Risk management is the process of analyzing, identifying and responding to risk factors. Managing risks early is the best way to avoid issues later on. Throughout the R&D stage, applying the right risk management tools early on and all the way through the life of the project will ensure that risks are aggressively managed. Risk identification determines which risks are likely to affect the project, which includes reviewing the lists of possible risk sources against a team’s experiences and knowledge. Then risks are categorized and prioritized based on their impact and how much financially it would affect the product/company. If you have experience, how are risks identified and prioritized in your company?