After you've identified your project's risks, analyzed their probabilities and magnitudes, and prioritized them, you're ready to control them. This section describes the three aspects of controlling risks: risk-management planning, risk resolution, and risk monitoring.
The focus of risk-management planning is to develop a plan to handle each of the high-priority risks identified during the previous activities. The risk-management plan can be as simple as a paragraph for each risk that describes the who, what, when, where, why, and how of each risk's management. It should also contain general provisions for monitoring the risks, closing out risks that have been resolved, and identifying emerging risks.