risk audit vs risk review pmp. Low/Medium: Risk events that can impact on a small scale are rated as low/medium risk. risk audit vs risk review pmp

 
 Low/Medium: Risk events that can impact on a small scale are rated as low/medium riskrisk audit vs risk review pmp  The process itself guides you through: Preparation for the

Project Management Professionals (PMP) believe it is less a function of risk audit vs risk review. Finally the draft audit plan is distributed to Departmental Audit Committee for review and recommendation to the Deputy Minister (DM) for approval. Exam PMP topic 1 question 577 discussion. The first step of a project management audit is listing processes and components that are important to our client. The author discusses how a. We understand the interconnections between the ‘lines of defense’, and help you to turn. Regular risk monitoring and review is conducted to inform management decisions, enabling adaptive management and course corrections. With the COVID-19 pandemic leading to a sharp rise in home-based working, asset risks have. risk categories and impact areas relevant “risk” weight on the overall project risk exposure. Figure 1 below depicts2. The fourth step is to conduct the audit. 440). . Audit subject matter risk. 4. 7 Monitor Risks. Contact Used (877) 637-0450;. C. On the PMP Exam, a student must remind the Take Management Process does steps for Identify, Analyze, Prioritize, Assigning, Plan, Supervise, Treat, and Reported. Project Management Professionals (PMP) believe it is less a function a risk review vs risk review. Project managers include the risk audit and the risk review in their overall risk management process work with complex or large projects. By applying a process of identifying risk, performing risk assessments, implementing mitigation strategies and monitoring your risk landscape, you will be able to reduce the occurrence of uncertain or unplanned. Conducting a risk audit is an essential component of developing an event management plan. Download now 3. An inspection is typically something that a site is required to do by a compliance obligation. . Auditable Activities. Project Management Assessments “ORCA” is a common project risk audit methodology. The first step in running a risk assessment is deciding on your process. Avoiding Risks. Scope changes are a common part of managing projects. The output of the risk audit is the lessons learned that enable the project manager. A simulation of a project. They love the "Tick and Bop" (T&B) method of auditing compliance. . A Guide to the Project Management Body of Knowledge (PMBOK ® Guide)—Fourth edition mentions it is the sum of the products, services, and results produced in a project (Project Management Institute, 2008, p. As PRINCE2 is a controlled environment method, the role of the project manager, project board and customer are defined so everyone’s on the same page. You should also analyze project performance, forecasts, trends, and reserve utilization. AN Project Management Professional (PMP) ® Audit Prep Provider A. The risk audit is focused on ensuring the plan for managing risk is happening, while the risk review is about ensuring all the appropriate actions have been taken for all identified risks in addition to looking forward to any new or emerging risk/s. Identify the. CISSP For Dummies. The actual cost is reimbursed, and the fee amount is decided upfront. Aaron Wright June 06, 2023. The auditor should seek evidence that this. But on the way in, he heard a news report that changed the objective of. “Risk assessment is an inherent part of a broader risk management strategy to introduce control measures to eliminate or reduce any potential risk- related consequences. You must comprehension the difference between a quality audit vs. You know quality assurance is an important component of project management, and you want to make sure there are appropriate tasks inserted. Risk Audit vs Risk Review. These audits aim to determine how well a project manager is following the company’s outlined processes. Varying degrees of impact. 1 / 51. 7 Control Risks in the PMBOK ® Guide – Sixth Edition. The PRINCE2 project management methodology uses seven processes to manage projects. Developing generic risk factors and criteria for each factor to identify the audit priority of audit objects within the audit universe 4. Fallback: a fallback plan is a plan developed to deal with risks that have been identified during project planning. Risk Threshold--. The audit mission statement may also include a summary of the auditing party, its authority, and the specific. Day-to-day risks are an ongoing operating responsibility. The difference between a risk register and a risk report is the register is an ongoing document used throughout the project to make informed risk management decisions whereas the. PMP credential holders use different risk response strategies, including risk avoidance, mitigating risk, or escalating risks to an authority outside the project team to achieve the desired results. PMP training will throw more light on the audit process. It is crucial in communicating key insights and facilitating informed decision-making. The corporate risk manager. You'll hear the refrain “do as you say, say as you do. Many project management practitioners view successful project delivery as the completion of deliverables based on the objectives of time and cost. A project audit ascertains that the project management satisfies the standards by assessing whether it complies with the organisation’s policies, processes and procedures. Only by developing this. Certainty. 