Answer:
This phase involves monitoring and managing the risk management process, ensuring that the plan is followed, and taking timely corrective action when needed. Based on risk management, risk means the opportunities to give details of hazards that affect their interest in a programmer. The decision-making framework must incorporate risk management concepts to guarantee that risks are appropriately identified, evaluated, and reduced. This group includes Programmed Teams, Stakeholders, Independent reviewers, and those in Risk management teams.
The Program Manager is in charge of the organization’s risk management, which includes keeping an eye on all potential hazards, assessing them, and putting the most effective countermeasures in place. Furthermore, they must ensure that risks are disclosed to stakeholders and that risk assessment is incorporated into program management.
Moreover, risk management plans have been created by the project manager to facilitate proper risk handling. Every member of the Programmed Team is required to evaluate and report any hazards that could jeopardize the programmer’s performance. Every stakeholder must disclose any risks to their interests in the programmer. Assistance in identifying, evaluating, and mitigating risks is provided to the Program Manager and Project Managers by the Risk Management Team. The effectiveness of the risk management strategy is assessed by independent evaluators.
These stakeholders must collaborate to guarantee that risks are allocated and handled promptly. Risk management must be transparent and adaptable throughout the program.
