Your risk management plan is in place. Now your job is to make sure you and others on the project team act on it. Take any actions necessary according to the risk response you have chosen. Monitor your watchlist to see if triggers are occurring, and implement contingency plans as needed. Be sure to reassess your risks regularly. You might find the following ideas useful for monitoring your risks:
- Move your High Risk items into your Issues Matrix to be visited during each project status meeting.
- Include a Risks section in status reports and request that resources identify any assumptions they are making, as well as any new risks they see.
- Set up regular meetings with team members to reevaluate the risk management plan and to identify new risks to the project.
- Each time your project’s actual progress varies significantly from the project schedule, reassess the risks and reevaluate your risk management plan.
John F. Filicetti, PMP, MBA
John Filicetti is a Sr. Sales Engineer/PM-PMO-PPM Consultant with a great depth of experience and expertise in enterprise project management, project management methodologies, Project Portfolio Management (PPM), Project Management Offices (PMOs), Governance, process consulting, and business management. John has directed and managed project management teams, created and implemented methodologies and practices, provided project management consulting, created and directed PMOs, and created consulting and professional services in such areas as project portfolio management, Governance, business process re-engineering, network systems integration, application development, infrastructure, and complex environments. John has enjoyed many years as PMO Director for large corporations in the Seattle area and leads the PMO Roundtable discussion group and forum.