This white paper discusses risk-based monitoring approaches for clinical trials. It provides a framework for comparing different risk-based monitoring solutions, focusing on tailoring the approach for each individual study, looking backward to correct past errors, monitoring in real-time, ensuring future success through error prediction and prevention, and planning a successful transition. The paper emphasizes the importance of individualizing monitoring plans for each specific study based on risks, adjusting plans as needed during the study based on observed circumstances, and using metrics and indicators to proactively manage quality and performance in real-time rather than just focusing on detecting errors after the fact.