Roles and Responsibilities in Risk Governance

Correct Answer: The Program Risk Manager

The Program Risk Manager is the correct answer because this role is specifically responsible for overseeing and coordinating all risk management activities across the program, including those involving external parties and vendors. The Program Risk Manager's responsibilities include: - Developing and implementing risk management strategies - Coordinating with all stakeholders on risk-related matters - Ensuring consistent risk management practices across the program - Managing the integration of risk activities between internal and external parties The other options are incorrect because: - The Procurement Manager and Risk Management Office focus primarily on procurement-related risks and contractual matters, not overall program risk coordination - The External Stakeholder Engagement Committee and Risk Board are advisory bodies that support risk management but do not have primary coordination responsibility - The Program Sponsor and Vendor Management Team have oversight roles but delegate the day-to-day risk management coordination to the Program Risk Manager

Correct Answer: The Risk Management Team Lead

The Risk Management Team Lead is the correct answer because this role is responsible for coordinating and overseeing all risk management activities, including maintaining documentation, tracking risk responses, and capturing lessons learned throughout the project lifecycle. Here's why the other options are incorrect: The PMO Director typically provides guidance and standards across multiple projects but does not manage day-to-day risk documentation for individual projects. The Project Sponsor approves risk management strategies and provides resources but is not involved in maintaining detailed documentation or lessons learned. The Quality Assurance Manager focuses on ensuring compliance with risk management processes but is not responsible for maintaining the risk response audit trail or documenting lessons learned.

Correct Answer: The Project Sponsor

The Project Sponsor is the correct answer because they hold ultimate authority and accountability for the project, including financial decisions that affect the project budget. Key reasons why the Project Sponsor is responsible: - Has the authority to approve additional budget allocations - Owns the business case and project justification - Makes executive decisions regarding significant project changes - Has the organizational authority to commit additional resources Why other options are incorrect: - The PMO Director and Risk Committee typically serve advisory roles and make recommendations, but do not have final approval authority over budget matters - The Risk Management Team Lead's role is to identify and analyze risks, not to approve budget allocations - The Project Manager and Financial Controller implement and track approved changes but do not have the authority to approve additional budget allocations themselves In the project governance hierarchy, only the Project Sponsor has the necessary authority level to provide final approval on risk responses requiring additional budget.