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Risk - The Complete Tool Set
Risk Tracking and Reporting
Having identified the High risk factors and implemented any proactive risk reduction strategies before commencing the project, the project manager, his or her team and the project stakeholders must regularly monitor:
- the effectiveness of the implemented risk reduction strategies;
- the emergence of any new risk factors;
- the elimination of existing risk factors; and
- change of status of existing risk factors i.e. a Medium risk factor becomes High risk.
Risk monitoring would typically occur during the normal project tracking and review meetings, and reviews throughout the project development phases. However, it is important that the project manager constantly adopts a "risk perspective". For example, during a team meeting with stakeholders, a new requirement emerges. While the impact of the new requirement would typically be assessed from an effort, quality and time perspective, the impact of the new requirement on risk should also be carefully evaluated and reported to the Project Sponsor and stakeholders.