Managing Project Risks is an area of strong opportunity to make use of ERM, delivering Projects with an increased level of performance and working towards more maturity where projects are ranked and the best ones be invested in.
The CorProfit approach is to align Managing Project Risks with the ISO31000 Risk Process; just using the traditional Project Management approach is insufficient.
Traditionally project management is reflected in scheduling tools such as Primavera, Open Plan or Microsoft Project in which the dimensions of time and cost are set out in Gantt Charts and Pert Charts that show the sequence of work, summary and detail tasks and in some cases the critical path will be tracked.
Scheduling tools do not patently show the consequences of risks other than time or cost overruns.
CorProfit provides a solution with how risks are set in context and by implication deals with the range of consequences that are contended with daily by project managers. For example; consequences may be legal liabilities, breach of regulations, poor quality workmanship (defects), injury to workers and damage to the environment which go beyond merely the financial loss and time delays that scheduling tools calculate.