Continuous risk monitoring throughout the risk treatment planning process ensures that changes in the risk environment are detected early and addressed promptly.
It allows for real-time adjustments and improvements to the risk treatment plan.
Phases of Risk Monitoring:
Before Treatment: Initial monitoring helps in understanding the baseline risk levels and identifying critical areas that need attention.
During Treatment: Ongoing monitoring ensures that the risk treatment measures are effective and any deviations are corrected timely.
After Treatment: Post-treatment monitoring verifies the long-term effectiveness of the risk responses and identifies any residual risks.
References:
ISA 315 (Revised 2019), Anlage 5 discusses the importance of continuous monitoring in risk management to adapt to changes and ensure the effectiveness of risk treatments.
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