In the context of product ownership analysis, risk analysis and management are a continuous process for a longer duration than a time-boxed project. The Product related risks often fold in the components of market and business environment risks that are long term. Careful identification and mitigation are required to address product risks. Risk categories, from a product point of view, include:

• Delivery and Execution Risk: Relates to risks involved in the development of the product involving cost, schedule, resources, as well as the risk of developing unintended features that do not create value.
• Market Risk: Relates to the risks where the product does not generate the right outcomes for the business or customers.

While practitioners are familiar with delivery and execution risks, the market risks are mitigated by:

• Additional customer research (e.g., ethnography),
• Right-sized product launches (e.g., MVP),
• Phased rollouts (e.g., Alpha and beta launches),
• The sequence in which chunks of features are delivered,
• Customer acceptance of features (e.g., A/B tests),
• Functional Research (e.g., Spikes, PoC), and
• Metrics and Key Performance Indicators (KPIs).

POA Domain	Risk Analysis:
Applying Foundational Concepts	Risk analysis and mitigation is inherent to product development effort and starts with the identification of customer needs. This requires analysis of organizational capabilities. Challenges to organizational capabilities may come from team competencies, including: Delivery capabilities, and Organizational support mechanisms. In this domain, risk analysis and management are applied to uncover and plan for any systemic challenges to product development.
Cultivate Customer Intimacy	The market risk component can be mitigated by a deeper understanding of customers, and whether the product is fulfilling customer needs. Risk analysis and management requires Practitioners to apply their customer knowledge while identifying any risks and applying risk mitigation approaches.
Engage the Whole Team	Identification of risk and the associated management practices need to be discovered as a team. The POA Practitioner may suggest, and bring in, the customer perspective for risk identification. However, the entire team needs to highlight any delivery and execution-related risks.
Make an Impact	Risk management techniques need to be impactful so that the business and customer outcomes are not severely affected. In the life of the product, there are product decisions that may make or break the product and cause irreversible consequences. Such decisions must be weighed with detailed analysis and an appropriate mitigation plan.
Deliver Often	Risk analysis and management must be conducted often to keep the risk register current. The product team conducts the risk analysis and management exercise at least once an iteration to reflect the current state.
Learn Fast	Unmitigated risks are the primary cause of failed products. The product team must conduct the risk analysis and management exercise to uncover all risks that may potentially cause issues. Fast customer feedback, appropriate metrics, and analyzing KPIs help the team better manage risks.
Obsess About Value	Even if delivery and execution risks are carefully managed, the product may still not be successful if it does not generate the desired business outcomes or provide enough customer value. Market risks are considered in detail when risks are analyzed in a product context.