From what I’ve seen, there are several pros and cons of having the PM team responsible for managing risks of a project. Because the product managers should be familiar with all of the functions and processes of the different teams responsible for developing the project, they should be better suited to foresee risks associated with a project. In addition, many risks associated with a project have to do with budget and time, both of which are factors the project managers are responsible for managing. However, many potential risks that cannot be foreseen are often detected by members of the team which can potentially be too late to effectively work around.

On the other hand, having a completely separate team responsible for risk management also presents its own pros and cons. Teams focused solely on determining and managing risks of a project may be better suited at detecting potential risks that a project may present, due to the fact that an entire team is a greater resource in comparison to a project management team that is responsible for many other aspects of a project. However, if the risk management team fails to be familiar with the processes of each team associated with the development of the product, the attempts would be futile.