"Take calculated risks. That is quite different from being rash." General George S. Patton
Risk management is like a parachute—if you don’t have it when you need it, you’ll never need it again." Unknown
Risk management has come a long way from the days of giant binders and spreadsheets with 50 tabs. Yet, some old habits die hard—like maintaining a separate "watch list" for low-priority risks. It made sense back when we had to print everything out and manually update paper documents. But in today’s world of digital risk management tools, is a separate watch list still necessary, or is it just extra baggage? Let’s challenge the status quo and explore why a single, well-managed risk register might be the way to go.
1. Digital Tools Have Made the Watch List Obsolete
Back when we tracked risks in Word docs or Excel sheets, a watch list helped reduce clutter and keep the main register focused. But modern project management tools like Jira, RiskWatch, and Primavera let you tag, filter, and sort risks dynamically. Why maintain two lists when you can just filter for "low-priority risks" in the same system? If a risk suddenly becomes more important, just update its status—no need to move it between lists. Everything stays in one place, making tracking easier and more transparent.
2. Simpler is Smarter—One List, Less Headache
Managing a separate watch list means adding an extra step to risk management. Instead of just adjusting a priority level, teams now have to ask: ✔ "Do we move this risk off the watch list?" ✔ "When’s our next scheduled watch list review?" ✔ "Are we forgetting anything on that list?" Wouldn’t it be easier to just keep everything in one register and review risks as needed?
3. Risks Are Always Changing—Why Create Extra Work?
Risk isn’t static. A low-priority risk today can quickly escalate tomorrow. Instead of treating risks like they belong in different folders, why not use a dynamic risk register where risks naturally shift in priority as new data comes in? Need to track low-priority risks? Just tag them as "Monitor Only" within the main list. If something becomes urgent, simply bump up its priority—no list-switching required. Teams can filter for only the most relevant risks without juggling multiple lists.
4. No More "Set It and Forget It" Risks
A common problem with watch lists? They become out of sight, out of mind. Risks get placed on the list and then... well, they just sit there. A single, well-maintained risk register ensures all risks stay visible and part of routine reviews. No need for special "watch list check-ins"—just a continuous, rolling risk assessment process. With digital dashboards, teams can easily track trends and shifts without an extra list muddying the waters.
5. Risk Management Should Be Agile, Not Bureaucratic
PMI has been moving toward more iterative, agile risk management. The idea of a separate watch list feels a little... well, old school. Modern risk management is about real-time updates, automation, and continuous monitoring. A rigid, two-list system might work in waterfall projects, but in today’s fast-moving environments, simplicity wins. The goal is to focus on risks that matter now, not to maintain two separate lists for tradition’s sake.
Final Thought: Let’s Retire the Watch List
A separate risk watch list made sense in the past, but today, it’s more of a legacy process than a necessity. ✅ One risk register with clear prioritization does everything a watch list used to do—without the extra hassle. ✅ Digital tools already provide filters, tags, and dynamic tracking to monitor all risks effectively. ✅ Project teams can spend less time managing lists and more time managing actual risks. So maybe it’s time to say goodbye to the watch list and embrace a leaner, smarter approach to risk management.
What do you think? Are we ready to let go of this old habit, or does the watch list still serve a purpose in your projects? Let’s discuss!
Coda
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