What to Do After Monitoring Risk Events | CRISC Exam Preparation | [Your Website Name]
Question
You are the project manager in your enterprise.
You have identified occurrence of risk event in your enterprise.
You have pre-planned risk responses.
You have monitored the risks that had occurred.
What is the immediate step after this monitoring process that has to be followed in response to risk events?
Answers
Explanations
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A. B. C. D.A.
When the risk events occur then following tasks have to done to react to it: -> Maintain incident response plans -> Monitor risk -> Initiate incident response -> Communicate lessons learned from risk events.
As the project manager, once you have identified a risk event, you need to have pre-planned responses for each risk in your risk management plan. After the occurrence of the risk event, you must monitor the risk event to determine the impact of the event on your project. Monitoring the risk event provides you with real-time information on the status of the risk event, its impact on the project, and the effectiveness of the pre-planned risk response.
Once you have monitored the risk event, the next immediate step is to update the risk register. The risk register is a comprehensive document that records all the identified risks, their potential impact on the project, their probability of occurrence, and the pre-planned risk responses. Updating the risk register involves documenting the actual impact of the risk event on the project and comparing it to the initial estimate of the risk impact.
Updating the risk register is a critical step in the risk management process because it helps you to track the effectiveness of your pre-planned risk responses. By comparing the actual impact of the risk event to the initial estimate, you can identify any gaps in your risk management plan and adjust your responses accordingly.
After updating the risk register, the project manager must communicate the lessons learned from the risk events to the project team and other stakeholders. Communicating the lessons learned involves sharing the information on the impact of the risk event, the effectiveness of the pre-planned risk responses, and any adjustments made to the risk management plan.
The incident response plan is initiated only if the risk event leads to a security incident or a breach of confidentiality, integrity, or availability of information. In such cases, the incident response plan provides a step-by-step approach to contain, eradicate, and recover from the security incident.
In summary, after monitoring the risk event, the immediate step is to update the risk register, followed by communicating the lessons learned from the risk event to the project team and stakeholders. The incident response plan is initiated only in case of a security incident or a breach of confidentiality, integrity, or availability of information.
