Offering a framework for evaluating the performance of project risk management system

Risk management is the key function of project-based organizations, and its ultimate objective is to create value for the corporation. In recent years, many project-based organizations have implemented project risk management systems to measure and manage all complex risks of their projects. Previous studies in project risk management were limited to designing and implementing risk management systems. Some research has been conducted about evaluating the performance of enterprise risk management systems and disaster risk management systems. But there is a research gap in evaluating the performance of project risk management system. The purpose of this research is to fill the gap by conducting an in-depth research in identifying the key performance indicators of project risk management system and offering a framework for evaluating the performance of this system. The research methodology is based on literature review and case study in a project based organization. The validity of the framework was evaluated by interviewing risk management experts and revising and incorporating their ideas. This study offers advances on the performance evaluation of a project risk management system and provides a strong theoretical basis for future researches in this field of study. (C) 2016 The Authors. Published by Elsevier Ltd.