During iteration planning, the team identifies a new technical risk: the third-party payment processing API may not handle the expected transaction volume during peak periods. This could impact the upcoming release. What should the project manager do FIRST?

Add the risk to the risk register and schedule detailed analysis for the next iteration

Remove the payment processing feature from the current iteration to avoid the risk

Conduct a spike to test the API's capacity limits and identify potential solutions

Escalate the risk to the product owner for a scope decision