PROJ595: During a projects execution, new risks may be identified, or we may find secondary risks arising when dealing with identified risks that occur.

As a project manager (the person who identifies risks):

What steps should you take to manage new risks?

How should these steps be communicated (new risks) to stakeholders?

I appreciate it if these questions were answered in-depth and with a thorough scholarly analysis with sources and references to suffice. My reasoning for asking is to gain a robust knowledge of and further insight into risk strategies, how to mitigate them successfully when new risk arise, as well as how they should be communicated to stakeholders. Thank you advance!