Risk exists at all levels in every project introduced from both internal project activities and external systems. Assessing and managing risk involves identifying potential risks, evaluating their impact, and implementing strategies to mitigate or address them effectively. Though risks are mostly hindrances or threats to processes and outcomes, they also can present opportunities. Planning your risk approach is essential, as risks could endanger your project at any time. Effective project teams identify and evaluate risks early and throughout the project life cycle.