What is the best approach to keep pmos, technical team, stakeholders and sposnsors updated with project status, risks and next steps?

performance reporting, regular meetings

Progress report to describe what has been accomplished in the project and Forecasting report for predict future project status and performance, and before we supposed to have communication plan to determine what needs to communicated, to whom, when and how often.

open all communication channels upward and downward.delegate authority to one team member to be the projects and your PR officer and spokesman

Communication plan is important project management component, the variety of available tools starting from SMS and emails to dashboard, discussion forum, video conference and standup meetings will help PMO to deliver project status on time. It is also vital to communicate information according to stakeholders in managerial, operational and technical levels, lengthy detailed report should be communicated to operation and technical staff, executives need brief and visually represented status. Respecting project update schedule daily, weekly, and monthly will improve organization culture and will help both PMOs and stakeholders to get project completed on time and budget.

The communication plan is vital. 

There are very clear levels of management within a project. Progress reports etc. should be distributed by the senior of each level relevant to their project involvement.

For levels above the PM, generally the PM will report to the project board. The project board can report to the board etc. etc. I have seen odd projects where assurance get involved, verifying the progress reports and then taking it to the board.

Communication plan  must be well defined to detail what, how, whom and when the communication need to take place and get it approved by the project board.  This help in avoiding ambiguity and ensure that all the stakeholders are update with the status what they are looking for.

Practically speaking, usually a weekly status meetings can be held with the project team to validate the status, risks and issues and take necessary actions.  A monthly steering committees can be setup to update the status, and get the decisions from them for any pending issues/risks.

The project team meetings can be scheduled to be daily during the final stages of implementation of the project.