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A risk register is a critical project document and should not be short changed. Regardless of how well your project is planned and executed, there are always risks associated with it. The key to a successful project is being aware of those risks and documenting them so that if they materialize, they don’t completely derail the project.
A great article from Charles Seybold, a CEO of LiquidPlanner Project Management is a serious profession, but the best project managers don’t all have PMP certifications or even know what the PMBOK is. They have a cowboy’s sense for what matters. They have solid skills with the tools of the trade and the kind of people skills that get them invited back to conversations. That’s why the best project managers almost invariably have been line managers at some point. Pragmatism and a uncanny ability to communicate about the right things go a long way. Here are a few project management career tips that might make Curly proud… Risks review and risks audit are different activities and have different purposes. Yet people often confuse these processes. Moreover, risks review is performed far more often, while risks audit is at least as much important. In fact, during project these processes should be performed simateneously and iteratively. The main purpose of risks reviewing is to identify new risks, reassess risks likelihood, impact and urgency, and to check if risk triggers have appeared. In other words, we should answer the following questions
Risks audit, on the other hand, is the process of revising risk management activities. Its main objective is to ensure that we are effectively performing risk management. Communication is crucial for every project. Most of the time project managers spend on communication with stakeholders. In order to effectively communicate with stakeholders, a project manager should understand their characteristics, among them are risk attitude and risk tolerance. This article will address these concepts in terms of the PMBOK Guide, Fourth Edition (hereafter, PMBOK Guide) However, before getting into details, let’s define these terms first. According to the PMBOK Guide, risk tolerance is “the degree, amount or volume of risk that an organization or individual will withstand”. If an organization or a stakeholder is willing to accept risks with high impact on the project objectives or with high probabilities, they are considered to have high risk tolerance. Risk attitude, on the other hand, does not have official definition in the PMBOK Guide. It is only said that risk attitudes “are driven by perception, tolerances, and other biases, which should be made explicit whenever possible” (page 276). There are 4 types of risk attitudes: risk averse, risk neutral, risk seeking and risk tolerant. Each type reflects a level at which a person is comfortable to risk. The image below from the book Understanding and Managing Risk Attitude |
  
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may give you an easy way to understand risk attitudes.