A project is in its later stages and all high-level risks from the risk management plan have been resolved or are no longer applicable; only low-level risks remain. What should the project manager do now?

Even in later project stages, continuous risk management is crucial. The project manager should reevaluate identified risks and update the risk register to reflect the current risk landscape. This ensures that remaining low-level risks are still monitored and managed appropriately, as their impact or probability could change. Reclassifying low-level risks as high-level without a change in their characteristics is an arbitrary action that doesn't reflect reality. Notifying stakeholders is a good practice, but it's a communication step that follows the reevaluation, not a substitute for it. Reducing the priority of all remaining risks could lead to complacency and missed opportunities to manage potential issues effectively.