Process: Monitor Risks
Process Group: Monitoring and Controlling
Knowledge Area: Project Risk Management
Purpose
The Monitor Risks process involves tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. It ensures the risk management plan remains relevant and that responses are implemented and working.
Inputs
- Project Management Plan – Especially the risk management plan, risk response strategies, and baselines.
- Project Documents – Risk register, risk report, issue log, lessons learned register, and assumption log.
- Work Performance Data – Information on project execution that could indicate risk triggers or deviations.
- Work Performance Reports – Summarized results used to analyze the effectiveness of responses and control decisions.
Tools and Techniques
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Data Analysis
- Technical performance analysis
- Reserve analysis
- Trend analysis
- Variance analysis
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Audits – Formal reviews to verify that risk management processes are being followed and are effective.
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Meetings – Regular risk review sessions with stakeholders and team members to evaluate status and adapt plans.
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Risk Reassessment – Periodic updates to identify new risks and review existing ones.
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Risk Reviews – Structured evaluation of risk status and performance across project phases.
Outputs
- Work Performance Information – Interpreted insights on how well risks are being managed.
- Change Requests – Recommended updates to response plans, baselines, or risk strategies based on monitoring results.
- Project Management Plan Updates – Adjustments to risk, cost, schedule, or communications plans.
- Project Document Updates – Ongoing updates to risk register, risk report, assumption log, and lessons learned register.
Role in the Process Group and Knowledge Area
- As part of the Monitoring and Controlling Process Group, Monitor Risks ensures risk-related information is continuously evaluated.
- Within Project Risk Management, it validates that risk responses are working, that no new threats are ignored, and that plans adapt to changing conditions.
Why It Matters
- Sustains Proactive Risk Management – Keeps risk awareness alive and evolving with the project.
- Improves Strategy Effectiveness – Evaluates which responses are working and which need adjustment.
- Ensures Timely Action – Detects new or escalating risks early so they can be addressed before impact.
- Drives Continuous Learning – Captures insights and lessons that improve risk performance in current and future projects.