Importance of Risk Management in Program Management

Risk Management is the process of identifying, assessing and mitigating risks to a program. It is critical to identify the risks and have a mitigation plan for them as it helps to ensure that programs can be completed on time, within budget along with a desired quality.

Effective risk management is very important for a program to succeed. By identifying and managing the risks early on, it becomes easy for program managers to develop strategies for the mitigation or avoidance of risks. This would there by improve the changes of completing program on time maintaining the quality and budget.

Below are some of key benefits which I can think of around risk management

• Increased Likelihood of Program Success -
• Improved decision making
• Reduced Costs
• Improved