Risk monitoring is the ongoing process of keeping track of risks and managing them effectively. The risk management process often begins with identifying risks, determining how to address them, and implementing controls to mitigate those risks. Risk monitoring involves regularly evaluating the effectiveness of these risk management efforts and identifying any new risks that may arise. It is an essential part of ensuring that risks are effectively managed over time. The following are common elements of risk monitoring.
Risk Identification
The continuing process of identifying new risks.
Risk Analysis
Ongoing analysis of risk probability, impact, treatment options and other factors such as moment of risk.
Risk Controls
Monitoring the implementation of risk controls such as risk mitigation processes.
Measurement & Communication
Measuring current risk exposure and communicating risk information to stakeholders. This may include regular reviews.
