Conduct a thorough risk assessment of your contract portfolio by identifying potential risks such as [compliance violations], [contractual disputes], or [vendor performance issues]. Develop a risk matrix that ranks each contract by risk level, considering factors like [contract value], [delivery timelines], and [contract penalties]. For each identified risk, propose mitigation strategies, such as [contract renegotiation], adding [penalty clauses], or implementing more stringent performance monitoring. Document and assign responsibilities for mitigating actions, ensuring that each risk has a clear owner and defined deadlines for resolution.