Which of the following steps comes first in managing project risks?

The first step in managing project risks is identifying risks. This step is crucial because it involves recognizing potential problems that could affect the project's success. By accurately identifying risks, project managers can build a comprehensive understanding of the uncertainties they may face, which serves as the foundation for the entire risk management process.

Once risks are identified, they can be analyzed and assessed in the following steps. Identifying risks allows teams to anticipate issues before they arise, leading to more proactive and effective management strategies. By understanding what risks exist, project managers can prioritize them and move on to assessing their potential impacts and planning appropriate responses, thereby ensuring smoother project execution.