1 Define the scope and objectives. The risk register database can be viewed by project managers as a management tool for monitoring the risk management processes within the project. Thus, applying the. 3. The measure of acceptable variation around an objective that reflects the risk appetite of the organization and stakeholders. You can prove your advanced knowledge and experience in risk management—even for large projects in complex environments—and set yourself apart with PMI-RMP certification. Within the Project Management Professional (PMP)® exam, there are frequently questions designed to assess one’s knowledge of the uses of the risk audit and the risk. Chapter 2, Risk Management, deals with aspects such as understanding risk, basic concepts of risk management, enterprise wide risk management, risk maturity of an organisation. New WAC 182-530-1080 (3) states, “The prescriber and pharmacist must document in the client’s record the date and time of the: (a) Retrieval of information from the PMP; and (b) Review of information from the PMP. Abstract. What should the project manager use to. Explore The project manager is responsible for ensuring that risk audits are performed at an appropriate frequency, as defined in the project's risk management plan. Study with Quizlet and memorize flashcards containing terms like Risk Categories, Sources of Risk, Risk Classifications and more. Risk based audit planning stages 1. Risk assessment involves analyzing data, evaluating scenarios, and making predictions about future events that could harm a company's operations or reputation. An issue: “A situation that is certain and that could affect project success in a positive or negative manner. There are three main types of issues that require escalation during the course of a project. To practice risk management effectively, project managers must address its two dimensions: risk probability and risk impact. PwC’s Internal Audit, Compliance and Risk Management Solutions practice helps you build effective internal audit and risk management functions and anticipate the risks and risk interdependencies that can threaten your business and impact your growth. Process audits ensure that project activities across and within projects are followed consistently. A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) defines a process as a set of interrelated actions and activities performed to achieve a specified set of products results or services (2004, p. The risks addressed by the life cycle milestones. More and more organizations are moving to a risk-based audit approach which is used to assess risk and helps an IT auditor decide as to whether to perform compliance testing or substantive testing. • A method for communicating direct, periodic, and timely information to the institution's senior management and the board of directors or appropriate board committee on the status of loans identified as warranting special. Exam Prep Essentials eBook Reviews. Gates are often implemented within a PMO to provide visibility at key points in the project into each project's health and likely outcome. Project Executive Professional -PMP study group. 5. “Risk assessment is an inherent part of a broader risk management strategy to introduce control measures to eliminate or reduce any potential risk- related consequences. It focuses on identifying risks to measure both the likelihood of a specific risk event occurring during the project life cycle. ”. For the purposes of quality assurance, a quality audit was conducted on the processes being used in the project execution plan. Risk Audit vs Risk Review - Project Management Academia Resources A Risk Audit is a process used in project management to evaluate the effectiveness of the risk management process and the results of the risk response strategies. Probability of occurrence – 100%. Conducting a risk audit is an essential component of developing an event management plan. Notice the risk: project team may. Avoidance, reduction, acceptance, and transfer are frequent risk responses regarding risk management measures. However, If Risks are identified during. These tools include simulation because it is a flexible tool that can incorporate realistic activity time estimates and interdependencies resulting in a reliable estimate of likely range of completion durations. Move meetings from Kabir’s calendar during the week of 7/12 to free up time to edit. Enhance: taking measures/actions (e. . Risk assessment involves measuring the probability that a risk will become a reality. Detection risk is the chance that an auditor will fail to find material misstatements that exist in an entity's financial statements. it's more important to have both a risk audit and value review. Free CAPM® Exam Newsletter; All Free PDU Resources. A risk audit involves identifying and assessing all risks so that a plan can be put in place to deal with any occurrence of any undesirable event which causes harm to people or detriment to the organization. Use this process and checklist to objectively rate and then manage 17 categories of project risk. The author discusses how a. From a project management perspective, things like more organization and clearer communication are generally better, so the benefits of using a RACI chart on a project far outweigh the drawbacks. The gates are located at points in. One of the most important roles for a risk facilitator is to make sure that everyone has a clear understanding about the steps in the risk process, their own role in it, and the chance to ask questions if they want to. Risks are identified during Identify Risk process in Planning. As used in the PMBOK® Guide, an audit reviews processes, whereas inspection is used to review