For a risk management plan to be effective, it should be updated regularly to address new risks. Here's why:
* Dynamic Nature of Projects: Projects are dynamic and subject to changes that can introduce new risks.
* Proactive Risk Management: Regular updates ensure that the risk management plan remains relevant and effective in identifying and mitigating current risks.
* Continuous Monitoring: Enables continuous monitoring and reassessment of risks, ensuring timely
* responses to emerging threats.
* Stakeholder Confidence: Regular updates demonstrate a proactive approach to risk management, building stakeholder confidence in the project's management.
References:
* "Project Risk Management: A Practical Implementation Approach" by Michael M. Bissonette.
* "The Risk Management Handbook: A Practical Guide to Managing the Multiple Dimensions of Risk" by David Hillson.