Managing risk in projects is a well-established practice, with agreed processes, accepted methods and proven techniques. Even though it has been long considered a key contributor to project and business success, some elements of project risk management and its overall impact on the program/portfolio or enterprise are still areas to be further examined and developed.

Particularly as nowadays project risks cannot be treated in silos anymore but organizations must offer a unified, enterprise wide approach to managing risk or capitalizing on opportunities. Unfortunately a study by COSO reported that “the state of ERM appears to be relatively immature. Only 28 percent of respondents describe their current stage of ERM implementation as ‘systematic, robust and repeatable’ with regular reporting to the board. Almost 60 percent of respondents say their risk tracking is mostly informal and ad hoc or only tracked within individual silos.”

Therefore businesses face considerable challenges in developing and maintaining an effective risk management system that filters across the business. If you manage risk inappropriately, you can drive out the opportunity you seek in your venture. Consequently, risk management is not a matter of driving out all risks, but rather one of understanding the risks and choosing to avoid some, while turning others in your favor.

RiskZone 2012 brings you a range of insightful case studies demonstrating where and how successful projects have been managed, and what measures can be taken to avoid the pitfalls which have befallen others.

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