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Risk Management


PM World Collection

There are many articles and papers related to risk management previously published in the PM World Journal and now included in the PM World Collection at https://pmworldlibrary.net/pm-world-collection/Click here, then scroll down and click on risk management under PMBOK topics.


Risk Interest Groups of P/PM Associations

160429 - APM RiskSIG logoAPM RiskSIG - Risk Specific Interest Group by APM (UK) – The Association for Project Management (APM) is a registered charity founded in 1972 in the United Kingdom. It is the largest project management professional body in Europe and is the UK’s national member association of the International Project Management Association.  APM has 13 branches and 14 Specific Interest Groups (SIGs). One of them is a RiskSIG. The APM RiskSIG enables those involved in project management to develop a full understanding of risk management principles and techniques. They sponsor training, an APM Risk Certification and guidance on risk management through papers, publications, forums and events. For more information, visit https://www.apm.org.uk/group/apm-risk-specific-interest-group.


Professional Organizations for Risk Management

Institute of Risk Management (IRM) The Institute of Risk Management is a society founded in 1986 in UK. IRM actively works with partner organisations to develop new educational programmes, thought leadership and continuing professional development. Members of IRM can acquire a diploma or International Certificate in Risk Management and participate in Regional Groups across the world. For more information visit www.theirm.org.

160326 - Crnkovic - RIMS LOGOThe Risk Management Society - RIMS - Global, not-for-profit organization founded in 1950, RIMS represents more than 3 500 industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has more than 11 000 members located in 60+ countries and publishes Risk Management Magazine, hosts the RM Monitor Blog, and offers workshops, online courses and RIMS-CRMP certification.  For more information, visit https://www.rims.org.

160331 - Crnkovic - FERMA LOGOFederation of European Risk Management Associations - FERMA - Founded in 1974 and one of the leading organizations for risk management in Europe. Members are risk and insurance professionals responsible for risk management in their organizations, whether in the public or private sector. FERMA has 22 members from 20 different countries and continues to grow. Every two years, it holds its well-established Risk Management Forum, located in a different country, and organizes specific seminars and surveys. For more information, visit http://www.ferma.eu/.

160520 - Crnkovic - PRMIA logoProfessional Risk Managers' International Association - PRMIA – non-profit professional association, established in 2002 by a volunteer group of risk industry professionals in Minnesota, USA. PRIMA provides an open forum for the development and promotion of the risk profession and is dedicated to defining and implementing best practices of risk management through education. There are 45 chapters active in nearly every major financial center, in North America, Europe, Africa, Asia and Australia which provide an extensive and engaged network of risk professionals. For more information, visit http://www.prmia.org/.

160408 - Crnkovic - PRIMA logoPublic Risk Management Association - PRIMA - Headquartered in Alexandria, Virginia, USA, PRIMA is the largest risk management association dedicated solely to the practice of risk management in the public sector. It has 54 chapters around USA and members of more than 2 000 entities in over 1 800 jurisdictions. PRIMA's purpose is to establish the essential knowledge, skills and abilities that constitute effective public risk management practice. They offer educational and training programs, and publish Prima Cybrary, Community and Public Risk Magazine. For more information, visit http://www.primacentral.org/.

160415 - Crnkovic - RiskSIG LOGORisk Management Specific Interest Group - RiskSIG – Originally chartered by PMI in 1996 but now independent, the RiskSIG’s mission is to establish and promote the principles of Risk Management as a foundation for effective Project Management, increase knowledge of Risk Management, and promote its tools and techniques through communication, education and networking. RiskSIG provides forums for the professional exchange of ideas on a myriad of topics related to the management of risk in projects. For more information, visit http://www.risksig.com/.

160507 - Crnkovic - SRA logoSociety for Risk Analysis - SRA – A multidisciplinary, scholarly, international society that provides an open forum for those interested in risk analysis, established in 1980, with headquarters in Virginia. With around 2 000 members and many more in regional organizations on six continents, SRA has 15 specialty groups connected to risk management. SRA organizes Annual Meetings every December, Regional Organization Meetings, SRA-sponsored events, courses, workshops, symposia and World Congresses. For more information, visit http://sra.org/.

160515 - Crnkovic - ARIA logoAmerican Risk and Insurance Association - ARIA – A professional association of insurance scholars and risk management and insurance professionals founded in 1932 in Pennsylvania. The association's membership is comprised of academics, insurance industry representatives, students, and retirees. ARIA emphasizes research relevant to the operational concerns and functions of insurance professionals, and provides resources, information and support on important insurance issues. They provide networking, information and support to members, publish the Journal of Risk and Insurance and Risk Management and Insurance Review, and conduct annual meetings and a Risk Theory Seminar. ARIA provides scholarships and grant opportunities, teaching resources, and awards for teaching and research.  For more information, visit http://www.aria.org/.


