Overview
Monitor and Close Risks is 19% of the PMI-RMP exam and has four tasks. You gather performance data from risk-relevant work packages and compare it with the baseline through variance and trend analysis, then judge its effect on overall enterprise risk exposure. You monitor implemented responses for residual and secondary risks and communicate their impact. You aggregate risk data to update the risk register, lessons learned, project management plan and change logs, and you close out risks whose time has passed. Finally, you assess the project's overall risk level and report it to stakeholders in a form each group can use.
This domain closes the loop on the other four. It checks whether the plan's metrics are met, whether analysis was right, and whether responses worked, and its findings feed back into planning through lessons learned and plan updates.
How it's tested
Questions are set during execution: performance data, a status meeting, a response that is not working, or a risk whose window has passed. You choose what the data indicates and what the risk manager should do next. Look for trend versus one-off variance, whether a risk has expired, and which audience the information is for.
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Interpret the data
Variance, trend or reserve figures are given, and you decide whether risk exposure is rising, stable or falling and what that implies.
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Close, update or escalate
A risk's window passes, a response underperforms or a threshold is breached, and you pick the correct update to the register, plan or stakeholders.
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Right report, right audience
A sponsor, team or steering group needs risk information and you choose the content and level of detail that fits.
Halfway through a project, contingency reserve is 70% consumed while only 40% of the risk-bearing work is complete. One option reports the overrun, another reallocates reserve between work packages, another performs reserve analysis. The trend implies the remaining reserve may be inadequate for remaining risk, so reserve analysis comparing remaining reserve with remaining exposure comes first, followed by reporting and escalation if a threshold is crossed.
Tasks 4
Official tasks from the PMI outline, in outline order.
5.1 Gather and analyze performance dataCompare actual performance with baselines and read the trend.
- What it means
- The risk manager reconciles performance data and reports from risk-relevant work packages, compares completion status with the baseline, performs variance analysis, and assesses the effect on overall enterprise risk exposure.
- What to understand
- A single variance may be noise; a consistent trend signals rising or falling exposure. Earned value indicators such as a cost performance index (CPI) or schedule performance index (SPI) below 1.0 and falling, or reserve burn outpacing work completion, are classic signals that risk exposure is growing.
- How it shows up
- A stem gives variance or index figures and asks what they say about risk exposure and what to do next.
- Common confusion
- Reacting to one reporting period's variance as if it were a confirmed trend, or ignoring a steady drift because each period looks small.
5.2 Monitor residual & secondary risksTrack what responses leave behind and create.
- What it means
- After responses are implemented, the risk manager monitors them, documents the residual risk that remains, watches for secondary risks the responses created, assesses their effect on objectives, and updates and communicates that effect.
- What to understand
- Monitoring asks whether each response is working as intended. Residual risk may stay above threshold and need another response; secondary risks are new entries that go through analysis and response planning like any other risk.
- How it shows up
- A response has been implemented but exposure remains above threshold, or it has introduced a new dependency, and the question asks what to do.
- Common confusion
- Assuming a risk can be closed the moment its response is completed, without checking residual exposure.
5.3 Provide information required to update relevant project documentsKeep the register, plan, logs and lessons learned current, and close expired risks.
- What it means
- Risk data is aggregated and summarized to update the risk register, lessons learned register, project management plan and change logs. Risks whose window has passed are monitored for closure and formally closed.
- What to understand
- Closing an expired risk matters because it stops effort being wasted on it and allows its contingency allocation to be reassessed against remaining risk. Lessons learned should be captured continuously, not only at project end.
- How it shows up
- A risk's trigger window has passed with no occurrence, and the question asks what the risk manager should do with the entry and its reserve.
- Common confusion
- Keeping all risks open until project closure, which inflates reported exposure and ties up reserve.
5.4 Monitor project risk levelsAssess overall risk level and report it to each audience.
- What it means
- The risk manager assesses the project's overall risk level, prepares reports suited to different stakeholders, and communicates risk levels to key stakeholders so they can make decisions.
- What to understand
- Executives need exposure, trends, threshold breaches and decisions required; the team needs owners, triggers and actions. Overall risk level combines individual risks and broader uncertainty and should be compared with the thresholds agreed in planning.
- How it shows up
- A sponsor asks for a risk update, and the question asks for the most appropriate content or format.
- Common confusion
- Sending the full risk register to executives instead of a summary of exposure, trends and decisions needed.
High-yield concepts
The terms, rules and formulas this domain turns into questions most often.
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Variance and trend analysis
Variance analysis measures the gap between planned and actual performance; trend analysis tracks how that gap changes over several periods.
- Remember
- Trends, not single variances, are the stronger signal that risk exposure is changing.
