While the project management team and or the project management team leader is doing its careful and complete characterizations of risk, they often will find themselves in a position in which they realize that a particular component as to the project and or a particular facet of that project does in fact come with a set or series of inherent risks. After all of these likely and potential risks have been properly organized and categorized, it is up to the project management team and or the project manager to effectively determine the best way to deal with these risks. The entire process of identifying these risks and establishing a method of dealing with them can be referred to as risk monitoring and control. This process refers to the process of detailing and tracking identified risks as well as monitoring residual risks, also the identification of any new risks that may arise. This also includes the execution of business response plans, as well as making a thorough evaluation of their effectiveness.
This term is defined in the 3rd edition of the PMBOK but not in the 4th.