A project manager is leading a project that is in an advanced stage.

According to the PMBOK Guide, 6th edition, section 11.6, the project manager should monitor and control risks throughout the project life cycle, and update the risk register and other project documents as needed. The project manager should not assume that low-level risks are insignificant or that high-level risks are resolved permanently. The project manager should reevaluate the identified risks periodically and in response to triggering events, and reassess their probability, impact, priority, and response strategies. The project manager should also identify new risks, close risks that are no longer applicable, and communicate the risk status to stakeholders. References: PMBOK Guide, 6th edition, section 11.6; PMP Practice Exam, question 68.