Document background
The Risk Management Plan in Project Proposal is an essential document required for major projects in the Philippines, particularly those involving significant investment, environmental impact, or public interest. It emerged from the need to systematically address various risks in project implementation while ensuring compliance with Philippine regulations such as RA 10121 (Philippine Disaster Risk Reduction and Management Act) and other sector-specific laws. The document typically includes detailed risk assessments, mitigation strategies, emergency response procedures, and compliance requirements specific to the Philippine context. It becomes particularly crucial given the country's exposure to natural disasters, evolving regulatory landscape, and complex business environment. This plan serves as a critical tool for project stakeholders to demonstrate due diligence, secure necessary approvals, and establish a framework for ongoing risk management throughout the project lifecycle.
