What is Risk Monitoring and Control?

Risk monitoring and control continues on though a project until the project is complete. Risk monitoring and control is the process of identifying and analyzing new risk, keeping track of these new risks and forming contingency plans incase they arise. It ensures that the resources that the company puts aside for a project is operating properly. (FFIEC, 2006)

Risk monitoring and control is important to a project because it helps ensure that the project stays on track. "The Risk Monitoring and control process applies techniques", (PMBOK Guide, 2004) to ensure project execution.

Individual project team members or stakeholders are "individuals or organizations who stand to gain or lose from the success or failure of a system" (Nuseibeh & Easterbrook, 2000). Risk Monitoring and control process ensures the success of the project.

Not only must the Individual project team members identify the risks, they must do something about it! "SEI's approach to risk management is embodied within its risk management paradigm, which depicts the basic functions of managing risks: identify, analyze, plan, track, control, and communicate." (Dorofee, Walker, and Williams, 2005)

There are many different types of software you can use track risks, it can be a simple spreadsheet to a complex database. The key to Risk Monitoring and Control is communication among the team members, identifying potential risks bringing them to the project team, analyzing the risks, and planning for them as they arise.

References:

FFIEC IT Handbook InfoBase, 2006, "Operations, Risk Monitoring and Reporting", [Electronic Version] Retrieved on June 12, 2006 from http://www.ffiec.gov/ffiecinfobase/booklets/operations/19.html

Project Management Institute, 2004, "Project Management Body of Knowledge, Third Edition, (PMBOK Guide), Project Management Institute, Inc. Newtown Square, PA 19073