Final answer:
A reporting and monitoring system is essential after project risk analysis for managing and referencing the evolution of project risks over time.
Step-by-step explanation:
Once project risk analysis has been completed, it is important to begin developing a reporting and monitoring system for cataloging and future reference. Monitoring, as defined by Danielsen et al. (2000), entails data sampling that is repeated at specific intervals for management purposes, is replicable over an extended timeframe, and focuses on rates and magnitude of change.
A strong monitoring system helps in identifying priority areas for research and conservation and quantifying the response of various populations to disturbance and management interventions. Countries in agreement with the Convention on Biological Diversity are required to monitor their biodiversity regularly.