Project Risk Management – An Urgent Need to Bridge the Gap
In a recent Project Management Institute (PMI) “pulse survey” on the global economic outlook, survey respondents from over 35 countries highlighted that project risk management or risk-related skills will be in more demand as a result of the current global financial situation.
In a separate report by The Economist Intelligence Unit, a business-to-business arm of The Economist Group which publishes The Economist Newspaper, survey respondents also point to the identification of new risks as the most important role and responsibility of risk management.
The report findings highlighted the need for companies to allocate sufficient and skilled professionals to risk management activities. On the other hand, organizations are also facing huge pressures to keep costs under control. Confronted by these competing objectives, risk management professionals are posed a rare and valuable opportunity to make themselves indispensable to the future of the business by creating an effective and comprehensive risk management strategy for their business.
In line with the role delineation study report by PMI, these findings point to an urgent need for project management professionals to improve their knowledge and skills in the specialized area of assessing and identifying project risks while mitigating threats and capitalizing on opportunities.
As a very timely response, the PMI-Risk Management Professional (PMI-RMP®) credential was introduced last year to recognize the demonstrated knowledge and expertise of project risk management professionals.
Sources:
PMI Pulse Survey – Global Economic Outlook by R.E.P.s (October, 2009)
Economist Intelligence Unit (EIU): Risk management in neglect (October, 2009)