Risks can be described as future events that may affect a project either negatively or positively. When a future event is likely to produce positive results, we call it opportunities. However, when a future event is likely to affect a project in a negative way, we call it risks. In short, both the opportunities and risks are future events. In other words, they are the type of events that may or may not take place (materialize).
In order to manage risks, you must have a risk management process. What steps would you take to manage your project risks?