Management has asked you to perform a risk audit and report back on the results. Bonny, a project team member asks you what a risk audit is. What do you tell Bonny?

Question

Options

• AA risk audit is a review of all the risks that have yet to occur and what their probability of happening are.
• BA risk audit is a review of the effectiveness of the risk responses in dealing with identified risks and their
• CA risk audit is a review of all the risk probability and impact for the risks, which are still present in the
• DA risk audit is an audit of all the risks that have occurred in the project and what their true impact on cost

• B
  95% (19)
• D
  5% (1)

Explanation

A risk audit is a structured examination of the effectiveness of the risk responses that were planned and implemented, as well as the effectiveness of the risk management process as a whole. It evaluates whether risk owners carried out their assigned responses, whether those responses achieved the intended results, and whether root causes of risks were correctly identified. It is not simply a list of remaining risks (A), a re-scoring of probabilities (C), or a historical impact log of past risks (D). Risk audits are a tool/technique in the Monitor Risks process (PMBOK) and help improve risk management practices over the course of the project.

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