Monitor Risks Process

So far you’ve done extensive risk planning. You have also implemented your risk responses but can you be one hundred percent sure that a new unidentified risk won’t show up? Nobody can be 100% sure.

Infact you can almost be sure that unplanned risks will indeed show up during the course of your project. And when it comes to such risks, the earlier you react, the better for the project. This is where Monitor Risks process comes into play

Monitor Risks is the last process of Risk Management Knowledge Area. It falls under the Monitoring and Controlling Process Group. Below is the PG-KA mapping,

Monitor Risks, however, is not just about identifying unplanned risks, it is also about monitoring the implementation of the agreed-upon risk response plans, tracking the identified risks (via risk register) and evaluating the overall risk process effectiveness throughout the life of the project.

If you constantly review your project, its progress and all other data that it is producing, you will be able to quickly react if a new risk is uncovered. Monitoring risks, thus, means keeping a tab on the pulse of the project. This process helps you with making project decisions based on the current information about overall project risk exposure and individual project risks

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