RELATIONSHIP BETWEEN ORGANIZATIONAL CULTURAL DRIVERS AND RISK MANAGEMENT PLAN FROM ENTERPRISE RISK MANAGEMENT (ERM) PERSPECTIVE - (A STUDY WITH REFERENCE TO THE PROJECTS HANDLED BY IT COMPANIES IN THE UAE)

Risk management has gained attention to the organizations, project management experts and other stakeholders due to the increasing trend of uncertainties in projects which finally leads to delay in delivery of the project, increasing costs and the customer dissatisfaction. Hence, it is imperative to have a project management system that should be able to contain all the risks and thereby reduce the uncertainties. In the traditional risk management system, the project management team focuses on risk management plan, risk identification, risk analysis and risk treatment so that the pure risks can be controlled by the team work of all the departments. Many organizations fail to recognize the fact that there should be a risk management culture for the company as organizational culture has been highlighted by management experts in modulating strategies to overcome unforeseen contingencies and thereby achieve the objectives. Hence, Enterprise Risk Management (ERM) has been adopted by many companies globally. The study is an attempt to know the impact of the cultural drivers on risk management plan of companies that manage IT projects in UAE.