How to realize and prevent the risks throughout an ongoing Project?

In general, as we are all aware, the risk management process consists of the following main steps: (i) Establishing the context for risk management; (ii) Risk assessment (including Risk identification, Risk analysis, Risk evaluation); (iii) Risk treatment; and (iv) Risk management monitoring and review.
Your question thus mainly concerns Step 2 and Step 3 of risk management for the whole project life cycle. The above mentioned risk management process is well described in professional risk management literature such as: A Guide to the Project Management Body of Knowledge (PMBOK® Guide) of Project Management Institute (PMI), Risk Management - Principles & Guidelines (ISO 31000), etc., which I am sure you are well familiar with.

Here I just want to add that in the context of managing a project and it’s risks, a close attention should be paid regarding risk identification and risk mitigation for each and all stages of the whole project, since risks will and do change throughout the project life cycle. For example, at the stage “Starting the project” your project may face risks such as: some background information and/ or plans are not properly documented; no formal benefit-cost analysis has been done; no formal feasibility study has been done; and you don’t know who the originator of the project idea is. At the stage “Closing the project”, you may encounter other risks like: project results are not formally approved by one or more project owners/ drivers; and project team members are assigned to new projects or simply leave before the current project is completed.

Another important issue to mention is the use of leading indicators called “Key Risk Indicator” (KRI), which are a measure applied in management to indicate how risky an activity is. KRI is an indicator of the possibility of future adverse impact, and thus can give us an early warning to identify potential event that may harm continuity of the activity, project or operation of an organization.

Last but not least, it’s worth to remember that risks can be both positive or negative, which are commonly referred to as opportunities or threats, respectively. While people often refer to risks as negative ones, it’s important that we also consider and properly treat positive risks that offer opportunities, within the limits of acceptable risk tolerances, and may be pursued in order to generate enhanced value for a business or project.

In fact, realizing such risks is in general a hard problem, it is, however, based on the experience, the management procedure and so on, some easy-to-find risk problems are able to be realized but it depends on what types of the projects that you may have a different way. Anyway, no exact rules for such a work but resolving such risks are always desirable, I agree with!