Abstract
The COVID-19 pandemic has underscored the critical need for organizations to enhance their risk management practices, ensuring resilience in the face of crises and pandemics. One longstanding challenge in risk management is the disconnect between Project Risk Management (PRM) and Enterprise Risk Management (ERM). Projects are inherently temporary, requiring a focused assessment of risks related to time, scope, and budget, whereas ERM operates continuously, considering the interplay of project risks and other organizational risks against overarching objectives. Thus, adopting a complexity perspective (Complex Adaptive System), we examine the integration of PRM and ERM, scrutinizing their respective frameworks and proposing an integrated framework. Drawing insights from two case studies in the energy sectors in Saudi Arabia and The United Kingdom, analyzed through 20 semi-structured interviews and thorough examination of their risk document and governance structures, we develop a holistic framework that harmonizes project-specific risks with broader ERM.