Risk Reviews
Risk Reviews are systematic assessments conducted at predetermined intervals throughout the project lifecycle to evaluate the effectiveness of risk management activities and the current status of identified risks. In the context of Risk Monitoring and Control, these reviews are essential for ensuring that risk responses are effectively mitigating threats and enhancing opportunities, and that any new risks are identified and addressed promptly. During a Risk Review, the project team revisits the risk register to assess the progress of risk response plans. This includes evaluating whether the implemented responses are achieving their intended outcomes or if adjustments are necessary. The team also examines any changes in the risk landscape, such as shifts in risk probability or impact due to evolving project conditions. By regularly reviewing risks, the team can adapt their strategies to the dynamic nature of projects, ensuring that risk management efforts remain aligned with project objectives. Risk Reviews provide an opportunity to engage stakeholders by sharing updates on significant risks and the actions taken to address them. This transparency fosters trust and encourages stakeholder participation in the risk management process. Additionally, these reviews help in identifying any gaps or shortcomings in the risk management plan, allowing the team to implement process improvements. The outcomes of Risk Reviews often lead to updates in project documents, including the risk register, risk reports, and project management plans. This ensures that all project documentation reflects the most current information, facilitating informed decision-making. Regular Risk Reviews contribute to proactive risk management, enabling the project team to stay ahead of potential issues and capitalize on emerging opportunities. Ultimately, they are a critical component of effective risk governance, supporting the successful achievement of project goals.
Risk Reviews: Comprehensive Guide for PMI-RMP Exam
Why Risk Reviews Are Important
Risk reviews are a critical component of project risk management as they ensure that:
• Risks are actively monitored throughout the project lifecycle
• Risk responses remain effective and appropriate
• New risks are identified and addressed promptly
• Risk priorities are regularly reassessed based on current project conditions
• The team maintains awareness of risk status and implications
What Are Risk Reviews?
Risk reviews are structured, scheduled evaluations of a project's risk profile conducted throughout the project lifecycle. They serve as checkpoints to assess the effectiveness of risk management activities and ensure that the risk register and response plans remain current and relevant.
Key features of risk reviews include:
• Regular assessment of identified risks
• Evaluation of risk response effectiveness
• Identification of new or emerging risks
• Updating of risk priorities and status
• Documentation of lessons learned regarding risk management
How Risk Reviews Work
1. Planning and Scheduling
• Risk reviews are scheduled at predetermined intervals (weekly, monthly, or at phase transitions)
• They can also be triggered by significant project events or changes
2. Preparation
• The risk owner/manager gathers current risk data
• Stakeholders prepare status updates on their assigned risks
• Team members identify any new risks
3. Conducting the Review
• Review previously identified risks and their status
• Assess the effectiveness of implemented risk responses
• Review risk triggers and warning signs
• Identify and analyze new risks
• Update risk register and response plans
4. Documentation and Follow-up
• Update the risk register with current status
• Assign new risk responses and owners as needed
• Communicate results to stakeholders
• Schedule follow-up actions
Exam Tips: Answering Questions on Risk Reviews
1. Understand the Purpose
• Remember that risk reviews are about actively monitoring and controlling risks, not just identifying them
• They focus on maintaining the effectiveness of risk management throughout the project
2. Know the Timing
• Risk reviews occur regularly throughout the project lifecycle
• They are particularly important after major milestones or changes
3. Recognize the Participants
• Risk reviews involve the project manager, risk owners, team members, and relevant stakeholders
• The project manager typically leads these sessions
4. Identify Outputs
• Key outputs include updated risk registers, change requests, and updates to risk response plans
• Documentation of review findings is essential
5. Connect to Other Processes
• Risk reviews are part of the Monitor and Control Risk process
• They provide input to other project management processes, especially change control
6. Focus on Action
• Questions often focus on what actions should result from risk reviews
• Look for answers that emphasize proactive management and response adaptation
7. Context Matters
• Consider the project phase and circumstances when answering questions about risk reviews
• Early project phases may focus more on identifying new risks, while later phases emphasize monitoring existing risks
Remember that risk reviews represent the ongoing nature of risk management—it's a continuous process, not a one-time event.
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