The Check Step of a Risk Management Framework

The Check Step of a Risk Management Framework

Planning and Implementing a risk management framework is an admirable accomplishment. Now make sure it is running well and will do so into the future.

As with any process, there will be opportunities to make improvements. By monitoring and reviewing your program you will find what is working well and what is not.

4 Ways to Check Your Program

A cursory glance or quick thought about the risk management program is not going to be useful. Instead consider surveillance, monitor, review, and audit as four different levels of rigor for checking your program.

Surveillance is taking time to observe the operation of your risk management framework. It is operational, is it identifying appropriate risks, and are risks mitigated appropriately?

Monitor is the gathering of data and comparing results or metrics to targets. Your project may have key performance indicators concerning budget, time, quality, scope, timeliness, and costs.

Review is a periodic evaluation of the risk management program, organization, and competitive and customer landscape. The review may focus on elements used during the planning of the framework for the…