Integration Stages of Project Risk Management (PRM) into Enterprise Risk Management (ERM)

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Author(s): Ruchi Agarwal (Indian School of Business (ISB), Hyderabad, India)and Lev Virine (Intaver Institute, Calgary, Canada)
Copyright: 2019
Volume: 8
Issue: 1
Pages: 21
Source title: International Journal of Risk and Contingency Management (IJRCM)
Editor(s)-in-Chief: Narasimha Rao Vajjhala (University of New York Tirana, Albania)
DOI: 10.4018/IJRCM.2019010102

Keywords: Business Science Reference / Information Security & Privacy / Risk Assessment / Security & Forensics

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Abstract

Enterprise risk management (ERM) is a relatively new concept for a project-based organization than for a functional organization. A project-based organization, in general, faces several difficulties in the implementation of ERM due to the diversity of risk associated with several projects. From a system thinking perspective, a project-based organization needs an integrated approach to interrelate the isolated processes of diverse projects. The issues are related to fuzzy picture of integration, such as, the difference between ERM and PRM processes, how to integrate the two concepts, what happens if integration process goes wrong, as well as issues with risk technologies and change in risk culture. The article provides informal and formal approaches to integration of ERM and PRM. Successful integration requires not only an understanding the value of integration, improvement in risk culture, but needs a learning-based approach to improve risk expertise, interaction, team building, and decision making.

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Integration Stages of Project Risk Management (PRM) into Enterprise Risk Management (ERM)

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