Program risk management may include:
- Risk identification of all projects
- Risks prioritization
- Potential project risk influencing other projects
- Risk avoidance planning
- Risk owner assignment
Risk identification of all projects
High-level or detailed risk identification for all projects of the program may require prediction of possible risks that may occur during projects realization and post projects realization stages.
The risk may be detailed with the participation of all project management roles if there are multiple roles assigned to the program.
The risk can be divided into separate themes (risk items) and added to a common project risk list for the entire program.
Risk identification for all projects can be carried out in advance and if multiple teams work on multiple projects simultaneously.
If teams work on projects consequently, detailed risk identification can be carried out consequently as well, but initial and high-level risk factors (items) need to be identified on early stages.
Project risk management details are included in the Business Value Oriented Project Management (BVOPM) section.
Risk items may be prioritized so most likely to occur topics (items) are placed on top of the program risk list. They require more observations, discussions, prevention planning and efforts during the realization of the project.
Potential project risk influencing other projects
The BVOP suggest that risk that may influence other projects need special attention. They need to be identified, highlighted and need higher order in the risk list (the collection of all risk items).
Participation of all teams intended to work on potentially affected of same risk projects and their management roles are required for planning risk avoiding.
Risk avoidance planning
Every risk needs an avoidance plan. The avoidance plan for each risk item is defined by the management roles assigned to the project with the participation of team members who have direct relevance to the risk item.
Risk owner assignment
Each risk item needs assigned owner that is usually an individual or multiple individuals working on the project, specific tasks of the project or have needed competence and knowledge about the subject related to the risk.
Risk owners observe early risk symptoms of their assigned risk items, predict risk occurrence, try to avoid it, collaborate with project management roles and other key roles and stakeholders for avoiding or minimizing the risk impact.
A risk that may influence multiple projects has multiples owners assigned from each project that may be impacted.