Key Issues in Global Projects Risk Management

Significant research on risk management has focused on the development and assessment of risk management models. However, risk management has been often criticized as being inadequate and not achieving its main objectives of bringing greater certainty to projects by minimizing threats and maximizing opportunities. This paper explored the efficacy of risk management practice in global projects with a focus on the offshore oil and gas industry in Nigeria and the United Kingdom. It employed semi-structured interviews to capture the relevant risk management experiences of personnel involved in global projects. The findings identified the existence of areas of similarities in risk management practice in the offshore oil and gas industries of both countries. The paper noted that the people/organisation culture, risk management structure and the risk management process were the core areas wherein all issues either detrimental or beneficial for risk management emanated from. It concluded that project stakeholders should instil good project management awareness with an emphasis on risk management as part of their corporate culture, create greater awareness on risks that permeate throughout the life cycle of projects. Overall, the implications for both practice and theory highlight the need for more strategically directed risk management procedures for global projects