Programme and project risk management are essential, as most large complex programmes and projects fail to meet their planned objectives on time, either by failing to deliver what was promised, sliding timeframes or exceeding their budgets – or all three.
Potential risks within major change programmes are the most difficult of all to identify, and therefore to take action on, because often the sheer complexity of the programme can make it difficult to “see the wood for the trees”.
Most organisations simultaneously work on several programmes of change at any one time, and these programmes may fundamentally change the way a company or organisation conducts its business. The failure to meet deliverable deadlines and other risks that result in potential problems can have a severe adverse effect on the overall business’s objectives, profitability and reputation.
So it is important to have a programme wide risk management plan in place for proper risk identification, risk analysis and risk prioritisation. Ultimately a programme “risk register” will need to be compiled so that the necessary risk mitigation and risk response steps can be coordinated.