document that a project manager prepares to foresee risks, estimate impacts, and define responses to issues. It also contains a risk assessment matrix. A risk is “an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.”
Organizations need a systematic approach for risk containment when quality, delivery, and design product and service issues occur. Such a system should also help them to recover quickly from errant decisions made by executives, operations personnel, and the quality department.
The published Internet linked-to article below describes how well-chosen metrics can help mitigate these risks if the measurements contain good tracking and reporting methods that lead to the most appropriate action.