“Projects are by their nature dynamic and risks, as well as their ratings, will change as the project progresses. New risks, unidentified in the early stages, often emerge over time. Therefore, the project manager should review the Risk Management Plan (RMP) regularly and make changes and additions. The evolving RMP through the execution of a major project should be included as part of steering committee meeting papers. For all projects, a review of high risks, otherwise notable risks and changed risks should be specified in the Project Status Report” (Berrie).
Six key Risk Management process steps are listed in this article. Which step(s) seem most essential to your organization?
The last one can be seen as the most challenging as it requires vigilence to maintain a current risk stance.