Implementing Risk Monitoring and Control

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Risks must be actively monitored and new risks must be responded to as they are discovered. Risk monitoring and control is the process of monitoring identified risks for signs that they may be occurring, controlling identified risks with the agreed responses, and looking for new risks that may creep into the project. Risk monitoring and control also is concerned with the documentation of the success or failure of risk response plans, and keeping records of metrics that signal risks are occurring, fading, or disappearing from the project.

Risk monitoring and control is an active process that requires participation from the project manager, the project team, key stakeholders, and, in particular, risk owners within the project. As the project progresses, risk conditions may change and require new responses, additional planning, or the implementation of a contingency plan.

There are several goals to risk monitoring and control:

• To confirm risk responses are implemented as planned

• To determine if risk responses are effective or if new responses are needed

• To determine the validity of the project assumptions

• To determine if risk exposure has changed, evolved, or declined due to trends in the project progression

• To monitor risk triggers

• To confirm policies and procedures happen as planned

• To monitor the project for new risks

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