Risk management standards for project management

Abstract

The purpose of this paper is to present and compare the main standards for project risk management that are currently available today. Four international standards recognized worldwide were selected for comparison: PMI, PRINCE2, IPMA, ISO 31000 and IEC 62198. Project management has evolved over recent years into a mature professional discipline characterized by a formalized body of knowledge and the definition of systematic processes for the execution of a project. All these and possibly other factors as well, have resulted in growing numbers of books, articles and conferences being devoted to project risk management. This level of activity has also led to the development of a number of standards that prescribe for and advise organizations on the best way to manage their risks. Every meaningful standard for project management contains project risk management as its important part.