What is the best way to manage risk for a program?

Question

Anonymous · Accepted Answer

I understand there are risk factors involved in every program but there can be
different ways through which risk mitigation can be performed.
 * Collaborating with different project managers and having an open ended
   communication on the risks they have encountered previously in their projects
 * Doing an RCA to check how this can be prevented for overall product
   development
 * Documentation of the risk factors and checking out on the high and low impact
   of the risk involved
 * Designing appropriate measures that can be taken in case of high impact risks
   , to reduce the intensity

Anonymous · Answer

First, I would make sure the program and product workflows are properly
documented and validated with the subject matter experts to insure I have a good
understanding of the way the process and program works.  Then I would flag and
assess areas of risk from high to low.  I would generate a metric system to
track those risk areas and put in place a process to proactively monitor and
respond to potential risks.  Last, I would make sure there is a set of metrics
established to give visibility across the organization to potential risks.  For
example, I put in place a release stability project which would assess a product
release based on the customer impact and number of tickets opened as a result of
the release .  We would then provide the results of that assessment to the
product leaders for future product releases.

Anonymous · Answer

I understand that every program comes with positive and negative risks.
Sometimes I may not foresee all the risks at inception, I like to evaluate the
program's exposure to risk. I accomplish this by evaluating different projects
in the program and analyzing the risks they have encountered in the past and
anticipating the same or brainstorming with my team and stakeholders on
potential risks. Second, I use qualitative and quantitative measures to asses
the risk severity and allocate necessary measures to deal with the risk.
Further, I implement the risk response plans and allocate the resposnible teams
and resources . During the project I constantly monitor the risks anticipated at
inception all while still communicating with stakeholders on the potential risks
and response plan.

What is the best way to manage risk for a program?

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