Managing risk is a necessary component of project management. Unfortunately it is often neglected right up until the point where there is a serious problem that needs to be adressed. Ignoring risks until they materialize is guaranteed to blow your budget and schedule every time - and it will add a lot of unnecessary stress to boot.
Despite the obvious benefits of a robust risk management strategy, it tends to be one of the last things project managers are trained on. Most of the new PMs that I talk to aren't familiar with the terminology and simply don't know where to begin. So I've put together an infographic that makes risk management simple to understand.