6. Monitoring, Reporting and Communicating Risk

After the process of identifying, assessing, controlling and assuring a risk is complete, it is then important to monitor, report and communicate the risk. Monitoring risk relates to how the owner or manager of a risk keeps up-to-date with mitigation (i.e. how often risk is reviewed and checked in order to minimise or eradicate the negative impact). The reporting phase is how the information gained from assessing and controlling risk is presented to the organisation. Communicating risk is how shared learning is disseminated within the organisation (Bandyopadhyay et al, 1999. Lorton, 2005. Hung, 2012. Kaplan & Mikes, 2012. Hu et al, 2013).