As an armature sports car racer, I look at the analogy a bit differently. You need to look at risk management both from the perspective of the driver, and the crew chief.
There are similar known unknowns to deal with as the chaotic traffic in India. I'm watching for erratic drivers, weather changes, debris, sometimes wildlife, official waving warning flags, critical gauges and trouble lights, etc. I'm constantly scanning for threats as far down the track as possible, and also in front of me on the literal dashboard, trying to notice if things are stable or changing. I don't need to write all those kinds of risks in the register though. It becomes pointless to write down every possible scenario when my only handling option is deal with it if it happens
I do however have a whole list of risks that I am actively managing far before I get on the track. I have lots of driver training to perform my job and manage when things go bad. My car is full of safety equipment, and I''m wearing a special protective suit and helmet. A safety inspector has reviewed my car for any issues, and I spent hours beforehand checking all critical systems myself. I re-check certain things immediately after I come in off the track. If I'm involved in an on-track incident, the stewards note that I require a new inspection after repairs are complete. I have a medical clearance from a doctor, and I prepare my body for extended periods of exertion in a 60*C enclosure. I practiced escaping from fires and out of upside down cars. Many of those are written down in some form, and I check my risk register frequently because handling those types of risks often takes lengthy preparation. If I forget to bring something, or break something at the track, finding replacements on short flow may not be possible and the risk is that I spent a lot of money but didn't get to race.. There's a saying that comes in many versions that poor planning produces poor performance.
By reviewing my risk resister regularly, I can be more confident that I won't have to worry about them on the track while I'm also managing the more random risks with little time to react. I'm not distracted by wondering if I torqued all 4 wheels and put fuel in the car. The crew chief checked all those systemic risks.before I got in the car, down to checking my suit is zipped and my helmet buckled..
One weak signal that I can often spot when risks are becoming issues is reading the mood of the room. When people are generally happy during meetings, talking about family, pets, or car racing, then emotional health is better than if people seem stressed and getting sick. That's a sign of burnout, and it might be wise to ease up on the gas pedal for a while to let people recover.That's why prefer in-person or phone meetings over just text and chats. It's easier to read the room. Crew chiefs do the same thing on the track, keeping tabs on the driver over a radio, observing for signs of stress, like after a near miss, and try to talk the driver down, freeing up their thinking for managing the car.