Organizations are expanding the application of traditional risk management to enterprise risk management, aligning each project to the organization’s vision, mission, and goals. As a result, the project managers assess the challenges and opportunities that innovation and market disruption may present at the enterprise level.
This change in organizational behavior helps improve the quality of risk data that project managers communicate to the executive management and promoting a decisive response strategy. Communicating a well-developed enterprise risk management knowledge to all levels of the organization aligned with strategic priorities will allow for a proactive approach to address the projects’ uncertainties. The recent surveys by McKinsey found the 26 percent of workers in the U.S. (40% globally) are already preparing to look for new employment opportunities by the end of the year. These emerging knowledge and enterprise risks and the growing complexity of organizational environments call for the elevation of the importance of enterprise-knowledge loss risk. There are time-tested tools and approaches intended to identify, prevent, or manage these risks, including knowledge maps, identifying critical organizational knowledge, and providing information on where to find them.
This presentation explains the critical components of the Enterprise Risk Management program and the impact of effective knowledge transfer and communication to manage projects, programs, and portfolios at all levels of the organization. We’ll examine a few contemporary paradigms of managing project knowledge and enterprise risks, considering their implications for shaping project success in the post-pandemic era.
Learning Objectives and Takeaways:
- Exploring Traditional vs. Enterprise Project Risk Management (ERM) and the limitations of traditional risk management.
- Identifying the role of project managers in successful ERM implementation.
- Outlining specific steps for project managers to practice and promote sharing organizational knowledge to improve enterprise risk management.
PMI Talent Triangle: Strategic and Business Management (Business Acumen)