Business Risk Management is an essential part of good management practice and is featuring increasingly prominently on the agendas of senior managers and the education funding bodies. Whilst risk management applies to all areas of institutional activity its relevance is particularly clear in relation to projects, particularly projects with an IT or systems component. It is probably fair to day that business risk management is the single most important component of project management. Business risk management is a systematic process of identifying, making analysis and responding to risk involved in the project in order to take appropriate and better decisions.