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Through a systematic review, the study examines critical sources of risk affecting R&D initiatives. Out of an initial pool of 178 articles, 46 studies were selected for detailed analysis. Key risks identified include technological, financial, and management-related uncertainties. The review evaluates proactive mitigation strategies, such as agile methodologies and scenario planning, tailored to the distinct challenges of R&D environments. Findings highlight the significance of stakeholder engagement and the integration of advanced risk analysis tools in improving project outcomes. Additionally, this research proposes a comprehensive framework for understanding and managing risks in R&D, providing actionable recommendations to promote a culture of transparency and continuous learning. The study concludes with suggestions for future research aimed at refining risk management methodologies and enhancing collaboration among stakeholders to address the inherent complexities of R&D projects.