Risk Monitoring and Control and Risk Response

Risk Monitoring and Control

Once the salient project risks have been identified and appropriate responses formulated, the next step entails scanning the project environment so that both identified and unidentified threats and opportunities can be followed, much like a radar screen follows ships. Risk owners should monitor the various risk triggers so that well-informed decisions and appropriate actions can take place.

Risk Response

Risk monitoring and control provide a mechanism for scanning the project environment for risks, but the risk owner must commit resources and take action once a risk threat or opportunity is made known. This action normally follows the planned risk strategy.

Seven steps for managing IT project risk

1) Risk Planning.

2) Risk Identification.

3) Risk Assessment.

4) Risk Strategies.

5) Risk Monitoring and Control.

6) Risk Response.

7) Risk Evaluation.