What is the first step and the risk management process?

The first step in the risk management process is risk identification, where potential risks that could affect a project's success are recognized and documented. This involves analyzing both internal and external factors to uncover threats and opportunities. The primary risk in this step is the possibility of overlooking significant risks, which could lead to inadequate risk mitigation strategies later in the process. Effective identification is crucial for establishing a solid foundation for the subsequent steps, including risk assessment and response planning.