Risk Triggers
An important part of defining the risk containment plans is risk triggers. Risk triggers are indicators that specify when an action must be taken. If the trigger event happens, then initiate the action plan.
Examples of triggers and action plans include:
- If the power is out for more than 30 minutes, start using the generator.
- If the product delivery from the OEM vendor is n days late, then contact the other vendors to move their shipments back.
Effective triggers:
- Provide an early warning, which gives the team enough time to take appropriate action or focus extra attention on the risk
- Do not initiate actions unnecessarily
- Are easy to calculate and report