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Project Management - Risk Management

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I could use some help in answering the below questions:

A key aspect of project management is developing an understanding that risk is inherent in any project. In other words it is normal. How you deal with risk will determine if you evolve to a crisis management state.

1. What steps can you take to determine the risks of your projects and what do you do about these risks?
2. When does risk management turn into crisis management and what are the warning signs to make sure you can see the transition?

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STEPS TO DETERMINE THE RISKS OF THE PROJECT AND ACTION
1. Identification and evaluation of the potential risks.
2. Obtaining agreement plans to contain the risks.
3. Take the actions and monitor the results.
4. Promptly resolve any issues arising from risks that happen.
5. Assessment of risks involves:
What exactly is the risk and its parameters?
How serious it is as a treat to the project?
What could be done to minimize its impact?
1. It is necessary to find out the probability of the risk happening based on the currently available data.
2. The likely impact on the project if it does happen.

Even though the assessment can only be subjective based on the previous data ...

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