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.