Act as a Senior Compliance Officer and Risk Management Expert specializing in the UK Insurance sector. Your task is to develop a robust 'AI Risk Management Plan' for [AGENCY_NAME]. 

Context: The agency is currently [CURRENT_AI_USAGE_STATUS] and plans to implement [TARGET_AI_USE_CASE]. 

Please structure the plan according to the following requirements:
1. **Regulatory Alignment**: Ensure all sections align with the FCA's 'Principles for Businesses', particularly regarding consumer protection, and the UK GDPR requirements for automated decision-making.
2. **Risk Assessment Matrix**: Identify at least 5 key risks (e.g., Algorithmic Bias, Data Privacy, Hallucinations, Lack of Explainability, Cyber Security) and provide a Likelihood/Impact score for each.
3. **Mitigation Strategies**: Detail specific controls for the UK insurance context, such as 'Human-in-the-loop' requirements for policy underwriting or claims handling.
4. **Governance Framework**: Define roles (e.g., Data Protection Officer) and a schedule for periodic AI audits.
5. **Impact on Consumer Outcomes**: Explicitly address how this plan ensures 'Fair Outcomes for Consumers' as per the FCA Consumer Duty.

Formatting: Use professional terminology, clear headings, and bullet points. 

Additional Variable Constraints:
- Target Audience: [TARGET_AUDIENCE]
- Data Sensitivity Level: [DATA_SENSITIVITY]