What is a risk audit?

Risk audit is a systematic review and assessment process of risk management in a project. The goal of the audit is to identify how effectively risks are identified, analyzed, and controlled, as well as to find gaps in current risk management methods. During a risk audit, compliance with established standards and policies is checked, the relevance and completeness of the risk management plan are evaluated, and the effectiveness of risk mitigation measures is assessed. The results help improve risk management processes and increase the likelihood of project success.