Risk Trigger

We have already discussed the concept of Watchlist. A watchlist is where low priority risks are tracked. With your project brimming with documentation, you may wonder why need a Watchlist in the first place.

One of the biggest reasons to have a watchlist is to continuously monitor these low priority risks just in case situations change. More specifically if the situations change in the favor of these risks and they become more likely to occur.

These situations are known as Risk Triggers.

So lets say you do not have electricity backup in your office. Today, there is a risk of rainfall but as per the weather forecast there isn’t any chances of a thunderstorm. Having no electricity is just on the watchlist. But if the weather conditions change during the day and thunderstorm looks more likely, the risk of losing electricity multiplies too.

Thus a change in the weather condition was the risk trigger in this case.

Check more articles on Risk Management