Premium Essay

Risk Monitoring

In: Business and Management

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Risk Monitoring

Continuous monitoring by the project risk manager and the project team ensures that new and changing risks are detected and managed and that risk response actions are implemented and effective. Risk monitoring continues for the life of the project.

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Risk monitoring and control keeps track of the identified risks, residual risks, and new risks. It also monitors the execution of planned strategies for the identified risks and evaluates their effectiveness.

Risk monitoring and control continues for the life of the project. The list of project risks changes as the project matures, new risks develop, or anticipated risks disappear. Risk ratings and prioritizations can also change during the project lifecycle.

Typically, during project execution, risk meetings should be held regularly to update the status of risks in the risk register, and add new risks. This is not necessary for minor level projects, and may only be needed annually for moderate level projects. Periodic project risk reviews repeat the process of identification, analysis, and response planning.

If an unanticipated risk emerges, or a risk’s impact is greater than expected, the planned response may not be adequate. The project manager and the PRMT should perform additional responses to control the risk.

Monitoring also determines whether:

 The PRMT is performing periodic risk review and updating  Risk management policies and procedures are being followed  The remaining contingency reserves for cost and schedule are adequate And it may involve recommending:  Alternative risk responses  Implementing a contingency plan  Taking corrective actions  Changing the project objectives

Risk Review and Updating

Periodically, the PRMT will convene to review the project’s risk register and risk response actions, and to update project…...

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