- Tested as
- Stems give several periods of data and ask what action they justify.
- Trap
- Escalating on one bad period, or dismissing a steady small drift that is compounding.
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Earned value indicators (CPI, SPI)
CPI is earned value divided by actual cost and SPI is earned value divided by planned value; values below 1.0 mean over budget or behind schedule.
- Remember
- A CPI of 0.85 means each dollar spent earns about 85 cents of planned work, a sign that cost risk may be materializing.
- Tested as
- Performance data questions use these ratios as monitoring inputs.
- Trap
- Reading an SPI above 1.0 as behind schedule; above 1.0 means ahead.
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Reserve analysis
Comparing the contingency reserve remaining with the amount of risk remaining to judge whether the reserve is still adequate.
- Remember
- Reserve burn rate should be compared with progress; fast consumption early is an exposure warning.
- Tested as
- Questions on reserve consumption, closing expired risks and whether to request more reserve.
- Trap
- Looking only at the reserve balance without relating it to the risk still ahead.
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Risk audit
An examination of how effective the risk management process itself is, including whether the plan is being followed and whether responses are working.
- Remember
- Audits look at the process; risk reviews look at individual risks.
- Tested as
- Scenarios where risks keep surprising the team or the process is not followed.
- Trap
- Running another risk review when the problem is the process, which an audit addresses.
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Risk reassessment and review
Regular review of existing risks to update probability, impact, ownership and status, and to identify new risks.
- Remember
- Reviews happen throughout the project, not only at milestones, and include closing risks that no longer apply.
- Tested as
- Routine status and register-update questions.
- Trap
- Treating the register as fixed after initial analysis.
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Residual risk monitoring
Tracking the exposure that remains after a response to confirm it is within threshold.
- Remember
- If residual exposure is still above threshold, another response is needed.
- Tested as
- Stems where mitigation is complete but numbers still look poor.
- Trap
- Closing a risk because its action items are done.
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Closing expired risks
Formally closing risks whose window of occurrence has passed, so effort and reserve are no longer held for them.
- Remember
- Close the entry, record the outcome and reassess its contingency allocation against remaining risk.
- Tested as
- A common next-step question once a phase or event has passed.
- Trap
- Leaving expired risks open "just in case" until project closure.
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Enterprise risk exposure
The combined risk the organization carries across its projects, programs and operations, against which a project's variance is judged.
- Remember
- The ECO asks you to monitor project performance impact against overall enterprise risk exposure.
- Tested as
- Scenarios where a project's overrun affects shared resources or portfolio commitments.
- Trap
- Judging project variance only against the project baseline and ignoring the organizational picture.
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Lessons learned register
The project document that records knowledge gained about risks and risk management, such as unforeseen risks, ineffective responses and useful triggers.
- Remember
- Update it continuously during monitoring so later phases and projects benefit.
- Tested as
- Questions on what to do after a workaround was needed or a response failed.
- Trap
- Waiting until project closure to record lessons.
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Stakeholder-specific risk reporting
Tailoring risk reports to each audience, from detailed owner-level actions for the team to exposure, trends and decisions for executives.
- Remember
- Report what the audience must decide or do, compared with their agreed thresholds.
- Tested as
- Communication questions asking for the best update to a sponsor or steering group.
- Trap
- Giving every audience the full risk register.
Side by side
Concepts candidates mix up, compared on the point that decides the answer.
Risk audit vs. risk review
| Concept | Meaning | Key difference | Common trap |
|---|---|---|---|
| Risk audit | Evaluation of the effectiveness of the risk management process | Examines the process and whether it is followed | Using it to rescore individual risks |
| Risk review | Periodic update of individual risks and their status | Examines specific risks, owners and responses | Expecting it to fix a broken process |
Contingency reserve vs. management reserve in monitoring
| Concept | Meaning | Key difference | Common trap |
|---|---|---|---|
| Contingency reserve | Baseline allowance for identified, accepted risks | Managed by the project; reassessed as risks close | Leaving it tied to expired risks |
| Management reserve | Allowance outside the baseline for unidentified risks | Controlled by management; use usually changes the baseline | Using it for risks already in the register |
Variance analysis vs. trend analysis
| Concept | Meaning | Key difference | Common trap |
|---|---|---|---|
| Variance analysis | Difference between planned and actual at a point in time | One snapshot | Overreacting to a single period |
| Trend analysis | Direction of performance across several periods | Shows whether exposure is rising or falling | Ignoring a small but consistent drift |
Exam traps
Each trap is an answer that looks right. Learn the clue that should change your mind.
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Reacting to one data point
- What candidates pick
- Escalate immediately after one period shows a cost variance.
- Why it looks right
- Fast escalation looks proactive.
