Risk Review
A structured meeting where the team evaluates and records how effective risk responses are, both for the project's overall risk exposure and for specific, identified risks.
Key Points
- Assesses the effectiveness of implemented risk responses for overall project risk and individual risks.
- Conducted at planned intervals or when significant risk events or changes occur.
- Results often include updates to the risk register, risk report, lessons learned, and potential change requests.
- Involves the project manager, risk owners, and relevant stakeholders to decide on adjustments or new responses.
Example
On a construction project, the team holds a quarterly risk review after the rainy season begins. They check if the added weather buffers and supplier diversification reduced schedule delays. Finding that material lead times are still causing slippage, they document the results, assign a new risk owner, and approve an additional response to pre-order critical items.
PMP Example Question
During a risk review, the project team discovers that the response to a high-priority risk has not reduced exposure as planned. What should the project manager do next?
- Archive the risk, since the response was attempted.
- Update the risk register, propose alternative responses, and submit change requests as needed.
- Escalate all risks to the sponsor for immediate action.
- Delay action until the next phase-gate review.
Correct Answer: B — Update records and adjust responses
Explanation: A risk review evaluates response effectiveness and leads to updates to the risk register and new or revised response plans, which may require change requests.
