You are managing a software development project when you identify a risk that the integration of a third-party component might not be compatible with the existing system, potentially causing significant delays. According to best practices, what should be your FIRST step in managing this risk?
Communicate with stakeholders to prepare them for possible delays.
Bypass the third-party component integration to avoid potential delays.
Instruct the development team to start working on an alternative solution.
Conduct a qualitative risk analysis to assess the probability and impact of the integration issue.