Your company has a joint venture agreement with another company, but the partner companies'management has never shown up in any portfolio oversight meetings. That leads to a lot of pending decisions.

While communication with the partner is reasonable, acting ad-hoc without consulting the documented risk response plan bypasses the structured governance approach.

Escalating directly to investors without first following the documented risk management procedures skips the defined governance process.

In portfolio management, stakeholder non-participation - especially from joint venture partners - is a governance risk that should be identified, analyzed, and have response strategies defined in the portfolio risk management plan. The correct action is to consult the existing risk management plan for documented response strategies rather than taking ad-hoc escalation steps, as the plan provides the approved, structured approach to resolving this type of risk event.

Consulting senior executives is an escalation path, but it should only occur after the documented risk management responses have been followed or are insufficient.