What are the steps to evaluate and adjust risk management strategies?

1 Review risk register

The risk register is a document that records the identified risks, their probability and impact, their risk rating, and their response plans. You should review the risk register regularly, especially after major milestones, changes, or issues, to check if the risks are still relevant, accurate, and prioritized. You should also update the risk register with any new risks that emerge or any changes in the existing risks. Reviewing the risk register helps you keep track of the current risk exposure and status of your project.

3 Evaluate risk response effectiveness

Risk response is the action you take to address a risk, either by reducing its probability or impact (mitigation), transferring it to another party (transfer), accepting it and preparing for its consequences (acceptance), or exploiting it for positive outcomes (enhancement). You should evaluate the effectiveness of your risk response regularly, by measuring the actual results against the planned outcomes. Evaluating risk response effectiveness helps you determine if your risk response is achieving its intended goals, or if it needs to be modified or replaced.

4 Adjust risk management strategies

Based on the results of your risk register review, risk indicator monitoring, and risk response evaluation, you may need to adjust your risk management strategies to adapt to the changing conditions of your project. You may need to revise your risk identification, assessment, or prioritization methods, update your risk response plans or contingency reserves, or communicate your risk information to relevant stakeholders. Adjusting your risk management strategies helps you ensure that your risk management is responsive and proactive, and that your project is on track to meet its objectives.

5 Document and communicate lessons learned

The final step in evaluating and adjusting risk management strategies is to document and communicate the lessons learned from your risk management process. Lessons learned are the knowledge and insights gained from your experience in managing risks, both positive and negative. You should document the lessons learned throughout the project, as well as at the end, and share them with your team, stakeholders, and organization. Documenting and communicating lessons learned helps you capture and transfer the best practices and improvement opportunities for future projects.

6 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?