Definition of Risk Treatment Plan (RTP)
The Risk Treatment Plan (RTP) outlines how the organization will address individual risks. For each risk, the RTP specifies the chosen treatment strategy and, where applicable, additional actions or measures needed to implement this strategy. The plan includes responsible parties, timelines, required resources, and progress tracking. Typically, the plan includes:
- Treatment Strategies: It includes the chosen treatment strategy for each risk, such as mitigation, acceptance, transfer, or avoidance.
- Planned actions: detailed actions, tasks or measures that must be carried out to reduce identified risks
Typical Structure of a Risk Treatment Plan
A Risk Treatment Plan (RTP) typically focuses on priority risks and provides an overview of them. It usually includes the following information for each risk:
- Risk Description: A brief description of the identified risk.
- Risk Owner: The person or parties responsible for the risk.
- Risk Level: The initial risk level (e.g., Low, Medium, High) before treatment.
- Treatment Strategy: The selected strategy: Avoid, Mitigate, Transfer, or Accept.
- Deadline: The target date for completing the actions.
- Action Plan - list of Measures: Specific actions to treat the risk, and the party, individual, or team accountable for implementing the measures.
- Current Status of Measures: Progress status (e.g., Not Started, In Progress, Completed).
- Residual Risk Level: The expected level of risk after implementing the actions (if applicable).
- Notes/Comments: Additional information or considerations.
How to Create a Risk Treatment Plan
Aptien GRC simplifies the risk monitoring and control process by eliminating the need for tedious document creation. Having everything online saves time and enhances collaboration across your organization, ensuring all risk-related information is available and up-to-date. This enables efficient management of tasks and responsibilities.
- Open the Risk Register: Access your risk register within Aptien GRC.
- Create or Select a Risk: Create a new risk or select an existing one.
- Select "Risk Treatment": In the risk tab, choose the "Risk treatment" option.
- Enter Details: Input the risk treatment strategy, deadline, and other relevant information.
- Manage Activities: For simpler or one-off measures, manage activities using tasks above the risk.
- Handle Complex Measures: For more complex measures, enter or create a detailed measure.
How to Manage, Monitor and Review Risk Treatment Plan
Aptien GRC streamlines the process of monitoring and reviewing risks by moving away from tedious offline paper documents. As an online risk & task management platform saves time and enhances collaboration across your organization, ensuring that all risk-related information is accessible and up-to-date. This ensures all risk-related information is available online, effectively managing and mitigating risks. Here's how Aptien GRC supports effective risk management:
- Real-Time Risk and Measures Tracking: Monitor progress of each action item, ensuring deadlines are met and delays addressed.
- Automated Alerts and Notifications: Send alerts to responsible parties when actions are due or risk status updates occur.
- Regular Reviews and Updates: Facilitate regular reviews, reassess risks, update strategies, and adjust action plans.
- Documentation and Audit Trails: Maintain detailed records of actions, changes, and decisions for compliance and audits.
You manage more complex measures as separate projects
- you manage more complex measures as separate projects