Updating Risk Identification Checklists and Response Plans

Have you ever tried to follow a plan only to find that the plan wasn't up-to-date and contained inaccuracies? For a plan to be effective, it must be kept current. New information, changes, and corrections have to be made in a timely manner to prevent inappropriate actions being taken on inaccurate or outdated information.

When monitoring and controlling risks, documentation is especially important because project managers and teams use risk documentation to:

• track risks
• to identify new risks
• to plan additional risk responses
• to record any actions taken to control risks

If the information being acted on is not current, a new risk is introduced—the risk of acting on inaccurate or outdated information. To avoid this confusion, you must strive to keep all documents up to date.

Two of the most important documents to keep current are the risk identification checklist and risk response plan.

Risk identification checklists
Risk identification checklists describe the criteria used to identify new risks. Project team members should use the experience gained during their projects to update the checklists. This will make the checklists more effective for use in the risk management of future projects.

Risk response plans
The risk response plan is a document that describes in detail what actions should be taken in response to specific risks. Since the risk response plan acts as a guide to risk monitoring and control, the project team should update it regularly to keep everyone equally informed.

There are many elements that you can include in updates to risk response plans. Usually updates are the product of an action or event that changes the risk situation of the project. In some cases, the fact that an action was not taken leads to the need for an update. Some of the common elements included in updates to a risk response plan are:

• Implementing risk controls - The implementation of risk controls may reduce the impact or probability of identified risks. Documenting the implemented risk controls will provide the project team with the information it needs to change its future expectations for particular risks.
  
  
• Changing risk rankings - Risk rankings change throughout the project's life cycle. You should document these changes so you and your team can properly control higher ranking risks.
  
  
• Closing risks - Risks that do not occur and that are no longer considered a threat should be documented and closed in the risk response plan.

Updating documentation can help avoid confusion and keep everyone on the project equally informed. The information added to the documentation will help you prepare for similar risks that may occur in future projects.