Risk Management

You need to identify all risks, put a plan for each, revisit them, identify new risks and manage them properly. If this is not done, your project will remain fully exposed.

Carlos -

Risk management has to go through the full set of processes as defined in the PMBOK to effectively reduce the threat and increase the opportunity outcomes. Otherwise, we are just reporting on an impending disaster (or windfall) vs. preventing/enhancing it.

It also needs to be a full lifecycle discipline to account for changes in project context and increased knowledge on the part of the team.

A disciplined project team will ensure they are allocating sufficient time over the lifecycle for ongoing monitoring & control of risks which will include revisiting identification, analysis and response activities.

Kiron

That is the point, totally agree. But I have seen cases in which there is a registry but there it remains, perhaps because of "compliance", or that only the risks identified initially exist and will not exist during the course of the project.
Thanks

Just to clarify on Najam's answer.

Any action I plan on taking before the risk happens, such as mitigtion, will go into my project schedule and budget.

Actions that will happen after the risk happens, such as contingency or fall back, will go into my contingency reserve. (Please note that the contingency reserve is part of the project budget.)

Risks that were not identified will be covered by the management reserve, which is not part of the project budget.

Like other activities you can make a smokescreen of risk management. Comply with some organization rules and hope nobody notice.

Doing that you don’t get any benefits