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Effective Risk Management Starts with Effective Project Management

riskStandardization is the key to mitigating risks – and that’s what Mark A. Langley draws out from the Project Management Institute’s (PMI’s) 2013 Pulse of the Profession survey. Standardization allows for planning of how risks are addressed, testing of mitigation plans, improving oversight, and summarizing both planned and faced risks.

Langley goes on, explaining that companies who wish for effective risk management must understand how alignment between projects and company strategy is perhaps the best way to ensure effective risk management. It’s through this alignment that project managers can vet how well projects fit into company goals and how projects can be monitored within those goals to mitigate risks early.

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