In my opinion, the art of risk management is definitely more an art than a science. A good risk log is the key to start with. It is important to understand the consequence, likelihood (probability) of the risk In addition to this, it will be good to have the dependency, and the inter-linking added to provide another layer of depth. With this information, it would be good to understand the issue to identify the issue and prioritize this. The risks that cannot be prioritized by the immediate team, it would be good to involve the wider stakeholders and work with them. Stakeholder involvement is the key to understand the priority and working with them is the key to success.

After preparing the Risk Management Plan, I identify all possible risks and assess their likelihood and severity to classify them as High, Moderate, or Low. Then, I analyze dependencies and urgency across programs to determine the optimal approach for risk responses. Finally, I prioritize risks based on strategic goals, objectives, and program benefits, ensuring that high-impact risks threatening key outcomes are addressed first. This approach aligns risk management with strategic priorities and maximizes value delivery.

In my experiences as #tech executive, I learned that balancing risks across multiple interconnected programs is key to prioritize which risks to address first. Here, you can start by assessing the potential impact that each risk could have on business objectives, customer satisfaction, costs, and even reputation (like #CyberSecurity risks). From there, consider your org strategic goals, to prioritize program tasks and even contermeasures. Also, as a program manager, take into account the resources available. Be wise and look for mitigation actions that can quickly reduce risk without extensive resources, reducing overall risks. And, as always, involve and consider key stakeholders: gather insights from people who can offer new perspectives.

It is important to prioritize risks to assess both their impact and as well as likelihood. It is also key to consider their dependencies. then finally focusing on mitigating the highest-impact and highest-likelihood risks first.

To prioritize risks, I as Program Manager will follow this framework: 1. Identify and catalog risks across programs. 2. Assess impact and likelihood (High, Medium, Low). 3. Evaluate interdependencies. 4. Calculate Risk Priority Number (RPN): Impact x Likelihood. 5. Address high-RPN risks first. Considerations: - Business criticality - Customer impact - Regulatory compliance - Resource availability Regularly review and rebalance priorities as program landscapes evolve. Transparency, communication, and stakeholder alignment are key.