Look for integration points, critical path deliverables, data conversion points, and resource availability. Each is an opportunity to gage how well the project is moving or any risks that are starting to surface.Identifying risks is more than just asking if anyone has any problems on a status meeting.
To communicate the impact and likelihood of a risk, include both in assessments to leadership. Fully understanding the area(s) at risk and why will enable clearer communication and action on the part of leadership.

Define impact as events that could have an impact on the outcome or ability to meet deliverable requirements, schedule due dates, cost, or system performance. The degree of information shared must keep them apprised but not cause unnecessary controversy, or drive premature decisions. Communications for identified risks, including status, and risk response outcomes include Risk Management and Decision Logs, and Communication Plans.
Decision Logs provide context and background for key decisions, including risk mitigation decisions.

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