How can you adjust risk monitoring and control systems for changing conditions?

1 Review your risk management plan

The first step to adjust your risk monitoring and control systems for changing conditions is to review your risk management plan, which is the document that defines how you will identify, assess, prioritize, mitigate, and monitor risks throughout your project lifecycle. You should review your risk management plan periodically, or whenever a significant change occurs, to ensure that it is still relevant, accurate, and aligned with your project goals and stakeholder expectations. You should also review the risk register, which is the tool that records the details of each risk, such as its probability, impact, response strategy, owner, status, and triggers. You should check if any new risks have emerged, if any existing risks have changed, or if any risks have been resolved or eliminated.

2 Update your risk management plan

The second step to adjust your risk monitoring and control systems for changing conditions is to update your risk management plan, based on the results of your review. You should update the risk register with any new information, such as the current probability and impact of each risk, the effectiveness of the response actions, the changes in the risk owner or status, or the occurrence of any risk events. You should also update the risk management plan with any changes in the risk identification, analysis, prioritization, mitigation, and monitoring methods, tools, processes, roles, responsibilities, or resources. You should document the reasons for any changes, and the implications for your project performance and deliverables.

3 Communicate your risk management plan

The third step to adjust your risk monitoring and control systems for changing conditions is to communicate your risk management plan, and any updates, to the relevant stakeholders. You should communicate your risk management plan to the project team, the sponsor, the client, the suppliers, the regulators, and any other parties who may be affected by or interested in the project risks. You should use appropriate communication channels, formats, frequencies, and levels of detail, depending on the stakeholder needs and expectations. You should also solicit feedback, input, and support from the stakeholders, and address any issues or concerns that may arise.

4 Evaluate your risk management plan

The fourth and final step to adjust your risk monitoring and control systems for changing conditions is to evaluate your risk management plan, and its effectiveness in managing the project risks. You should evaluate your risk management plan regularly, or at the end of each project phase, milestone, or deliverable. You should use quantitative and qualitative measures, such as key performance indicators, risk audits, lessons learned, stakeholder satisfaction surveys, or risk reports, to assess how well your risk management plan has helped you achieve your project objectives, scope, schedule, budget, quality, and safety. You should also identify any gaps, weaknesses, or areas for improvement, and implement corrective or preventive actions as needed.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?