Risk Monitoring and Risk Control

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Risk Monitoring and Risk Control:

Risk monitoring and control is the ongoing monitoring of risk responses against the risk management plan. It also includes tracking points where new risks to the project are managed. The resulting impact of a risk may extend beyond what’s been measured. A risk can impact the project, the enterprise, or both. Once risks and their resulting impacts have been identified the project team must develop a strategy to deal with the risks. In case of a risk to the enterprise, backup paths for communication should be considered. By finding alternate paths, timely alerts can be delivered to the enterprise risk management function. Risk Monitoring also entails detailing and tracking of previously identified as well as new risks.

Consider the following example: a road is expected to be traversed by 20,000 cars a day, due to a contingency has to take double the traffic in a day. Although the contingency has no relevance to the contractor responsible for the building of the road, he is expected to address issues on how to manage the problem.

To calculate the quantum of the risk, the probability is to be multiplied with its material impact. As the probability of the risk escalates, so should the quantum of resources allocated to manage that risk. This resource allocation must be done before the risk takes form. The risk management plan should also include a way to refurnish resources as they’re depleted.

Risk control is done for these purposes:

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