Certified Governance Risk and Compliance (CGRC) Practice Exam 2026 – All-in-One Guide to Master Your Certification!

The process that involves implementing risk response plans, monitoring residual risk, and evaluating risk effectiveness throughout a project is indeed the monitoring and control phase of risk management. This stage is crucial because it ensures that the risk response strategies are actively working as intended and allows the project team to make necessary adjustments if the responses are not effective or if new risks emerge.

During this process, project managers will continuously assess the risk environment, track identified risks, and observe any changes that could impact the project's objectives. By monitoring residual risks—those risks that remain after response measures have been applied—the team can ensure that these risks are within acceptable limits and do not derail project success. Additionally, evaluating the effectiveness of risk responses helps in learning from the project's progression, which can benefit future projects.

In contrast to other risk management processes:

- Quantitative risk analysis focuses on numerical evaluation of risks, such as estimating the probability and impact of risks, rather than on monitoring or controlling them.

- Qualitative risk analysis involves ranking risks based on their potential impact and likelihood but does not engage in the ongoing management of risks throughout the project.

- Identifying risks is a preliminary step that involves finding and documenting risks, but it does not address the implementation or monitoring aspects of risk response.

Thus