Risk Management Standards & Guides

160222 - risk_appetite_cover_exec_summary_150x212IRM’s Risk Appetite and Risk Tolerance Guide - Risk appetite is a core consideration in an enterprise risk management approach. Risk appetite can be defined as ‘the amount and type of risk that an organisation is willing to take in order to meet their strategic objectives.’ This document from the Institute of Risk Management is a useful tool and source of information. For free access to the Executive Summary, click here.

160220 - Plecas - ISO LOGOISO 31000 - Risk Management – from International Organization for Standardization. This standard is intended to help organizations to manage risks effectively. Several ISO risk management guides are also available.  For more go to: http://www.iso.org/iso/home/standards/iso31000.htm

160402 - Plecas - A Practical guide imageA Practical Guide to Risk Managementbook by Thomas S. Coleman in association with the Research foundation of the CFA Institute (Chartered Financial Analysts), published in 2011. A central theme of this book is that “in reality, risk management is as much the art of managing people, processes, and institutions as it is the science of measuring and quantifying risk.  For free access, click here and then click on “Read”


Papers, Reports and Studies

Chapman, R. (2019). Ineffective risk management and the difficulties experienced by Interserve; PM World Journal, Vol. VIII, Issue III (April).  Available online at https://pmworldlibrary.net/wp-content/uploads/2019/03/pmwj80-Apr2019-Chapman-ineffective-risk-management-by-Interserve.pdf

Chapman, Chris & Ward, Stephen (2008). Stakeholders and Uncertainty Management in Projects. Construction Management and Economics, 26:6, 563-577. June 2008. Available at https://www.tandfonline.com/doi/pdf/10.1080/01446190801998708.  (Kürtük)

Chapman, Chris & Ward, Stephen. (2003). Transforming project risk management into project uncertainty management. International Journal of Project Management. 21. 97-105. February 2003. Access paper at https://pdfs.semanticscholar.org/0098/9b7a36e5422b473b8ab01f5cffee9712159a.pdf (Kürtük)

Chen C. C.; Nakayama, M.; Shou, Y.; Charoen, D. (2018). Increasing Project Success in China from the Perspectives of Project Risk, Methodology, Tool Use, and Organizational Support;  International Journal of Information Technology Project Management, Volume 9 Issue 1, Jan-March.  Available online at https://www.researchgate.net/profile/Makoto_Nakayama3/publication/321254724_Increasing_Project_Success_in_China_from_the_Perspectives_of_Project_Risk_Methodology_Tool_Use_and_Organizational_Support/links/5a8dc249aca272c56bc400d5/Increasing-Project-Success-in-China-from-the-Perspectives-of-Project-Risk-Methodology-Tool-Use-and-Organizational-Support.pdf (Choudhury)

Suh, S.D. (2000). Risk Management in a Large-Scale New Railway Transport System Project: Evaluation of Korean High-Speed Railway Experience; IATSS Research, Volume 24, Issue 2, Pages 53-63. Available online at https://www.sciencedirect.com/science/article/pii/S0386111214600297 (Parchuri)

RIMS Executive Report – A review of six widely used risk management standards, opposing them to RIMS Risk Maturity Model for ERM. It provides simple overview of compared standards regarding suitability of usage for organization’s purposes, similarities and differences among the standards. For more information, visit: https://www.rims.org/Pages/Default.aspx

Game Theory as a Tool of Project Management – Comparison of questionnaires results and project managers’ competencies in the context of Czech educational projects, serving as a benchmark to test game theory fit within project risks communication. To read paper, go to: http://www.sciencedirect.com/science/article/pii/S1877042815058462.

KPMG (2013). Avoiding Major Project Failures: Turning Black Swans White – White paper by global consultancy KPMG explains how and why projects fail, and how certain events may be misinterpreted as random black swan events as opposed to a series of failures that can be avoided. To access, go to: https://www.kpmg.com/BE/en/IssuesAndInsights/ArticlesPublications/Documents/avoiding-major-project-failure.pdf (Ziyash)

Effects of risk management practices on IT project success – Paper published in 2017 in the De Gruyter journal Management and Production Engineering Review, by authors Daranee Pimchangthong and Veera Boonjing, discusses risk management in the IT sector. To read the paper, click here. (Aliakbarova)

Articles, Blogs, Expert Opinions

Lowe, S. (2018). Becoming a Risk Hero. Project Times, October 30. Available online at https://www.projecttimes.com/articles/becoming-a-risk-hero.html (Itodo)

Construction Project Risk Management – Construction projects are complex and require a general understanding of design, construction, and management techniques.  The International Risk Management Institute (IRMI) based in the USA reviews some major aspects of construction project management in the expert commentary section of their website under the general heading of construction project risk management.  Go to: https://www.irmi.com/articles/expert-commentary/construction-project-risk-management/  Olawale


Other Resources

Playbook: Enterprise Risk Management (ERM) for the U.S. Federal Government (2016).  Released by the Chief Financial Officers Council (CFOC) and the Performance Improvement Council (PIC), the Playbook guidance and accompanying appendices are tools designed to help U.S. government departments and agencies meet the requirements of the revised Office of Management and Budget Circular A-123 related to enterprise risk management.  To access the document, click here.



More Coming Soon

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