10.4 -Risk Response Monitoring & Control

10-4 Risk Response monitoring & Control

Risk control involves executing the risk response strategy, monitoring triggering events, initiating contingency plans, and watching for new risk. This is the last step of the risk management process and requires the establishment of a risk register. A risk register is a document that contains information on the various risk management processes, often displayed in a spreadsheet with identified risks, categories, descriptors, likelihood of occurrence, impact, contingency plans, owners, and current status.  Risk assessment and updating should be part of project status reviews and progress reporting. The project team needs to be on constant alert for new, unforeseen risks. Monitoring can be done based on established milestones. Strategies might have to be reviewed from time to time with the goal of eliminating ineffective ones and adding new ones.