Complete Section 4 – Corrective Action and Monitoring of the risk management plan

Complete Section 4 – Corrective Action and Monitoring of the risk management plan by evaluating the organizational and departmental tolerance for risk, identifying risk mitigation approaches, describing a strategy for corrective risk management, and assessing a corrective plan for your chosen case study or work project.

Consider why an organization would use corrective action and how the risk management process is monitored. Monitoring risks and preparing corrective action reports are beneficial in the risk management process.

Strategic planning approaches, including the SWOT (strengths, weaknesses, opportunities, and threats) approach, are used in evaluating a business and examining its strengths (opportunities) and weakness (threats). The SWOT approach can be a beneficial tool for corrective action and risk monitoring processes.

The information collected can identify areas of risk opportunities or threats so that corrective action and monitoring can be planned into the risk management process.

SECTION 4 – CORRECTIVE ACTION AND MONITORING

Analyze the information in the case study or your work project to complete this assessment:

• Determine the type of corrective risk management processes you will use.
• Describe the corrective action process and responsibilities, and determine the corrective action for risks.
• Evaluate the organization and departmental tolerance for risk and make suggestions for mitigating and managing risks.

Use the Risk Management Plan template you have been working on to fill out Section 4 – Corrective Action and Monitoring. You must include the following sections. Refer to the template for directions on what to put in each.

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• 4.1 Risk Tolerance.
• 4.2 Risk Mitigation.
• 4.3 Corrective Risk Management Strategy.
• 4.4 Corrective Action Plan

CRITERIA

Assesses corrective plan procedures in support of the project, with details for methods of improvement that accurately support the project.

Determines the corrective action strategy for project risks with best practices for a given context based on corroborated evidence from the literature.

Evaluates the organizational and departmental tolerance for risk that is accurate and complete for a given context.

Analyzes risk mitigation approaches that are clearly connected to mitigating risk and are supported with corroborative evidence from the literature.