If there are Red or risky items in your project its the duty of the managers to come out with options to bring it back to green. "There is no point for predicting rain. There is only points for building an ark". There are astrologers to predict the rain and we as managers to build the ark so that we all are safely shore even if it rain heavily.
Another thought on managers : Managers are indirect cost in a software business where as Individual contributors (coders , designers , testers etc...) are direct cost. We need to ensure that we don't spend too much on the indirect cost and we have the right ratio between individual contributors and managers.
Good additional read on Direct vs Indirect cost