What is the make & model of the RAID drive?
Is it a hardware or software RAID?
What file system is used on the RAID?
Check to see whether the Apple System Profiler even sees the RAID enclosure under the USB or Thunderbolt items on the left pane. To access the Apple System Profiler, Option-click the Apple menu and select the first item.
Disconnect all other external devices in case one of them is causing a problem. If you are using any adapters, then try using a different adapter.
Unfortunately Apple Silicon Macs do have compatibility issues with some older devices. I have personally experienced this myself and have seen numerous posts from other users on this forum as well. This may be one of those devices. You may need to check with the manufacturer of the RAID drive to see if your particular drive works with an M1 Mac. I have seen a user report that some Samsung T5 SSDs have this problem...a user confirmed one drive which worked was using a newer controller chip than the other "identical" model drive.