Risk reassessment in project management involves identifying new risks and reassessing current ones. It is also involved in closing risks that are outdated and no longer threatening to the project.
This particular project management tool is used in controlling the risks. Regularly creating a schedule for the risk reassessment to determine the kinds of risks present within the project can help project managers identify and control the risks. The number of repetitions of the reassessment also depends on the progress of the project in relation to its objectives.
Most of the work involved in controlling risk is risk reassessment. The project manager needs to have a list of the risk register to be thoroughly reviewed by the risk management team.
There are common actions taken during this particular risk management process. Identifying new risks and analyzing their impact on the project is an important action. This will help the organization develop a risk response plan to mitigate the effects of the risk. It is also involved in identifying risk triggers that have occurred to help develop a contingency plan.
Keeping an updated risk register is an important element in risk reassessment.
This term is defined in the 5th edition of the PMBOK.