This document outlines the key steps in project risk management: 1. Create a risk management plan to identify how risks will be handled. 2. Identify project risks through techniques like brainstorming. 3. Analyze the risks through qualitative and quantitative analysis to assess impact and probability. 4. Develop responses to risks such as avoiding, mitigating, transferring, or accepting them. 5. Monitor risks and update the risk register throughout the project lifecycle.