Risk response

Risk response

Risk Response planning engages the development of options and determination of action to enhance opportunities as the threats to the project’s objectives are reduced. However, not all risks are removed during the process, and some remain e.g., health and safety, which are referred to as residual risk. In some situations, some risk response can eliminate risk, and another chance is created, this is referred as a secondary risk.

Risk Response in Register

The risk response action for each risk is entered into the “Response Actions” column of the risk register.  Risk responses are options and activities that enhance opportunities or reduce threats.  The PMRT, PRM, PM, or project team decide upon the response action to risks listed in the risk register.  The response action is then assigned to one person, the person responsible for executing and monitoring the risk response that is chosen.  Planned risk responses must be appropriate to the significance of the risk, cost-effective in meeting the challenge, realistic within the project context and agreed upon by all parties involved, and owned by a single person.  Risk responses must also be timely.

Risk Monitoring and Controlling.

The process of monitoring for a risk event occurrence, reassessing the risk (likelihood and consequence), and monitoring the performance of the risk response plan and reporting the results. It also engages in the keeping track of how particular risk responses are performing out against the plan.

It should be noted that risk can either have positive or negative impacts.The positive risk is a risk taken by the project because it entails crucial benefits, while negative riks is that one which can cause a negative influence on the cost of the project or maybe its schedule.

The objectives of  risk Monitoring and Control;

• To confirm whether risk responses are implemented as planned.
• For determination, if the risk responses are valid.
• To determine the validity of the project assumptions. To determine whether the risk exposure has evolved or changed as a result of the trends in the progression of the project.

Monitoring and Controlling Recommendation.

• Monitor the effectiveness of any changes on the risk
• register

• Monitor the effects of changes will have on the scope,
• cost, time and quality

• Address issues and problems immediately if possible
• anticipate issues before they occur

• Continually update the risk register.