If the project management team also handles risk management, there will be no room for miscommunication that can occur between two separate departments. Also, the project management team may set more realistic deadlines and put more research into the risks of implementation at the very start. If there is a strict project boundary, the project management team will not have to wait/depend on the risk management team to finish in a timely matter. This could lead to delays the team can’t afford.
There is also a benefit to having a separate risk management team. A separate team specializing in risk management may be more efficient, knowing all the aspects, expectations, and time required that come with risk analysis. The undivided attention will also help the team catch all the potential risks the project management team may miss when focusing on other aspects of the project.