Risk Register & Response Planning Flashcards

A project manager is updating the risk register after a risk response is implemented. Which field should be updated to reflect residual exposure after the response?

Answer: Residual risk rating

The residual risk rating captures the remaining risk exposure after a response strategy has been applied.

Which risk response strategy involves shifting the negative impact of a risk to a third party without eliminating the risk?

Answer: Transfer

Transfer shifts ownership or financial impact of a risk to another party, such as through insurance or contracts.

A risk owner listed in the risk register is responsible for:

Answer: Monitoring the risk and implementing the response plan

The risk owner is accountable for monitoring assigned risks and executing the agreed response actions.

Which element of the risk register documents what observable signal indicates a risk is about to occur?

Answer: Risk trigger

A risk trigger (also called a warning sign) is a condition that signals a risk event is imminent or has occurred.

When a project team deliberately decides to acknowledge a risk and take no proactive action, this is known as:

Answer: Accept

Acceptance is appropriate when the cost of response outweighs the potential impact or the risk is within tolerance.

A project manager records a new risk that arises as a direct result of implementing a risk response. This is called a:

Answer: Secondary risk

Secondary risks are new risks introduced by the execution of a risk response strategy.

In the risk register, the probability-impact (P×I) score is PRIMARILY used to:

Answer: Prioritize risks for response planning

The P×I score ranks risks so the team focuses response planning efforts on the highest-priority threats.