Interview Question for Program Manager at Amazon.com:

There is a caveat to my answer, which is that I would have already had a Risk Management Plan and process in place- with mitigation strategies to boot. More detail can be provided, but the average PM should already know the process. That said, the overarching response would be to activiate the respective risk protocols. This process should include the sponsor, project membership involved/impacted, and client. Most important, since I would have at least included my client in my risk management process, so that he/she would not be caught "flat-footed" and would actually be a part of the resolution. Experience has demonstrated that this smooths ongoing efforts tremendously. As a bonus, it gives the client an opportunity to see a response plan come to life, further building that cherished customer-loyalty factor.