The Last Step: Supervise and Evaluate

1. Supervise

This phase involves continuous monitoring of the control plans that have been implemented by the leaders. The severity of the risk may vary according to the environment. Thus, it is important to carefully watch whether the risk-response plans are working properly or not. This phase carefully keeps track of various risks such as complete mission failure, severe workflow breakdown, and Degraded mission capability so that timely actions can be taken.

Why it is Important to Supervise and Monitor?

Generally, Composite Risk Management focuses on avoiding unnecessary risks. But if the risk event offers advantages that are more than the cost of handling it, it is recommended to accept it. However, the cost of risk acceptance may become higher than the advantages in the future.

This is the reason monitoring the risk is important. It includes various roles and responsibilities covered in the next subsection. In this way, Supervision and Monitoring allow us to identify the control failure.

Roles and Responsibilities:

1. Maintain Regular Oversight: Ensure the consistent check on the action plans or risk response plan.
2. Identify Red Flags: Highlight the scenarios in which the action plan seems to be inefficient.
3. Coordinate with Team: Ensure collaboration among the team and keep all the members informed about the various red flags.

2. Evaluate

After we established the monitoring actions, it is now time to evaluate the various actions, strategies, and plans that we took to overcome the risks. Evaluation helps us to understand the difference between what we implemented and what is needed to mitigate the risks.

We can evaluate a control plan qualitatively as well as quantitatively in the last step of the Composite Risk Management Process.

Why Evaluation is Important?

The accountability of the control plans depends on their detailed analysis in terms of efficiency as well as relevancy. Thus, we can refine the action plans using the proper evaluation. So, evaluation plays a crucial role in maintaining the responsibility, authority, and accountability of our Risk management process.

Role and Responsibilities:

1. Conduct Performance Analysis: Check whether the action plans delivered the expected results or not.
2. Extract insights for future decisions: Identify the patterns in the performance data and use them to make future strategic decisions.
3. Document the results: Document the entire evaluated result so that various stakeholders can be kept informed to give feedback or opinions.

Managing the project risks includes various activities, tasks, and execution plans so that we can prevent any uncertain events that hinder the flow of the project. But, one of the most essential tasks in any risk management process is the assessment and evaluation of the risk mitigation plans. This gives a clear idea about the efficiency of risk response actions and the status of the various project issues.

So, let us walk through this detailed guide on the Last Step of the Composite Risk Management Process so that we can learn how to properly assess and evaluate the risk.