All changes to custom content, made either through your account manager or the Content Editing feature, will only automatically appear in newly created projects. They will not appear in any existing projects or duplicates of existing projects.
However, if you are a Risk Register customer, you will be notified on any old projects' Risk Assessment Page whether the selected risk assessments are the latest version, or are out of date. You will also have the option of updating the risk assessment for a project so it matches the latest version.
You can find out more about risk assessment versions and other Risk Register features here.