Risks will always be present in any project management processes. The eternal presence of risk if the reason why organizations need to employ risk audits. It is defined as the examination as well as documentation of the efficacy of the risk responses when it comes to dealing with known risks including their root causes. It also looks into the efficacy of the risk management process.
A risk audit is one of the tools used to control risk. The project manager is the key individual who is responsible for making sure that the risk audits are performed at the appropriate frequency. The frequency of conducting this project management tool is defined in the risk management plan. This means that it can be included during project review meetings or randomly.
When risk audits are performed, it is important to examine the risk responses to determine if they are effective in handling the roots. It is necessary to document the output of the audit as it serves as a reference for the entire project.
The main idea behind doing a risk audit is for the organization to become more proactive in dealing with risks.
This term is defined in the 5th edition of the PMBOK.