a work product. Term. This paper highlights the often overlooked importance of the Closing Process Group and the significant impact of project closing on the overall project success. Risk management can avoid up to 90 percent of a project's problems. Understand the key roles, importance, and how they differ in. For example, an environmental operating. Step 5: Take the exam and become certified at a. A risk report is a communication tool containing information on project risks, a summary of project risks, and the effectiveness of risk response plans. Risk management is a continuous process that aims to mitigate potential damage, establish new plans and processes, and create tangible value. By identifying and assessing possible risks, auditors can reduce potential harm to employees. When you are comparing a risk review vs risk audit PMP, note that there are similarities and differences. For instance, if lack of functionality is a risk, the IT auditor should examine the original information requirements, review tests, review a user acceptance document (if. Avoiding Risks. The results of monitoring and review must be recorded and reported as appropriate and be used as a regular input to programme and project management decisions, audits, and organizational performance. Abstract. Since every project comes with risks, every project manager should be well versed in the risk management process. You bet! And it doesn't have to be difficult or require lots of time. 2. . The project's status will indicate whether the project complies with project management standards. Probability of occurrence – 1 – 99%. It lists prioritized risks and risk analysis, including the probability of. Created during the early stages of a project, the risk register is a tool that helps you track issues and address them as they arise. 3. For example, an audit of new business may consider: Existing customer lifetime value. Risk Review vs Risk Audit. Increase salary. A risk matrix is a risk analysis tool to assess risk likelihood and severity during the project planning process. 406 of the PMBOK. In qualitative risk analysis, this value is the risk rating or scoring. Qualitative risk analysis is quick but subjective. 367). This booklet describes the interaction of these components. From the audit, adenine PMP both they team can gain insides within the effectiveness of risk management efforts already conducted to apply toward the project working ahead. Audit projects are often months-long affairs, with auditors remaining on-site for weeks at. Additionally, there are frequently questions on the PMP. . When a risk occurs, it's helpful to have a risk management procedure or solution that's cost-effective. Risk Assessment. Performing a project under a fixed-price contract is more risky than other projects. Definition: A risk register is a management tool that contains a list of identified risks to help you assess risks, plan responses, and monitor and control them. In a risk-based audit approach, the goal of the project is to address management’s highest-priority risks. PMI’s PMBOK® Guide – Sixth Edition includes “variability” and “ambiguity” non-event risks to add a further layer of risk identification and management. This can be a project risk whereby different elements of a project fail to integrate. Help organizations with risk management. You bet! And it doesn't have to be difficult or require lots of time. Risk audits may be included during routine project review meetings, or separate risk audit meetings may be held. . These risks among many others need to be. Actual exam question from PMI's PMP. Issues. This paper highlights the often overlooked importance of the Closing Process Group and the significant impact of project closing on the overall project success. Hi Massimo, based on the PMBOK definition, residual risks are risks that remain after risk responses have been implemented. Demand management is the process an organization puts in place to collect new ideas, new projects, new needs, and so forth. Procurement auditing review. A Project Review Report will be generated from the project review process. You can earn PDUs. In both IT risk assessments and IT audits, you always need to first develop an assessment/audit plan. More and more organizations are moving to a risk-based audit approach which is used to assess risk and helps an IT auditor decide as to whether to. Identifying risks can help project managers produce a list of all known potential risks. A Guide to the Project Management Body of Knowledge (PMBOK® Guide) outlines quantitative tools and their role in evaluating project completion times. ACRA’s Inspection Activities under the PMP 2. . 5 months ago Reply A project audit typically includes evaluation of the project's progress and assessment of its success in meeting performance metrics, goals,. Just the project sponsor because her perception of how the risks will be handled is the most important. Compliance requirements vary based on the nature of the business, geographical location, and industry sector. Qualitative risk assessment is cheaper and faster, and defines risk in terms of the severity of its impact and the likelihood of its occurrence. At a high level, inspections are a “do” and audits are a “check”. You need to collect and analyze the relevant data and information about the project risk management, such as risk registers, reports, plans, logs, or. Commitment to using these risk response. Project risk management is an essential power skill that boosts the probability of success and offers a higher degree of probability, alleviating anxiety for stakeholders. Risk management is one of the most challenging aspects of any project or undertaking, but it is also one of the most important. See the following for what I view as some of the more common: 1. In other words, you identify risk and have a response plan in place to deal with. Project Executive Professional -PMP study group. In a financial audit, inherent risk. Risk Register. Audit firms may have to change some processes in response to a new standard and pandemic-fueled changes to the environment. Agile PrepCast Reviews. The main input to the risk controlling and monitoring process is the watch. Establishing connections and insights among risks, opportunities, and. Training for Project Management Professional (PMP)®, PMI Agile Certified Practitioner (PMI-ACP)®, and Certified Associate in Project Management (CAPM)®. 