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Definition: The risk response plan (sometimes called the risk register) should be written to the level of detail at which the actions will be taken. It should include some or all of the following:
• Identified risks, their descriptions, the area(s) of the project (e.g., WBS element) affected, their causes, and how they may affect project objectives
• Risk owners and assigned responsibilities
• Results from the qualitative and quantitative risk analysis processes
• Agreed responses including avoidance, transference, mitigation, or acceptance for each risk in the risk response plan
• The level of residual risk expected to be remaining after the strategy is implemented
• Specific actions to implement the chosen response strategy
• Budget and times for responses
• Contingency plans and fallback plans.
Acceptance Level:  Generally accepted
Alternative or Related Terms: Risk register
Application Areas/Intended Uses: The risk response plan is the primary output from risk response planning process.
Chief Advantages: The risk response plan details all identified risks, including description, cause, probability of occurring, impact(s) on objectives, proposed responses, owners, and current status.
Additional Reading:
Developing Effective Risk Responses. David A. Hillson. PMI 1999
Seminars & Symposium Proceedings, Philadelphia, Pennsylvania USA.