After new private equity owners acquire an enterprise, they want to improve its value by reducing costs. A new program will restructure the enterprise, including an aging headquarters campus where…

After new private equity owners acquire an enterprise, they want to improve its value by reducing costs. A new program will restructure the enterprise, including an aging headquarters campus where the main data center is housed. A strategic component project presents significant risk to organizational objectives due to Its complexity and dependencies on external parties. After a series of board meetings, the enterprise's investment committee approves a budget to Implement this component project, which will move the old data center from the aging headquarters campus into a new colocation facility Implementation of this component project may now begin, but is already one month behind schedule. The program manager now perceives significantly more risk to the larger program due to this delay. What should the program manager do to address this risk with the program sponsor and governance board?