5. Improve professional status. please buy insurance), the inclusion of upside risks in Internal Auditing (almost. Risk likelihood: Likely. Quality audits review the entire project’s use of planned processes – a general audit, performed as part of the Manage Quality process, examining all the. It is also part of the overall process improvement of the project. The project team leaders, key stakeholders, relevant subject matter experts, and anyone engaged in risk management activities for the company. • Measuring the effectiveness of the risk management processes in the project. Contact Us (877) 637-0450; Mine Account + Instruct 360 Brands. Does a risk audit consider the effectiveness of just the risk management process, or does that already encompass the evaluation of. An audit also ensures that the financial statements conform to the applicable. The purpose of the audit is to enhance the credibility of the certification program and of the certification holders. Let’s look at some other differences between audits and inspections: Quality audits have a different purpose from inspections. An audit is the process of checking that compliance obligations have been met, including that the required inspections have been done. Project audits, on the other hand, can be. C. Risk name: Design delay. PMP® Exam Coaching Reviews. It evaluates the methodology used to help identify gaps in order to introduce the required improvements. For example, the cost of such a project, agreed to with the buyer, typically is not subject to any adjustments. PMI’s PMBOK® Guide – Sixth Edition includes “variability” and “ambiguity” non-event risks to add a further layer of risk identification and management. In this paper, the author defines project governance as all the key elements essential to project success, yet cautions that project governance must be tailored to an organization' s specific needs. Here’s a look at a few of the key elements your project management audit checklist should include: Audit goals/mission statement. The OCEG (formerly known as “Open Compliance and Ethics Group”) states that the term GRC was first referenced as early as 2003, but was mentioned in a peer reviewed paper by their co-founder in 2007. The phrase “risk appetite” is often used to describe the level of acceptable risk, but there is no accepted definition for this term. Exhibit 2 – The project life. Ensure the quality of project management. 3. Intro to Risk Audits in Project Management - Project Management Academy ResourcesHere are some common types of risk audits: 1. Low/Medium: Risk events that can impact on a small scale are rated as low/medium risk. Let’s explore these risk-based milestones in a bit more detail: Stakeholder vision. PMI define them as: Risk Appetite--. Procurement Audit. it's more important to have both a risk verification and risk review process include project management. The frequency of conducting this project management tool is defined in the risk management plan. inspection for the PMP testing. Khuolod Alamri, PMP®, PMI-RMP®, CRMO’S Post Khuolod Alamri, PMP®, PMI-RMP®, CRMO reposted thisFrom fundamentals to exam prep boot camps, Train 360 partners with is our until meet your organization's training needs transverse Create Enterprise, Agile, Business Analysis, Business Management, and Leadership skillsets development. Some may also include a fifth “monitoring and controlling” phase between the executing and closing stages. The phrase “risk appetite” is often used to describe the level of acceptable risk, but there is no accepted definition for this term. Start Up the Project. Project Management Connoisseurs (PMP) believe it is less a function of exposure scrutinize vs gamble review. The first step of a project management audit is listing processes and components that are important to our client. In contrast, the risk review can be embedded in recurring, standing project status meetings for any size project. Uncertainty. IT governance. To practice risk management effectively, project managers must address its two dimensions: risk probability and risk impact. Another difference between an audit and an inspection is that inspections review a single point in time. Project Management Institute (PMI)® defines risk as “An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. The task of updating the risk registers is usually delegated to the project control. This means that it can be included during project. You can prove your advanced knowledge and experience in risk management—even for large projects in complex environments—and set yourself apart with PMI-RMP certification. It is important to understand the concepts bottom risk assessment so that an right utility or model can be selected, press of course, in support of PMP® certification exam questions around core venture concepts. Attribute Audit vs. , intranet, web-based tools, etc. Abstract. Existing customer satisfaction. There