Section 9.89 Risk Monitoring and Reporting

Question 1

Risk Monitoring

Answer 1

Continuoulsy tracking and identifying risks, assessing new risks, executing response plans and evaluating their effectivness during a projects lifecycle

■ Involves ongoing tracking of risks and their response actions

■ Helps determine Residual Risk and Control Risk

Question 2

Risk Monitoring

Residual Risk

Answer 2

The likelihood and impact of the risk after mitigation, transference, or acceptance measures have been taken on the initial risk

Question 3

Risk Monitoring

Control Risk

Answer 3

Assessment of how a security measure has lost effectiveness over
time

Question 4

Risk Reporting

Answer 4

Process of communicating information about risk management activities to stakeholders

■ Includes results of risk identification, assessment, response, and monitoring

■ Often presented in the form of a risk report

Question 5

Risk Monitoring and Reporting are essential for..

Informed decision making

Answer 5

Offer insights for informed decisions on resource allocation, project timelines, and strategic planning

Question 6

Risk Monitoring and Reporting are essential for..

Risk mitigation

Answer 6

Recognise when a risk is escalating so it can be mitigated before
becoming an issue

Question 7

Risk Monitoring and Reporting are essential for..

Stakeholder communication

Answer 7

Assist in setting expectations and showing effective risk management

Question 8

Risk Monitoring and Reporting are essential for..

Regulatory compliance

Answer 8

Demonstrate compliance with these regulations