Risk management involves identifying, assessing, prioritizing, and mitigating potential risks that may impact the success of a project, organization, or endeavor. It encompasses a systematic process of analyzing uncertainties, evaluating their potential impact on objectives, and implementing strategies to minimize their adverse effects.

How can we systematically manage risks in a project, focusing on identifying potential risks, evaluating their impact, prioritizing them for treatment, and monitoring and controlling them throughout the project lifecycle?

Support the answer using a HIRARC or Risk Register document and a Case Study.