Risk Monitoring and Control
Risk monitoring and control is about ensuring that you are responding to risks as planned, identifying and planning responses to newly identified risks, and reviewing and updating all contingency reserves (time and money). Your risk management plan should include the steps, processes, or procedures that you will use to continually monitor and update the risk register throughout the life of the project.
Address the following items for monitoring and controlling project risks in the provided Risk Management Plan Template:
- Describe the method(s) you will use to monitor if risks are being triggered.
- Describe the method(s) you will use to identify and plan responses to newly identified risks.
- Describe the method(s) you will use to review and update any contingency reserves.
- Describe the timing on all of the above. For example, some you may do daily, others weekly, others monthly. Perhaps these tasks will be done as part of your regular status meetings or at special meetings to discuss risk.
Hampton, J. J. (2015). Fundamentals of enterprise risk management: How top companies assess risk, manage exposure, and seize opportunity. New York NY: American Management Association.
Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Sixth edition. Newtown Square, PA: Author.