A Risk Management Plan is a strategic document that outlines how an organization will identify, assess, and mitigate potential risks that could impact its objectives. It includes processes for monitoring risks, assigning responsibilities, and establishing response strategies to minimize negative effects on projects or operations. The plan typically covers various types of risks, such as financial, operational, strategic, and compliance risks. By proactively addressing these risks, organizations can enhance decision-making, improve resource allocation, and ensure better overall performance, ultimately leading to increased resilience and success in achieving their goals.