The project manager is reviewing a project's progress and notices that one of the risks has become an issue. What should the project manager do to address the situation?

Initiating a change request for additional funds is premature before a solution has been defined, and the specific resource implications of addressing the issue are understood.

When a risk materializes into an issue, the project manager must understand the full impact and explore potential solutions collaboratively. Meeting with the project team, who are closest to the work, and the customer, who is directly affected, to brainstorm solutions is a crucial first step to define the best path forward and gain buy-in for addressing the issue.

While informing stakeholders is important, it is more effective to first develop potential solutions with the team and customer rather than immediately escalating to a larger stakeholder meeting without a proposed course of action.

This implies an existing risk response plan is directly applicable and simply needs implementation; however, if a risk becomes a full 'issue,' it often indicates the need for more dynamic problem-solving or a workaround beyond a pre-planned response, which brainstorming facilitates.