As part of the monitoring and control process, you will need to identify who plays what role in this process, also known as the risks responsibility plan. One method is to construct a RASI matrix that is similar to the following example:
Please note that the risk categories and names are very general in this example, and you will have more specific risk categories that are based on Weeks 1 and 2\’s work.
The overall project deliverables are the following:
? Project Risks Responsibility Plan
? Include a responsibility matrix listing the stakeholders and project team members, with risk actions (or category of actions) along the top.
? Next, fill in the table using the following letters, and refer to the examples in the Assignments section as \”R\” if they are responsible for monitoring and controlling the risk, \”A\” if they are the approver for taking action to respond to the risk, \”S\” if they have a support role in responding to the risk, and \”I\” if they only need to be informed. This is also known as a RASI chart.
? Project Risks Monitoring and Control Plan
? Include a detailed description of the overall monitoring process, including the techniques that will be used to monitor the existence and impact of individual risks.
? Include a detailed description of the control process when a risk occurs.
? Include a diagram flowchart to depict the steps in the control process from risk discovery through risk response.
? Project Risks WBS and Budget Updates
? Identify the additional tasks that are associated with planning, monitoring, and controlling risks.
? Put this in a WBS structure so that they can be added to an existing plan.
? Determine a contingency budget to mitigate the risks that are most likely to occur.
? Determine additions to the project plan budget to monitor and control risks.
o Project Risks Communications Plan
? Identify the stakeholders that communications should go to.
? Determine the frequency of communications.
? Construct the types of reports and how they will be delivered.
? Discuss how this might be integrated into the change management process.
? Define who has the final authority for sign-off to extract from the contingency budget to mitigate risks.