This is a Daily Activity; the way a Project Manager continuously contributes to the project, and teams.
When you identify a new RIC (Risk, Issue, or Change Request), it’s time to react to it based on the Delegation Limits. The first step is to measure the consequences of the RIC on time and cost of the project. If both are below the Delegation Limits, the Project Manager will decide about them, and otherwise it will be escalated to the Sponsor.
The main purpose is to proactively respond to RICs, as soon as possible. It’s best if you get help from Team Leaders, Supplier PMs, and Customer PM for more complex items. If you can’t find a satisfying solution, gather all team members and ask them to help you. You should facilitate such a workshop properly to enable The Wisdom of Crowds, instead of creating Groupthinking. Check A26 for more information about it.