With regards to the attached, analyse the process of risk tracking in relation to risk management. When reviewing the risks you've previously identified and taken action on, remember tovalidate your previous risk assessments based on your risk's likelihood and impact.Changes to your risk may result in changes to either or both of these. Therefore, it isessential to adjust the risk's priority accordingly. It's also a good idea to validateprevious assumptions and state any new assumptions as this will help you monitor yourrisk over time.How to Report on Risk ChangesLeverage the reporting already in use as part of the risk analysis. There is no need tohave multiple reporting mediums. A quick monthly dashboard with changes and statusof risks and mitigation strategies (which are monitored) and/or changes to the profilecan be enough to provide constant visibility to the state of risk and potential impact.Keeping this up-to-date should not take much time if the monitoring is performed asdescribed above. Remember, without information, you cannot make appropriatedecisions. Having consistent reporting will help you convey any changes to your riskstrategy to management and interested parties.When there is a change to the risk impact or its probability, it may make sense to adjustthe mitigation strategy or the regular risk assessment schedule. Use of currentimplemented strategies would be the ideal to use, making changes as warranted. Acomplete change in the strategy may not be necessary, but adjustment to theimplementation may be an option.Risk management is not a project to complete, nor is it a task to check off the to-do list.It is ongoing and should become part of your overall business continuity culture. As withmost activities, continual attention provides better and more efficient execution, lesseffort overall, and better results. Monitoring risk mitigation strategies is actually one ofthe most important activities you can undertake. You never know when the event beingmitigated may occur. Risk assessmentFor many enterprises, normal risk assessment occurs on a regular schedule. These areoften annual occurrences, but monitoring the ongoing risk mitigation and state ofidentified risks should be a continuous activity. We monitor and react to risk constantlyin our daily lives; a conscious monitoring of our organization's risk mitigation positionshould occur as well.It's a good idea to schedule periodic risk reviews ahead of time. Take the time eachmonth to review the highest probable and largest impact risk along with the mitigationstrategy that will allow for continuous improvement.Periodically re-examine the risk. Has the environment changed in a way that hasimpacted the risk? Will you require more or less mitigation? A risk trigger is an indicatorthat signals that the risk event has occurred or is about to occur. In other words, whatmay cause the impact or the risk to occur? This provides you with a level of reactionthat may limit the impact to your organization if the risk event occurs.Ongoing review of the risk mitigation plan is required to ensure that it is meeting theneeds of the organization. Review all mitigation strategies, including the status andeffectiveness of the actions you have taken. Surveying those strategies notimplemented also ensures that your plan is moving forward.Ensuring that all requirements of your risk management plan are being implemented iscritical – otherwise the mitigation strategy can become an unconscious acceptance ofthe risk, and may be identified as an additional risk itself.The modus operandi of your business is always evolving, and even if it's doing soslowly, new risks may pop up. Your risk mitigation strategy will be ineffective if you'renot tracking new risks based on personnel, vendor, and software changes. Updatingyour list of risks is another critical part of maintaining an effective risk management plan.

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Risks and uncertainties are faced by every business organization irrespective of its type and size.…