Large projects and system implementations are challenging and costly endeavors that often encounter significant schedule delays and/or budget overruns. Institutions are increasingly engaging Internal Audit to assist with conducting periodic project risk reviews as a critical component of their project lifecycles and system implementations. These reviews provide objective assessments of their projects, proactively identify risks and challenges, remediate issues and increase the overall likelihood of achieving their projects’ goals.
This presentation will address how Internal Audit can conduct project risk reviews to increase the likelihood of project success. We will discuss other key benefits of project risk reviews, such as enhanced insight into the actual performance of projects and mitigation of the overall risk that projects will not achieve goals within the planned schedule, scope and budget.