A risk response action plan is a document that outlines the specific tasks, resources, timelines, and deliverables for the risk responses, which are the actions or strategies that are taken to address the risks that may affect the organization’s objectives, performance, or value creation12.
The most useful tool when measuring the progress of a risk response action plan is an up-to-date risk register, which is a document that records and tracks the significant risks that the organization faces, and the responses and actions that are taken to address them34.
An up-to-date risk register is the most useful tool because it provides a comprehensive and consistent view of the risk landscape, and the status and performance of the risk responses and actions34.
An up-to-date risk register is also the most useful tool because it enables the monitoring and evaluation of the risk response action plan, and the identification and communication of any issues or gaps that need to be resolved or improved34.
The other options are not the most useful tools, but rather possible metrics or indicators that may be used to measure the progress of a risk response action plan. For example:
Percentage of mitigated risk scenarios is a metric that measures the proportion of risk scenarios that have been reduced or eliminated by the risk responses and actions56. However, this metric is not the most useful tool because it does not provide a comprehensive and consistent view of the risk landscape, and it may not capture the residual or emerging risks that may arise after the risk responses and actions56.
Annual loss expectancy (ALE) changes is a metric that measures the difference between the expected annual losses before and after the risk responses and actions78. However, this metric is not the most useful tool because it does not provide a comprehensive and consistent view of the risk landscape, and it may not reflect the qualitative or intangible impacts of the risks or the risk responses and actions78.
Resource expenditure against budget is a metric that measures the amount of resources and funds that have been spent or allocated for the risk responses and actions, compared to the planned or estimated budget . However, this metric is not the most useful tool because it does not provide acomprehensive and consistent view of the risk landscape, and it may not indicate the effectiveness or efficiency of the risk responses and actions . References =
1: Risk Response Plan in Project Management: Key Strategies & Tips1
2: How to Create the Ultimate Risk Response Plan | Wrike2
3: Risk Register Template and Examples | Prioritize and Manage Risk3
4: Risk Register Examples for Cybersecurity Leaders4
5: Risk Scenarios Toolkit, ISACA, 2019
6: Risk Scenarios Starter Pack, ISACA, 2019
7: Annualized Loss Expectancy (ALE) - Definition and Examples5
8: Annualized Loss Expectancy (ALE) Calculator6
Project Budgeting: How to Estimate Costs and Manage Budgets7
Project Budget Template - Download Free Excel Template8
