Risk management and decision making is the ultimate source of value for those involved in projects, programs, portfolios and operational asset management. Value may be defined in a variety of ways including economic returns, preservation of human life, preservation of the natural environment and social sustainability. Accordingly, it is beneficial to have a holistic and multidiscipline approach to risk management whereby trade-offs between impacts can be consciously managed in a systematic manner. Operational risk management and incident reporting provide important information that, if analysed systematically, can be used effectively for initiating projects to reduce unwanted risks and improve performance. This presentation will identify some of the gaps in current project management practices and the opportunity for improvement for industry.