Project Risk

The risk of loss as a result of the failure of the organization to successfully complete one or more specific projects or initiative. The loss can be financial – from such things as time delays, cost overruns or design/development/construction errors and oversights needing rectifying – or from the consequential impact on the organizations’ products, customers, external contractual arrangements or operations generally.

A project or initiative that has the ability to have a significant and material impact on the organization should be included under Major Project Risk (a Strategic Risk).