In the spiral model, risks are systematically identified and assessed during each iteration or "spiral" of the project. Each cycle involves planning, risk analysis, engineering, and evaluation, allowing teams to address potential risks early and frequently. Prototyping and iterative feedback help refine requirements and solutions, enabling better risk management as the project evolves. This continuous focus on risk assessment allows for adjustments and improvements, ultimately reducing the impact of identified risks on the project's success.
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