An agile team is in the early development stages and has already begun delivering features to the customer. The team has identified risks and is developing mitigation strategies. What should the project manager do next?

The correct answer is to log the risks in the risk register and prioritize them by impact. Even in agile environments, formal risk management practices are crucial. Logging risks creates a centralized record, ensuring visibility and traceability. Prioritizing by impact helps the team focus mitigation efforts on the most critical threats, aligning with agile's iterative and value-driven approach. Escalating risks to the sponsor and steering committee is premature; the team first needs to understand and prioritize the risks before determining if escalation is necessary. Implementing mitigation strategies immediately, without proper logging and prioritization, could lead to misdirected effort or overlooking more significant risks. While financial implications are important, determining them is part of the broader risk analysis that follows logging and prioritization, not the immediate next step after identifying risks and developing strategies.