Program Risk
Overview
Program Risk is an element
of
Enterprise Risk.
It specifically focuses on the risk that a given program will fail to achieve its strategic objectives.
Portfolio Risk
Programs are portfolios of projects, all aligned to a particular strategic goal. As such, one of the key
tasks of program risk management is the monitoring of the risks of each project in the portfolio, and
understanding the impacts that one project has on the others.
Part of the risk strategy of a program is an elaboration of the responses to the various project risks that
are realized. In particular, it should include whatever necessary changes are necessary to the other
projects in the program in response to a realized risk.
Governance
Because programs are closely aligned with an organization's strategic objectives, risk budgeting and monitoring needs
to include careful thought about program risk governance. This may require that program risks are reported directly
to the chief risk officer and then to the board.
Risk Plan
Most programs will create a program document with a section that includes the risk plan, whcih would include
