The intent of risk tracking is to ensure successful risk mitigation.
It answers the question “How are things going?” by:
- Communicating risks to all affected stakeholders,
- Monitoring risk mitigation plans,
- Reviewing regular status updates,
- Displaying risk management dynamics by tracking risk status within the
Risk Reporting Matrix (see Section 4.2), and
- Alerting management as to when risk mitigation plans should be
implemented or adjusted.
Risk tracking activities are integral to good program management. At
a top level, periodic program management reviews and technical reviews provide
much of the information used to identify any performance, schedule, readiness,
and cost barriers to meeting program objectives and milestones.
Risk tracking documents may include: program metrics, technical
reports, earned value reports, watch lists, schedule performance reports,
technical review minutes/reports, and critical risk processes reports.
An event's likelihood and consequences may change as the acquisition
process proceeds and updated information becomes available. Therefore,
throughout the program, a program office should reevaluate known risks on a
periodic basis and examine the program for new root causes. Successful
risk management programs include timely, specific reporting procedures tied to
effective communication among the program team.