The need for a risk management framework for data science projects: a systematic literature review

Many data science endeavors encounter failure, surfacing at any project phase. Even after successful deployments, data science projects grapple with ethical dilemmas, such as bias and discrimination. Current project management methodologies prioritize efficiency and cost savings over risk management. The methodologies largely overlook the diverse risks of sociotechnical systems and risk articulation inherent in data science lifecycles. Conversely, while the established risk management framework (RMF) by NIST and McKinsey aims to manage AI risks, there is a heavy reliance on normative definitions of risk, neglecting the multifaceted subjectivities of data science project failures. This paper reports on a systematic literature review that identifies three main themes: Big Data Execution Issues, Demand for a Risk Management Framework tailored for Large-Scale Data Science Projects, and the need for a General Risk Management Framework for all Data Science Endeavors. Another overarching focus is on how risk is articulated by the institution and the practitioners. The paper discusses a novel and adaptive data science risk management framework - "DS EthiCo RMF" - which merges project management, ethics, and risk management for diverse data science projects into one holistic framework. This agile risk management framework DS EthiCo RMF can bridge the current divide between normative risk standards and the multitude of data science requirements, offering a human-centric method to navigate the intertwined sociotechnical risks of failure in data science projects.