Ace the 2025 Certified Governance Risk & Compliance (CGRC) Challenge – Navigate the Governance Maze with Confidence!

In the scenario, it is important for Walter to update the project management plan in response to the identified risk event. The project management plan serves as a foundational document that outlines how the project is executed, monitored, and controlled. It encompasses various subsidiary plans and details the strategies for managing risks, scheduling, budgeting, and stakeholder engagement.

When a risk event occurs, it can impact the project's objectives, deliverables, or timeline. Updating the project management plan allows Walter to reflect these changes, ensuring that all stakeholders are aligned with the new directives and that the project can be realigned to manage the impact effectively. This can include incorporating new risk responses, adjusting resource allocations, or modifying timelines to accommodate for the identified risk.

This ensures that the project remains on track and continues to meet its objectives despite the changes brought on by the risk event, facilitating better governance and compliance throughout the project lifecycle. The other choices, while relevant to project management, do not address the need to formalize updates in response to a risk event as comprehensively as the project management plan does.