A team member has identified a low project risk with a low chance of occurrence. What should the project manager do?

According to PMI standards, every identified risk must be documented in the risk register, regardless of its initial probability or impact assessment. The primary output of the Identify Risks process is the update of the risk register. Following Perform Qualitative Risk Analysis, risks assessed as having low probability and low impact are not dismissed; instead, they are placed on a "watch list" within the risk register for ongoing monitoring. This ensures that if the risk's status or environmental factors change over time, the project team is aware and can respond appropriately. Sharing the updated register with the team promotes transparency and collective monitoring.

B. Risks should never be entirely dismissed. Low-priority risks must be placed on a watch list within the risk register for ongoing monitoring in case their probability or impact changes.
C. The risk management plan defines the methodology and framework for conducting risk management activities. Individual risks are recorded in the risk register, not the risk management plan.
D. Escalating a low-probability, low-impact risk to the project sponsor is an inefficient use of their time and violates the principle of managing risks at the appropriate project level.

1. Project Management Institute (PMI). (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Section 11.2.3.1 Risk Register (p. 417). This section confirms that all identified risks are recorded in the risk register.

2. Project Management Institute (PMI). (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (6th ed.). Section 11.3.3.1 Project Documents Updates (p. 427). This section specifies that low-priority risks are kept on a watch list within the risk register for future monitoring.

3. Project Management Institute (PMI). (2021). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (7th ed.). Section 2.8.4 Risk (p. 122). Discusses the necessity of tracking all risks and maintaining visibility across the project team.