Although the Risk Management Plan Process is undertaken during the ‘Execution’ phase of the project (i.e. the phase within which the deliverables are produced), project risks may be identified at any stage of the project lifecycle. In theory, any risk identified during the life of the project will need to be formally managed as part of the Risk Management Process. Without a formal Risk Management Process in place the objective of delivering a solution within ‘time, cost and quality’ may be compromised. The Risk Management Process is terminated only when the Execution phase of the project is completed (i.e. just prior to Project Closure). A Risk Management Plan Template to assist with the development of a Risk Management Process for your project can be found at the Consulting Cloud website.