According to the PMBOK® Guide, Risk Reassessment is a primary Tool and Technique used in the Monitor Risks process (formerly known as Monitor and Control Risk).
Definition: Risk reassessment is the identification of new risks, the reassessment of current risks, and the closing of risks that are outdated. Project risk reassessments should be scheduled regularly.
Application: Because projects are dynamic, the relevance and priority of risks change over time. The project manager and the team must periodically review the risk register to:
Determine if the probability or impact of existing risks has changed.
Identify new risks that have emerged due to project progression or environmental changes.
Remove risks that are no longer a threat (e.g., a risk associated with a phase that has been completed).
Frequency: This is often performed during project status meetings or dedicated risk review meetings.
Comparison with Other Options:
Perform Qualitative Risk Analysis (A): This is where the initial or first-time prioritization of identified risks occurs using probability and impact.
Monitor and Control Project Work (C): This is a high-level integration process. While it looks at overall project health, specific risk management tools like reassessment belong to the Risk Management knowledge area.
Plan Risk Responses (D): This process focuses on developing options and actions to enhance opportunities and reduce threats for the risks already assessed.
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