are several variations of a project audit: in-process quality assurance review, gateway review, project management audit and post-implementation audit. AN Project Management Professional (PMP) ® Audit Prep Provider. The cost to renew your PMI certification is $60 for PMI members and $150 for nonmembers. risk profile: A risk profile is a quantitative analysis of the types of threats an organization, asset, project or individual faces. Risk management involves identifying, assessing, and managing risks using established industry guidelines and best practice standards. As such, I would tend to use contingency reserves should it be the case; however, if these risks are. Risk: “A potential issue. Well over 100 risk factors are reviewed during this process. ) • Implement an ongoing “compliance management” plan and investigation protocols to address risk areasEstablish a risk management framework that defines the roles and responsibilities, tools and techniques, and communication and reporting mechanisms for risk management across the organization. LeRoy Ward, PMP, PgMP, PfMP, CSM, GWCPM, SCPM | Executive Vice President –. Just the project sponsor because her perception of how the risks will be handled is the most important. PMI Exam Audit Kit eBook Reviews. Positive risk: SEEEA - Share, Exploit, Escalate, Enhance, Accept. ProjectManager is online project management software that helps you plan, execute and track your project through every phase, and it can be a valuable tool for your project management audit, too. It reflects the time criticality of a risk to occur. Integration risk can also be a business and technology risk whereby existing integrations have security, quality and operational issues. To maintain certification, you must also earn professional development units (PDUs). Issue management: “A process by which the situation or its impact are influenced to enhance project success. com. 1. While it can have a huge impact, project risk is usually managed individually by each project manager. Risk identification is usually a necessary condition for later risk management. Improve professional status. Subtopics are factors that directly impact risk associated with a head topic. Diese seeking to earns the PMP certification should be able to list key differences between analogous with parametric vs three-point estimating. Khuolod Alamri, PMP®, PMI-RMP®, CRMO’S Post Khuolod Alamri, PMP®, PMI-RMP®, CRMO reposted this From fundamentals to exam prep boot camps, Train 360 partners with is our until meet your organization's training needs transverse Create Enterprise, Agile, Business Analysis, Business Management, and Leadership skillsets development. Risk identification is the process of listing potential project risks and their characteristics. 2 ) Offers a structured approach to identify threats and opportunities. Even worse, there is confusion between risk appetite and other risk-related terms, especially. They are often more subtle than an event risk. The project manager is the key individual who is responsible for making sure that the risk audits are performed at the. Another difference is the values associated with risks. Risk description: Design team is overbooked with work, which could result in a timeline delay. Here’s what we want to assess: Project paperwork and resources. In a risk-based approach, IT auditors are relying on internal and operational controls as well as the knowledge of the company or the business. Many audit departments think they are risk-based, but their audit plans are generally built from an audit universe consisting of departments. Given your industry experience, identify at least three accounts or audit areas of highest importance to the type of engagement. Beta vs TriangularA risk assessment determines the likelihood, consequences and tolerances of possible incidents. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat. They include but are not limited to: Increase career opportunities. The project manager should realise that each can have a different set of objectives. Assessing the Risk Management Process 5 However, a mature risk management process typically demonstrates benefits, such as: Enabling risk-based decision-making and strategy-setting. Costs to your business because of a risk. The qualitative risk analysis process prioritizes individual risks for further analysis by assessing their probability of occurrence, impact, and other characteristics. Difference between Contingency Plan and Fallback Plan . Risk identification and assessment 3. Risk category: Schedule. However, If Risks are identified during. A risk register (which can sometimes be referred to as a risk log) is a project management tool which helps managers and companies document risks, track risks and address them through preventative controls and corrective actions. and are caused due to lack of knowledge. Risk Audits are concerned with: • Measuring the effectiveness of the risk responses. Evaluate risks and prioritize them by criticality or tier. The project manager is the key individual who is responsible for making sure that the risk audits are performed at the appropriate frequency. Once you assess the likelihood and severity of each risk, you can chart them along the matrix to calculate risk impact ratings. A risk may be rated “Low” or given a score of. Project Management Professionals (PMP) believe it is lower a function of risk audit vs risk review. Improve project success rates. Integration risk can also be a business and technology risk whereby existing integrations have security, quality and operational issues. Risk relevant to the area. Click the card to flip 👆. Plan Risk Responses