Risk monitoring

Monitor project progress and project environment

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Risk monitoring is the behavior of monitoring project progress and project environment, that is, changes in project parameters. An important work in the project implementation process. The purpose is to check whether the actual effect of these strategies and measures is the same as predicted; Look for opportunities to improve and refine the risk aversion plan, and obtain feedback information so that future countermeasures can be more practical; Control the risk that the new and pre established strategies or measures are ineffective or the nature changes over time.^[1]

Chinese name: Risk monitoring
Foreign name: Risk Monitoring and Control)

Basis: Risk response plan
Objectives: Try to avoid risk events

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Concept of risk monitoring

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Risk Monitoring and Control

Risk monitoring refers to the whole process supervision of the development and change of risks during the operation of the decision-making body, and the adjustment of coping strategies as required. Because risks change with the change of internal and external environment, they may increase, decline or even disappear in the process of promoting the business activities of decision makers, or new risks may be generated due to the change of environment. 　 Project risk monitoring It refers to the monitoring and control of the whole process of risk planning, identification, estimation, evaluation and response, so as to ensure that the risk management can achieve the expected goal. It is an important work in the project implementation process. Monitoring risk is actually to monitor the progress of the project and the project environment, that is, the change of the project situation. Its purpose is to check whether the actual effect of risk management strategies and measures is the same as predicted; Look for opportunities to improve and refine risk aversion Plan;

Basis for risk monitoring

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It mainly includes the following aspects:

(1) Risk management plan;

·(2) Risk response plan;

·(3) Project communication;

·(4) Additional risk identification and analysis;

(5) Project review.

Objectives of risk monitoring

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·⑴ Try to identify risks as early as possible;

·(2) Try to avoid risk events;

·⑶ Actively eliminate the negative consequences of risk events;

·⑷ Fully absorb the experience and lessons in risk management.

Risk monitoring process

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It mainly includes the following two aspects:

·(1) For identified risks

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Make a risk response plan and Execution risk Response plan
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If positive acceptance is adopted, emergency plan or risk reserve shall be implemented

If the above measures fail to achieve the expected effect, additional risk response plans will be implemented

·(2) For new risks

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If the current risk has had a negative impact, take Contingency measures
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If the risk has not yet occurred, update the identification, analysis and response plan

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