Risk Management Plan Template The risk management process will be used by the management team to ensure risk control methods are included in all organisational planning, management of operations and governance. Definitions The following definitions are based on the Australian and New Zealand Risk Management Standard AS/NZS 4360:2004. Risk The chance of something happening which will have an impact upon objectives. It is measured in terms of consequence and likelihood. Likelihood A qualitative description or synonym for probability or frequency. Consequence The outcome of an event or situation, expressed qualitatively or quantitatively, being a loss, injury, disadvantage or gain. There may be a range of possible outcomes associated with an event. Risk assessment The overall process of risk analysis and risk evaluation. Risk treatment/control methods Selection and implementation of appropriate options for dealing with risk. Conceptually, treatment options will involve one or a combination of the following five strategies: Avoid the risk. Reduce the likelihood of occurrence. Reduce the consequences of occurrence. Transfer the risk. Retain/accept the risk