PMI Risk Management Professional Practice Exam

Which tool/technique examines and documents the effectiveness of risk responses in dealing with identified risks?

1. Risk audit

2. Risk identification

3. Risk assessment

4. Risk monitoring

The correct answer is: Risk audit

The tool that examines and documents the effectiveness of risk responses in dealing with identified risks is a risk audit. A risk audit is a systematic process that evaluates the risk management process, assessing how effectively risks have been identified, analyzed, and how adequately risk responses have been implemented. During a risk audit, the project team reviews the responses to identified risks to determine if they are functioning as intended and whether further actions are necessary to enhance risk management efforts. Risk audits provide valuable insights into the overall risk management strategy of a project or organization, allowing for adjustments and improvements based on empirical data and documented experiences. This ensures that the responses remain relevant and effective throughout the project's life cycle. The other options focus on different facets of risk management. Risk identification refers to the process of identifying potential risks, while risk assessment involves analyzing and evaluating the risks identified. Risk monitoring, on the other hand, tracks identified risks and any new risks that have emerged but does not specifically evaluate the effectiveness of responses already implemented. Therefore, these processes do not fulfill the primary goal of examining the efficacy of risk responses in the way that a risk audit does.