INMA S1.3.8 Project management risk

(1) Project management risk is the risk of loss resulting from projects not achieving the desired objectives or having a negative effect on the adequacy of a firm’s resources.
(2) If an INMA firm is likely to be exposed to project management risk, its risk management policy should include processes and procedures for identifying, assessing, managing and mitigating that risk. The policy may also set out processes and procedures for:
(a) establishing and managing a project, including setting a business case, cost-benefit analysis, stakeholder sign-offs, monitoring the project objectives, deliverables, timeframes and post-implementation review;
(b) clearly defined and appropriate authorities for project approvals and sign-offs; and
(c) clearly defined and appropriate levels of delegation of authority.
Derived from QFCRA RM/2014-4 (as from 1st January 2015).