What is a Watch List?
The watch list holds low-priority risks — scored too small for active responses but too real to delete. They get no owner-driven action plans, just periodic review: still small? still relevant? grown teeth? Risks migrate both ways as reassessments rerate them.
It's the disciplined answer to a real dilemma: respond to everything and you dilute focus; delete small risks and you get ambushed by the ones that grew. The watch list is institutionalized peripheral vision.
Worked example
"Possible zoning review in the adjacent district" scores low/low and goes on the watch list — checked quarterly, thirty seconds each time. Six quarters later, a council election changes the math: the quarterly check catches the new majority's agenda, the risk jumps to the active register with a response plan, and the project buys its road-access easement before prices react. Thirty seconds a quarter, well spent.