Can understanding management's risk assessment process replace our risk assessment procedures?

It depends on who has prepared the risk assessment for management; if the board of directors have prepared it$,$ then yes, but if the financial controller prepared it$,$ then no$.$

Yes. We are required by ISAs to utilise management's risk assessment when preparing our own assessment.

No$.$ We need to prepare our risk assessment completely independently of management's assessment, seeking to review management's assessment after our assessment is complete.

No$.$ It simply provides support for our risk assessment and gives an indication of whether we believe the entity has an effective risk management process.