The benefits of risk management in projects are huge. You can save a lot of money and avoid unnecessary delays if you deal with uncertainty in projects in a proactive manner. The result will be that you minimise the impact of project threats and seize the opportunities that occur, allowing you to deliver your project on time, on budget and with the quality results your project sponsor demands.
Also your team members will be much happier if they do not enter a "fire fighting" mode needed to repair the failures that could have been prevented. The video below shows Nigel Hurst of Bearing explain the essentials of risk management in a catching and entertaining presentation.
Below is the PowerPoint presentation which is discussed in the video.