Discuss the various tools that can be

used in monitoring and reviewing

phase of the risk management.
INTRODUCTION
DEFINITION OF KEY TERMS
Variance and trend analysis.
o In simple terms it is the comparison between the
budgeted outcome against the actual outcome.
o Helps the firm to be able to review whether it is
achieving its set objectives or not.
o Being able to review this helps the organisation
to come up with a contingency plan.
o Variance analysis can be used by all user
departments in reviewing its objectives.
STATUS MEETINGS .
o Description of the action to be taken to reduce the
probability of the risk occurring .
o Project risk managers should identify risks and
opportunities.
o Include whether the counter measures are in place and
whether they are effective.
o Project risk managers should come up with a contingency
plan and should reviewed regularly.
o Each department will make a contribution to the risk
register
o Meeting up with the project management and addressing
the possible ways to mitigate the risks .
o Example a food outlet company like Eat n’lick .
RISK AUDITS….

o It is defined as the examination as well as the

documentation of the efficacy/ability of the
risk responses when it comes to dealing with
known risks including their root causes .
o Concerned with …….
o Measuring the effectiveness of the risk
responses .
o Measuring the effectiveness of the risk
management processes in the project .
STEPS IN RISK AUDIT …
1.Deciding the risk auditor –internally or externally.
2.Interviewing team members –project manager, stakeholders
and the project team.
3.Critical success factors-how well processes are working i.e. how
well internal controls are working, how fast tasks are being
completed and utilization of human and material resources.
4.Gathering evidence-interviews with team members ,project
managers and stakeholders separately so that they don’t
influence each other.
5.Analyzing evidence and creating a report-by analysing the
evidence and comparing the evidence to timeline goals.
6.Follow -up audits –after the initial risk audit ,follow up audits
must be conducted
Contin……..
RISK ASSESSMENT
oInvolves identifying new risks and
reassessing current ones .
oAlso involved in closing risks that are
outdated and no longer threatening to a
project.
oUsed in controlling the risks
oRegularly creating a schedule for risk
reassessment
oIdentifying new risks and analysing their
impact on the project is an important action
Contin…..

o Also involved in identifying risk triggers that have

occurred.
o Keeping an updated risk register is an important
element in risk reassessment.
CONCLUSION
THANK YOU…........