Close out risks that no longer apply

Cadence: monthly, alongside re-scoring. Owner: project manager.

Set status to Closed when a risk can no longer occur, when the deadline it related to has passed, or when the mitigation has permanently removed the exposure.

Before closing, record in the description:

• Did it occur, or not?
• If it occurred, what was the actual impact against the predicted one?
• Would we score it the same way if we met it again?

That last question is the only part of risk management that makes the next project easier. Skipping it is why most organisations score risks no better in year five than in year one.