Let's start with two very basic risks that can occur with any IT project:
1. Critical project worker goes on emergency leave
2. Database server goes down one week before the release
How would you simulate and manage those risks?
In the first scenario, the best option could be just asking the worker to go on leave and see how you manage the work and team. Ask your team members to take leave on alternate schedules so you can measure the impact of each one of them.
In the second situation, ask your team to shut down the server and verify your mitigation plan. It may seem foolish, but this is best way you can determine the effectiveness of your mitigation plan if the risk actually occurs.
What do you say?