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Software Risk Reporting

Risk Reporting is reporting the status of the risks that were identified during risk identification and assessment stages.

All types of risks along with their status are reported properly as part of risk reporting activity. The entire information about risks is documented together with the full history of risks such a name of the risks, a risk statement, context, etc.

The risk management function should monitor and report its measures of risks to appropriate levels of senior management. Reports to other levels of senior management and the board may occur less frequently, but the frequency of reporting should provide these individuals with adequate information to judge the changing nature of the institution’s risk profile.

To provide visibility of risks and progress in mitigating them, the following reports should be distributed on a regular basis as part of the normal project status reporting system:

•    Risk Watch List: Lists risks to facilitate monitoring risks and initiating risk responses.

•    Risk Mitigation Plan: Lists avoidance/mitigation actions, if and when risks occur.

•    Risk profile: Displays planned, actual and projected progress in reducing risks.

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