CLOSING A RISK
What Is It
Risks are closed when it has been successfully
mitigated, it has been accepted, or it has become a
problem. Closing a risk is a formal process to which
information on the risk being closed is documented.
Items for documentation should include any updates on
risk information, closure rationale, and lessons
learned. A good tool for closing a risk is the Risk Information Sheet.
When To Use
Use this method:
- When the risk is considered successfully
mitigated.
- When the risk is accepted.
- When the risk becomes a problem and must be
tracked as such.
- When risks becomes no longer relevant to the
project.
Benefits
This process
- Documents the rationale, how it was mitigated or
what conditions have been met, for closing a risk for
future reference.
- Provides a lessons learned database that will
assist future projects with their risk
management.
- Provides a historical record of all risk
management actions taken, responsible persons, as
well as cost and benefits of mitigation plans.
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