Systemic Risk Management: A Practice Approach to the Systemic Management of Project Risk

Systemic Risk Management: A Practice Approach to the Systemic Management of Project Risk

Steve Raue, Louis Klein
DOI: 10.4018/978-1-5225-5481-3.ch003
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Risk management is a practice. It consists of activities which ought to be focused and integrated. This chapter argues for a systemic practice of project risk management. It shows what can be done with a systemic approach to improve risk management on different levels in different ways, and how systems thinking meets the challenges of increasing project complexity and the embedded risks. First, the benefits of a systemic perspective on projects in observing and describing actuality and possibility are explored, to provide a wider range of perspectives on the project itself and alternative ways to detect risk. The second part discusses why it is critical to establish risk management as an independent key practice in projects. A third part is concerned with proposing elements of risk management as a distinct project within projects, projects to detect, to mitigate and to fix risks.
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Risk Management As A Way To Observe Projects

Risk management is a practice that you can do in projects. Projects are organisations. As such they can be described systemically as social systems. Employing a systems view on risk automatically brings forward the question how projects and the people working in projects look at themselves, describe their practices and make sense of what they are doing. The ability to acknowledge and utilise different levels of observation to create awareness in the project is crucial to identify risks.

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