Monitor and control risks

- [Voiceover] When you developed your Risk Management Plan,…you identified the risks to monitor…and the response you would use to handle them.…Now that the project is underway,…you need to keep your eyes peeled…for those risks becoming reality.…And if they should, you jump into action…with the appropriate response.…In the Risk Management Plan,…each risk you decided to track has an owner assigned.…That person's job is to keep an eye…on their assigned risk and regularly update risk status.…

Let's take a look at what owning a risk means in detail.…First, implement proactive risk responses.…That means, you take steps to avoid, mitigate,…transfer, or plan contingencies for the risk…before it occurs.…If the risk is positive, take steps to enhance…the good things that could happen.…Second, watch for signs that high priority risks…are unfolding.…Also watch for the events that trigger a contingency plan.…

If a risk occurs,…launch the response you chose in your plan.…Then, track the results of the response.…Finally, regularly report risk status…