CONTINUING RISK MANAGEMENT

During the controlling phase of a project, the project manager must continuously manage risk using the risk management plan developed during the planning phase process. While project team members may have the responsibility for monitoring risk and assumption triggering metrics, the project manager is accountable for managing ongoing risk.

Process

There are three basic processes in continuing risk management:

1. Monitoring identified risks—Monitor the risk mitigation strategy and contingency plan triggers established during the risk management planning process.

   1.1. Monitoring risk triggers

   1.2. Invoking risk management strategy

   1.3. Invoking risk management contingency plans

2. Monitoring identified assumptions—Monitor the assumption validity metrics established during the risk management planning process.

   2.1. Monitoring assumption validation triggers

   2.2. Invoking risk management planning process

3. Identifying new risks—Invoke the risk management planning process to deal with new risks or assumptions encountered during project execution.

In addition, we must invoke issue and scope change management processes to resolve risk-based issues and manage changes to project scope, resources, or schedule.

Deliverables

Continuing risk management involves executing the established risk management plan and accounting for newly discovered risks and assumptions. The following deliverables are necessary for properly documenting and communicating the effects of continuing risk management:

1. Risk management report

2. Updated risk management plan.