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Risk Monitoring

Overview

Risk Monitoring refers to identifying potential performance problems and developing plans to mitigate project risks wherever possible. Typical risks include (but are not limited to) changes to project staffing, financial/budget shortages, business requirements, organizational structure and scope modifications. Once the risks are identified, evaluated, and prioritized, the next step is to develop an appropriate response.

	Key Concepts
Identify the risks requiring monitoring that are associated with the HSE-MIS Plan. Develop an appropriate response to minimize identified project risks. Act to ensure that the business objectives of the HSE-MIS Plan are met. Track risks that may cause a scope change — including timeline, budget and deliverables. Identify project assumptions with risks in the initial scope statement in order to maximize project communication and transparency.

	Practical Advice
Be thorough during the risk identification process. It is important to capture anything that could impact the project's success. Prioritize risks. Identify which risks can stop a project completely versus those causing minor delays or scope changes. Understand which risks are under your control and which are not. On a routine basis, revisit the risk management plan with the project team to log any changes.

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