A project manager identifies a risk with a high likelihood of occurring. How should the project manager handle this risk?

When a risk has a high likelihood of occurring, proactive management is crucial. Assigning a qualified team member as a risk owner or manager ensures dedicated attention to monitoring, planning responses, and executing mitigation strategies. This individual will be responsible for tracking the risk and implementing the agreed-upon risk response plan, increasing the chances of successful risk handling. Removing user stories (product backlog items) is an extreme measure that impacts scope and deliverables, not a direct risk response. Submitting a change request to transfer the risk is a valid strategy (risk transference), but it's not the primary or only way to handle a high-likelihood risk and requires a specific external party agreement, which isn't always feasible or optimal. Simply monitoring the risk without a dedicated owner or active management plan is a passive approach that might lead to delayed responses and greater impact if the risk materializes.