ABSTRACT
This chapter covers the structures and relationships that support Project Risk Governance (PRG). They are the board of directors, project sponsors, steering committees and the Project Management Office, tied together by organisational leadership. Project risk processes are generally regarded to be of a technical nature and are covered in frameworks such as Project Management Body of Knowledge (PMBOK) and Projects IN Controlled Environments (PRINCE2). PRG ensures that strategies for value-protecting and value-creating are executed and that the overall risk of the project portfolio satisfies the risk appetite of the organisation. Mueller expressed the importance of project portfolio, programme and project management as being part of organisational governance. From the alignment of business and project strategy, project strategies are formulated in which project risk is avoided or mitigated to protect the organisation's value, or exploited to give it a competitive advantage. Project managers are responsible for the day-to-day management of a project and are accountable for the project's performance.
