A project manager identifies that a previously managed risk has materialized: a key vendor has announced they will discontinue support for a critical software component in six months. This is causing delays in development and concerns about long-term system sustainability. What should the project manager do FIRST?

Update the risk register to reflect that the risk has become an issue

Begin searching for alternative software components to replace the discontinued one

Assess the immediate and long-term impact, then collaborate with stakeholders to determine the optimal response strategy

Implement the pre-planned risk response that was developed when this risk was first identified