Managing risk is an essential part of procurement and contract management. As the contract manager, it is your job to deal promptly and effectively with any risk events that may occur during the life of your contract, but all officials with a role in managing the contract also play a part in managing risk and identifying emerging issues.
You need to include identified risks in your contract management plan, or if the risks are substantial, into a separate risk management plan (see sections 0.1 to 0.3). You will need to review and update the plan to reflect the current stage of the contract and continue to update it periodically throughout the contract performance phase.
Your approach to managing risks for individual contracts should be consistent with your entity's broader risk management framework.