Abstract
This paper presents an evaluation of risk management theory and practice from the perspective of a risk professional working in large scale multinational mega projects. The paper discusses the typical steps of the risk management process prescribed by international good practice such as ISO 31000, before presenting some of the common challenges facing risk professionals in applying these processes to ongoing megaproject developments. The paper concludes with a series of suggested lessons to facilitate the successful application of risk management theory to practice with topics including: the importance of context, the problems of accessing reliable risk data for infrastructure projects, the limitations imposed by fragmented project governance and the potential fallacy of risk transfer.
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