for PMP® Receive our newsletter to stay on top of the latest posts. Distributions for estimating duration. Risk Audit. Even worse, there is confusion between risk appetite and other risk-related terms, especially. Its principal elements are: Objectives. a risk audit and a risk review are two different processes that. Post Implementation Review Only (Extended Audit Procedures) – Required for AUC315 Performed under Audit Standards 3. Ensure the quality of project management. Conducting a risk audit is an essential component of developing an event management plan. You can earn PDUs. The cost to renew your PMI certification is $60 for PMI members and $150 for nonmembers. One component of risk management is the organization of the risks identified, which can be informally referred to as PMP® Risk Types, Risk Categorization PMP®, or Risk Categories PMP®. Inspection PMP. Risk description: Design team is overbooked with work, which could result in a timeline delay. Therefore, organizations must achieve, through PRM, a balance. If the project is described as in Exhibit 2, it could define the project performance management activities for each project phase and project management process. Aforementioned probability of occurrence formula determines the chance that a given risk will occur. Project development processes and procedures. The inherent cadence and iterative nature of Agile practices make them well suited for the management of a wide range of risk commonly encountered in product development and related projects. Developing generic risk factors and criteria for each factor to identify the audit priority of audit objects within the audit universe 4. Onspring's cloud-based software builds greater clarity and control into your enterprise risk management program. This paper explores the importance of contingency planning as a necessity within the confines of the project. In this next phase, you’ll review the qualitative and quantitative impact of the risk—like the likelihood of the risk occurring versus the impact it would have on your project—and map that out into a risk assessment matrix. Subject matter experts only. We understand the interconnections between the ‘lines of defense’, and help you to turn. Risk navigation software tends to center around four components: strategy, processes, technology, and people. It evaluates the methodology used to help identify gaps in order to introduce the required improvements. Quantitative data are difficult to collect and can be prohibitively expensive. risk probability) and its projected impact. Risk management can avoid up to 90 percent of a project's problems. Step 2: Create a Risk Register Document. It deals primarily with the execution of a project and the implementation of company protocols. Upon completion of an impact assessment a risk is often given an impact score such as high = 3, medium = 2, or low = 1. Enhance: taking measures/actions (e. “The more companies and industries value. ”. Quantitative Risk Analysis. Risk Management in Agile Projects. 3. Performing a project under a fixed-price contract is more risky than other projects. Step 4: Within 90 days, submit audit materials and supporting documents. An audit is the process of checking that compliance obligations have been met, including that the required inspections have been done. Each project activity aimed to comply or to build the compliance objectives should be analyzed by the audit. Qualitative Risk Analysis is Subjective. Impact: Users will not be satisfied with the product. Guide to Security Assessment: Risk Advisory vs Internal Auditing. The risk register is a cornerstone tool in project management. First of all it is not really aligned with risk management because risk is defined as the efect of unknown on project objectives, second neither attribute is really relevant in a project and third because understanding how variability of a process can be measured and ambiguity resolved require a level of knowledge that even experienced. as every thing seems to be a risk or a change when you first start reading pmbok. A risk audit, also known as a risk review, is an assessment that is conducted to detect any potential safety and operational threats, identify what is causing them and determine how effective the current risk management procedures are. “The more companies and industries value. Many audit departments think they are risk-based, but their audit plans are generally built from an audit universe consisting of departments. Precision ratings of low, medium, and high can be assigned to the risk assessment. ” 1 The main purpose of risk assessment is to avoid negative. And, it’s a way to learn and give your project and your team a boost. To succeed at this exam and obtain a PMP certification, you must: Dedicate your time and effort into preparing for the exam. Attribute Audit vs. The first step in the assessment process involves identifying all third parties that have access to the organization’s systems, data, or processes. It is. This paper examines an approach to managing project scope. Cost of Quality. Risk Analysis and Risk Management are fundamental concepts for Project Management Professionals (PMP)®. Once the risk question has been posed, a team of cross-functional experts should define the head topics and subtopics that relate to the risk question. To effectively manage risks on your project for the PMP Certification Exam, you should reassess existing risks on a regular basis as well as identify new risks. A risk audit will help ensure that the risk management process is working. So, as you correctly pointed out, they have been identified as risk, which means they are not unknown-unknowns.