When a project faces the risk of losing a key resource, especially in a high-risk project requiring specialized skills, the project manager should first discuss the issue with the project team to assess the impact. This is in line with the PMI's principles of engaging with the team and stakeholders to understand the implications and explore alternatives1. The team can then collectively decide on the appropriate actions to follow, which may include finding a replacement or reassigning responsibilities within the existing team members. References:
The answer is verified using the Risk Management Process for PMP as outlined by the Project Management Academy, which aligns with the PMI's practices1. The detailed explanation is supported by the Professional in Business Analysis Reference Materials provided by PMI2.