**For Kim Woods** - Risk Mgmt Wk 5

Part I

Research one risk monitoring and one risk reporting practice your project’s industry. Each synopsis must be no more than 250 words, including the following: 200 words or so

• One risk monitoring (project risk response audits) and one risk reporting practice (anonymous risk reporting)
• A description of the risk monitoring and reporting practices
• An explanation of their links to other procedures
• The positive and negative aspects of risk monitoring and reporting
• Lessons learned that could be applied to your project

Part II

• Provide an explanation of the Risk Register Database and the Project Summary Risk Report of their links to other procedures. Use the references. Below are excerpts from the references for both the Risk Register Database and the Project Summary Risk Report. 300 words or so.

A.    The risk register stems from the risk management plan, but it is a separate and live document where you record information about risks as and when they get identified. Usual information in a risk register includes risk ID, name, description, project area or work stream, severity, likelihood, ownership, action/mitigation plan, dates (registered, closed, etc.).

B.     Project status reporting contains a section on risk management, where new risks are presented along with any status changes of existing risks.

3 References:

Development, Continuing. "What Are The 12 Key Elements Of A Project Risk Register Template?". Continuing Professional Development. N.p., 2013. Web. 25 Apr. 2016.

Institute of Risk Management. (2016). Retrieved from https://www.theirm.org/about/professional-standards/strategy-and-performance/risk-performance-and-reporting

"Risk Managers' Forum—The Importance Of A Risk Register In Risk—Creating And Maintaining A Risk Register Protects The Assets Of A Business 01/13". Roughnotes.com. N.p., 2016. Web. 25 Apr. 2016.