Control Risks is the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.

 

The key benefit of this process is that it improves efficiency of the risk approach throughout the project life cycle to continuously optimize risk responses.

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Planned risk responses that are included in the risk register are executed during the life cycle of the project, but the project work should be continuously monitored for new, changing, and outdated risks.

The Control Risks process applies techniques, such as variance and trend analysis, which require the use of performance information generated during project execution. Other purposes of the Control Risks process are to determine if:

 

   * Project assumptions are still valid,
   * Analysis shows an assessed risk has changed or can be retired,
   * Risk management policies and procedures are being followed, and
   * Contingency reserves for cost or schedule should be modified in alignment with the current risk assessment.

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Control Risks can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan.

 

The risk response owner reports periodically to the project manager on the effectiveness of the plan, any unanticipated effects, and any correction needed to handle the risk appropriately.

 

Control Risks also includes updating the organizational process assets, including project lessons learned databases and risk management templates, for the benefit of future projects.

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