Risk management as a program management responsibility can be a
comprehensive and responsive management tool if it is properly organized and
monitored at the PM level. A formalized risk management program should be
well-planned and forward-looking by identifying, analyzing, and resolving
potential problem areas before they occur, and by incorporating monitoring
techniques that accurately portray the status of risks and the efforts to
mitigate them. Introduction of risk management early in a program emphasizes
its importance and encourages contractors and members of the Government team
to consider risk in the daily management functions.
This Chapter addresses the relationship between risk management and program
management and suggests methods of introducing risk management in a program,
organizing for risk, and training.