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What are some best practices, when it comes to monitoring and controlling risks?

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SHADAV MOHAMMAD ANSARI PMO| ITC INFOTECH INDIA PVT. Ltd. New Delhi, Delhi, India
What are some best practices, when it comes to monitoring and controlling risks?
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Sergio Luis Conte Helping to create solutions for everyone| Worldwide based Organizations Buenos Aires, Argentina
What stated into the PMBOK in the project risk session and the PMI´s Risk practice guide have worked for me along the years.
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Pravin Salunke Bangalore, Karnataka, India
Your Risk Register need to evolve (than being a tracker) during Integration Phase (every time). Residual risks often give rise to new issues and chances will there it will convert to another set of Risks. Its not a single line answer but following PMBOK set of processes in this knowledge Area offers good amount if direction
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Sante Delle-Vergini, PhD Senior Project Manager| Infosys Melbourne, Victoria, Australia
Sergio said it already, these two resources should keep things covered. When it comes to risk it's always good to get a second/third opinion or oversight from various resources. It's an area where (notwithstanding costs) you can't be safe enough.
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Shadav -

Four lessons which I'm regularly reminded of when seeing the challenges my clients have experienced with project risk management are:

1. Not refreshing their risk registers regularly either based on project progress or on changes to their baselines.

2. Ineffective risk response implementation - either the responses are weak to begin with or they are not implemented wholly.

3. Ignoring secondary risks.

4. Making risk information meaningful to key stakeholders.

Other than those, I'd echo Sergio & Sante's feedback!

Kiron
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1 reply by SHADAV MOHAMMAD ANSARI
Nov 19, 2017 11:57 PM
SHADAV MOHAMMAD ANSARI
...
Noted with Thanks.
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Stéphane Parent Self Employed / Semi-retired| Leader Maker Prince Edward Island, Canada
Building on Kiron's answer, you want to make sure that your risk responses, at least the mitigation plans, are added into your schedule. There's no value in identifying work to reduce your risk exposure but not include it in your project schedule.

One of the best things that come out of doing the quantitative analysis - yes, it's not easy to do - is the amount that should be set aside for your contingency reserves. (Remember: contingency reserves are for known risks. The management reserves are for unknown risks.)
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SHADAV MOHAMMAD ANSARI PMO| ITC INFOTECH INDIA PVT. Ltd. New Delhi, Delhi, India
Nov 17, 2017 8:08 AM
Replying to Kiron Bondale
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Shadav -

Four lessons which I'm regularly reminded of when seeing the challenges my clients have experienced with project risk management are:

1. Not refreshing their risk registers regularly either based on project progress or on changes to their baselines.

2. Ineffective risk response implementation - either the responses are weak to begin with or they are not implemented wholly.

3. Ignoring secondary risks.

4. Making risk information meaningful to key stakeholders.

Other than those, I'd echo Sergio & Sante's feedback!

Kiron
Noted with Thanks.
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Drake Settsu Project Manager / Blogger Hi, United States
Building on Stephane's answer. I have placed risks on a MS Project plan highlighted in red with due dates to address the risks. Having risks on your schedule keeps it on the radar. It works, trust me.

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