PMI Risk Management Professional Practice Exam

What should you do with risks that are determined to be closed upon project completion?

1. Leave them unrecorded

2. Indicate that the risk is closed on the risk register

3. Reassess their impact

4. Keep them for future reference regardless

The correct answer is: Indicate that the risk is closed on the risk register

Indicating that the risk is closed on the risk register is important for several reasons. First, it provides a comprehensive and accurate record of the project’s risk management process. Documenting closed risks allows stakeholders to understand which risks were identified, how they were managed, and the outcomes associated with them. This transparency enhances accountability and can be useful for auditing purposes. Additionally, closing risks in the risk register ensures that all team members and stakeholders have access to the most current information regarding risk status. It prevents any confusion about previous risks that have been addressed and mitigated, ensuring a clear understanding of the project's risk landscape. Moreover, by maintaining a complete record of risks, including those that have been closed, the project team can analyze the effectiveness of the risk management strategies used. This can inform future projects and improve overall risk management practices. Keeping a thorough record, while also updating the status of risks, supports better learning and knowledge transfer within the organization.