Businessdictionary.com defines risk management as: "The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events."
It is impossible to do any of those things unless you have authentic, reliable knowledge of what you are dealing with!
Improving your approach to risk management starts with improving your approach to the essential knowledge, tenets and assumptions that you depend on. Knowledge is the cornerstone of risk management. I'll go further. Knowledge is the cornerstone of leadership.
Whether dealing with external change or coping with the risks inherent in a new product launch, the message is the same. Never bet the farm on an idea that you haven't tried to kill first!