Whether you are reviewing your annual work plan, identifying personal development goals, or assessing the capabilities of your team, consider including an objective for strengthening project management skills. Complementary to technical compliance skills and knowledge, project management is the practical “how” to get things done and can prove equally important. Intentional or not, compliance professionals are often de facto project managers in the work we do for our organizations. While there is no defined “right way” to manage a project, your compliance program and team will improve the likelihood of meeting objectives on time and within budget by understanding the core project management concepts and tools.
Project management comes in all shapes and sizes
As compliance professionals, we are often in the project manager role without a formal title. