According to the PMBOK Guide, a risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
A risk register is a document that records the identified risks, their analysis, and their response plans.
A project manager should update the risk register whenever new risks are identified, analyzed, or resolved. In this case, the potential change in the legal requirements is a risk that could affect the project scope, cost, schedule, and quality. Therefore, the project manager should update the risk register to include this risk and its impact, probability, and priority. The project manager should also discuss the appropriate risk response plans with the project sponsor and the client, such as avoiding, transferring, mitigating, or accepting the risk. This way, the project manager can proactively manage the risk and prepare for any changes that might occur. References:
* PMBOK Guide, Seventh Edition, Chapter 4: Project Integration Management, Section 4.6: Monitor and Control Project Work, Page 123
* PMBOK Guide, Seventh Edition, Chapter 11: Project Risk Management, Section 11.2: Identify Risks, Page 409
* PMBOK Guide, Seventh Edition, Chapter 11: Project Risk Management, Section 11.3: Perform Qualitative Risk Analysis, Page 415
* PMBOK Guide, Seventh Edition, Chapter 11: Project Risk Management, Section 11.4: Perform Quantitative Risk Analysis, Page 423
* PMBOK Guide, Seventh Edition, Chapter 11: Project Risk Management, Section 11.5: Plan Risk Responses, Page 431
* PMBOK Guide, Seventh Edition, Chapter 11: Project Risk Management, Section 11.6: Implement Risk Responses, Page 439
* PMBOK Guide, Seventh Edition, Chapter 11: Project Risk Management, Section 11.7: Monitor Risks, Page 445