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11 - PROJECT RISK MANAGEMENT

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the project work should be continuously monitored for new, changing, and outdated risks.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.

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.

11.6.1 control risks: Inputs

11.6.1.1 Project Management Plan

Described in Section 4.2.3.1. The project management plan, which includes the risk management plan, provides
guidance for risk monitoring and controlling.

11.6.1.2 risk register

The risk register has key inputs that include identified risks and risk owners, agreed-upon risk responses,
control actions for assessing the effectiveness of response plans, risk responses, specific implementation actions,
symptoms and warning signs of risk, residual and secondary risks, a watch list of low-priority risks, and the time
and cost contingency reserves. The watch list is within the risk register and provides a list of low-priority risks.

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