Risks are always present in every project life cycle. A good project manager needs to be able to mitigate the risks proactively as well as keep an eye for potential risks. Good project management requires effective ways to control risks. Control risk is a process that involves the implementation of risk response plans. It also involves tracking the identified threatening risks, identifying new risks, monitoring residual risks as well as evaluating the efficacy of risk processes utilized during the entire project.
Control risks is a process under the project risk management. Part of project risk management. Its major advantage is that it improves the efficiency of the stakeholders to manage the risk throughout the lifecycle of the project. Moreover, it also encourages stakeholders to optimize their risk responses.
During the project management plan, risks are already identified in order for the project manager to create a planned risk response. The planned risk response usually includes the risk register which is a list of the identified risks that may surface during the life-cycle of the project. It is also important for the control risks process to continuously monitor risks that may be brought about by changes in the project life cycle.
With control risk, project managers are able to select alternative strategies, execute contingency plans or take the necessary corrective actions. Moreover, they can also modify the entire project management plan in order to avoid huge risks altogether.
The risk response owner needs to create risk report and send it regularly to the project manager to make the necessary decisions or see any effects on the entire project. With the control risks process, necessary updates on the organization process, project lessons learned as well as risk management templates will be implemented.
This term is defined in the 5th edition of the PMBOK.