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(RISK-1639) Building an Enterprise Risk Management Program

Primary Author: Mr. David Huter, Ms. Tooran Khosh PE, Mr. Nicholas Johnson PE and Mr. Michael Thomas Watry

Audience Focus: Intermediate
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA

Abstract: Project risk management has traditionally been performed to ensure that project specific goals are met, such as on-time and on-budget performance. However, many organizations define success by the projects they deliver thereby creating a complex link between project performance and achievement of the organization’s overall goals. As a result, organizations may need to take a more holistic view of project risk management, not only addressing risks with impacts to project cost and time, but also to a larger project portfolio and to the organization at large. By doing so, organizations can align project execution with attainment of their larger goals. This paper explains the key components of such a project Enterprise Risk Management (ERM) program and how the program may be used to more effectively manage projects.