- Why it's wrong
- A single variance may be noise; the expected step is to analyze the trend and its cause, then act if exposure is genuinely rising or a threshold is crossed.
Clue to watch for Only one period of unfavorable data, with earlier periods on plan.
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Done means closed
- What candidates pick
- Close the risk because all response actions are complete.
- Why it looks right
- The action items in the register are all ticked.
- Why it's wrong
- Completion of actions does not prove exposure is within threshold; residual risk must be assessed and, if still high, given a further response.
Clue to watch for The stem gives post-response figures that remain near or above the threshold.
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Keeping expired risks open
- What candidates pick
- Leave a risk open until project closure in case it returns.
- Why it looks right
- It feels cautious.
- Why it's wrong
- Once the window has passed, the risk should be closed and its contingency allocation reassessed against remaining risk; leaving it open distorts exposure and reserve.
Clue to watch for The phase, season or event the risk depended on has finished.
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Review instead of audit
- What candidates pick
- Hold another risk review meeting when risks keep surprising the team.
- Why it looks right
- Reviews are the routine risk meeting.
- Why it's wrong
- Repeated surprises point to a process problem, which a risk audit is designed to examine.
Clue to watch for The stem says the team is not following the plan or the same type of surprise keeps recurring.
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One report for all
- What candidates pick
- Send the sponsor the complete risk register.
- Why it looks right
- It is complete and transparent.
- Why it's wrong
- Reports should be tailored; a sponsor needs overall exposure, trends, threshold breaches and decisions required, not owner-level detail.
Clue to watch for An executive or steering committee asks for a risk update.
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Ignoring the secondary risk
- What candidates pick
- Treat a new problem caused by a response as part of the original risk.
- Why it looks right
- It is linked to the same event.
- Why it's wrong
- A secondary risk is a new risk and must be entered, analyzed and responded to separately.
Clue to watch for The response introduced a new dependency, supplier or technical change.
Answer framework
When a monitoring scenario asks what the risk manager should do, apply these steps to the data and context given.
- Gather and reconcile performance data, then check whether variance is a one-off or part of a trend against the baseline.
- Relate the data to thresholds and to enterprise exposure, and use reserve analysis to compare remaining reserve with remaining risk.
- Check each implemented response for residual risk above threshold and for secondary risks, entering new risks in the register.
- Close risks whose windows have passed, update the register, plan, change log and lessons learned, and audit the process if surprises recur.
- Report the overall risk level to each audience at the detail it needs, highlighting threshold breaches and decisions required.
Practice question
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Checklist
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Study strategy
Begin with the data side of the domain. Work examples of variance against trend, CPI and SPI interpretation, and reserve burn compared with progress, until you can say in one sentence whether exposure is rising and what that justifies. These skills unlock most Task 5.1 questions.
Next, connect monitoring to Risk Response. For every response type, ask what monitoring would show if it worked, partly worked or created a new problem, and map those outcomes to residual risk, further response or a new secondary risk. Then practice closing expired risks and reassessing reserve, a step candidates often skip.
Candidates commonly underestimate the communication and process items: risk audit versus risk review, and tailoring reports to different audiences. Write one sample executive update and one team update for the same project and compare what each contains.
Afterwards, return to Risk Strategy and Planning to see how lessons learned and plan updates feed back into it, then finish with full mixed mock exams, since monitoring scenarios often draw on terms from all five domains.
FAQ
How much of the PMI-RMP exam is Monitor and Close Risks?
PMI weights this domain at 19% of the exam, across four tasks. PMI does not publish per-domain question counts.
What is the difference between a risk audit and a risk review?
A risk audit evaluates whether the risk management process is effective and being followed. A risk review updates the status, scores and owners of individual risks.
What happens to contingency reserve when a risk expires?
The risk is closed and its allocation is reassessed through reserve analysis against the risk that remains. How unused reserve is handled follows the organization's rules, so do not assume it moves automatically to another risk.
When can a mitigated risk be closed?
When its residual exposure is confirmed within threshold or its window has passed. Completing the response actions alone is not enough.
What kind of questions appear in this domain?
Mid-project scenarios with performance data, reserve figures or a response that is underperforming, asking what the data means and what the risk manager should do next.
How long should I study this domain?
Our planning estimate is about 20 to 25 hours, based on its 19% weight and a 120-hour overall plan. Allow extra time if earned value indicators are unfamiliar.
How does this domain connect to the others?
It measures against thresholds and metrics from planning, tracks the responses and reserves from Risk Response, and feeds lessons learned and plan updates back into Risk Strategy and Planning.
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Test your Domain 5 knowledge
You have covered performance and reserve analysis, residual and secondary risk monitoring, closing expired risks and tailored reporting. Test whether you can read mid-project data and pick the right next step.
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