Risk management includes identifying the various events or circumstances that may prevent or enable an organization to achieve its objectives.

The NCHRP enterprise risk management guide suggests managing risks at four levels.

Enterprise Risks

These are risks to the organization’s strategic objectives or which involve multiple levels of the agency.

Project Risks

These are risks to individual projects, usually within a larger program. They are the most common risks agencies typically address.

Program Risks

These are risks that are common to programs, which are groups of common projects intended to achieve an agency’s objectives.

Activity Risks

Activity risks create threats or opportunities that can matriculate up and affect projects, programs, and even the entire enterprise

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