Risky Business (part 2) - Time After Time (Page 5 of 7 )
The auditing phase involves taking measures to enhance the risk management process, on a periodic basis. This involves:
- ensuring that risk data is available to the project and business management teams;
- recognizing the fact that risk attributes - probability, impact and frequency - are subject to change over a period of time;
- responding promptly to trigger values;
- transferring risks to other groups;
- selecting what approach has the best return on investment;
- conducting regular project reviews;
- comparing results of current reviews with past risk records to ensure that timely corrective action has been taken;
- reassessing risks at key milestones;
- performing periodic review of the risk items;
It is imperative that the risk management system be updated on a constant basis in the face of emerging technologies. Additionally, a strict vigil should be maintained to ensure that the acceptable tolerance levels established for the various risk factors do not exceed their limits.
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