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 and update the risk log and detail sheet. Upgrade or downgrade risk probability or impact if situations have changed. Sometimes, risks go away as the project progresses, and you can close them. Don't forget about lower priority risks.

Changes in the project could bump up their probability or impact. As a team, check on them occasionally to see if they should be tracked. Also, watch for possible new risks that have arisen due to changes in the project. That's all there is to managing and controlling risks. It's fairly easy as long as you have a plan. To learn more about managing risk, check out Bob McGannon's course, Managing Project Risk.