When a procurement risk is identified, the project manager should review the Risk Management Plan. This plan is essential for understanding the processes and procedures to be followed when addressing risks. It includes identifying, analyzing, prioritizing, and responding to risks, which in this case involves taking preventive action to mitigate the identified procurement risk1234. References: * Project Management Academy1 * PMI's Practice Standard for Project Risk Management2 * ProjectEngineer.net3 * Lovepmp.com5