The Chief Information Officer's Body of Knowledge: People, Process, and Technology

Chapter 16

Project Risk Management

Sam Chughtai

A New Age of Risk Management in a Global, Interconnected World

Today, business and projects are different. Today's projects are agile, complex, and characterized by a vast, complicated network of business relationships teeming with technology, process, regulatory compliance, and sensitive information. A single high-risk unmanaged relationship or variable can be a ticking bomb. Today your business or a mission-critical project may be at risk whether you realize it or not, especially if you do not have an independent risk assessment and reporting function in place during the project life cycle.

Today, risk management must be strategically insightful and tactically consistent, and cross-functional across the enterprise—and as fast and reliable as the underlying technology that drives it. Costly solutions for governance, risk assessment, and subjective compliance reporting that offer only compliance comfort are no longer enough. In this new age, you need the independence, transparency, and standardization of an on-demand risk management intelligence as an in-flight check (IFC) to sustain a high degree of confidence in successful project delivery.

Why Project Risk Management?

Big projects fail at an astonishing rate, causing a multitude of impacts ranging from brand value, market share compromise, reputational impact, and regulatory compliance risk. A lack of transparency and independent project oversight causes a loss of objectivity ...