MONITORING AND CONTROL STAGE (RISKS) : CONTROL RISK

Control risk is the process of identifying new risks, tracking the identified risks, implementing risk response plans and evaluate their effectiveness throughout the project in order to improve efficiency and optimize the risk responses. The process helps also to determine if:

• The project assumptions made at initial and planning stages are valid,
• The contingency reserve is enough or should be modified,
• If risk management policies and procedures are followed,
• Risks identified have changed

With these reasons, the process can lead to applying alternative strategies to manage risks and modify the risk management plan

The inputs to refer are:

• Project management plan that describes how to monitor and control risks in the risk management plan
• Risk register that includes identified risks, risk owners, risks responses, contingency reserve etc
• Work performance data and information related to the performance results that are impacted by the risks such as the status of the deliverable, cost incurred and progress of the schedule

This process can be done by:

• Performing risk assessment of the current risks and new risks as well as closing the outdated risks. Note that this should be done regularly
• Performing risks audits to examine the effectiveness of risk responses in dealing with identified risks and their root causes. Note that this should be done more frequently depending on what has been stated in the risk management plan and the format should be clearly defined before auditing
• Analyzing the variances and trend of the project using the planned results against the actual results. The outcome will predict the deviation of the project at completion that indicates the impact of either threats or opportunities
• Having a frequent discussion about risks through meetings

The outputs are  

• Work performance information that provides support in project decision making
• Change requests if there is a need for making the corrective or preventive action as a new risk response that was not indicated previously in the risk register
• Updates in 
• Project management plan if the approved changes have an effect on risk management plan and in plan risk responses process, 
• Project document such as risk register and 
• Organizational process assets such as templates for the risk management plan and lessons learnt from the risk management activities.

References:

PMI (2013). A Guide to the Project Management Book of Knowledge (PMBOK Guide 5^th Ed.) USA, Project Management Institute

https://www.irisintelligence.com/risk-management/risk-management-process/