A large project requires new equipment to support the project execution. The procurement manager communicated to the project manager that the delivery of the newly purchased equipment will be delayed.

Informing the sponsor is important but comes after validating the information and beginning the internal process of risk assessment and planning.

When a potential issue like an equipment delivery delay arises, the project manager's next step is to first validate the accuracy and extent of the information from the procurement manager. If confirmed, this delay represents a newly identified risk or a change in the probability/impact of an existing risk, which necessitates updating the risk management plan (and by extension, the risk register) to accurately reflect the current risk profile and plan appropriate mitigation strategies, ensuring a systematic approach to project risk.

Sourcing second-hand equipment is a potential mitigation strategy, but it's premature to jump to a solution without fully validating the delay, assessing its impact, and formally updating the risk plan.

Updating the risk register is part of the process, but the broader risk management plan should be considered, and discussing with all stakeholders happens after a preliminary assessment and plan update, not as the immediate next step.