During the execution phase of a project, the project manager has identified a new risk that threatens to delay the project deliverables. What should be the project manager's next step after identifying and documenting the risk?
Wait until the risk becomes an issue before formulating a response.
Assess the impact and likelihood of the risk to prioritize it appropriately.
Communicate the risk to all stakeholders to keep them informed.
Develop mitigation strategies to address the identified risk.