Every business will be familiar with strategies for how to manage risk.  All project management practice will involve some element of risk management which also requires good risk assessment and analysis. Any efficiently run project wants to ensure the minimum number of surprises.

Of course the future can never be predicted with certainty, but good project managers can apply simple and streamlined risk management process to attempt to predict the uncertainties in any projects and minimise the occurrence or impact of these uncertainties. Of course sometimes the unpredictable occurs, so having plans to mitigate a crisis is also important.

Key to developing a really good analysis and assessing how to avoid crisis situations is to never forget learning from past mistakes. Also using your full team is important as project team members at various levels identify and handle risks in different ways. But to make this truly effective a structured risk management, framework is vital.

Without a framework you could end up with incomplete impact evaluation, leading to lack of knowledge about the overall impact on the project objectives, like scope, time, cost, and quality, the identification of secondary or new risks arising from the already identified risks. Possible lack of transparency and a communication gap within and outside the team.

For any project an effective risk management framework ensures, active and focused risk identification and management. Project progress, with the least amount of deviations or surprises, in line with project and organisational objectives, as well as early and effective communication of project issues to organisation and project stakeholders

Effective and early risk identification and management secures the achievement of project objectives whatever your business.

https://www.pmi.org/learning/library/risk-analysis-management-project-management-7070