PMI Risk Management Professional Practice Exam

What is typically the next step after identifying a risk within a project?

1. Document it in the risk register

2. Communicate it to all stakeholders

3. Immediately execute a mitigation strategy

4. Assess the risk's financial impact

The correct answer is: Document it in the risk register

The next step after identifying a risk within a project is to document it in the risk register. The risk register serves as a centralized record where all identified risks, along with pertinent information such as their characteristics, potential impacts, and ownership, are recorded. This documentation is crucial as it lays the groundwork for further analysis and response planning. Once the risk is documented, it can be communicated to stakeholders and assessed for its potential impact, but the initial step of logging it formally is essential to ensure that it is acknowledged and can be managed effectively throughout the project lifecycle. This establishes a basis for tracking and reviewing risks, informs future decision-making, and ensures that the team remains aware of potential issues that could affect project objectives.