Risk management in Etablissement Kazoza et Compagnie-Rwanda

2.2.4 Risk Monitoring and Control

The final step is to continually monitor risks to identify any change in the status, or if they turn into an issue. It is best to hold regular risk reviews to identify actions outstanding, risk probability and impact, remove risks that have passed, and identify new risks ( www.clinicalgovernance.scot.nhs.uk).

Monitoring and control is not complete unless communication has occurred. Communication is the lynch-pin of effective project management and risk management. Communication within and among the team will be crisp, concise, complete, correct and timely as will the communication to upper management and executives. Effectiveness of the risk response actions will be monitored and reported regularly (Project Risk Management, 2010).

Risk monitoring and control is required in order to ensure the execution of the risk plans and evaluate their effectiveness in reducing risk, keep track of the identified risks, including the watch list, monitor triggers conditions for contingencies, monitor residual risks and identify new risks arising during project execution and updating the organizational process assets ( www.faculty.kfupm.edu.sa).

2.2.4.1 Purpose of risk monitoring and control

The purpose is to determine if risk responses have been implemented as planned, actions are as effective as expected or if new responses should be developed. Whether project assumptions are still valid, risk exposure has changed from its prior state, with analysis of trends, if a risk trigger has occurred, proper policies and procedures are followed or if new risks have occurred that were not previously identified ( www.faculty.kfupm.edu.sa)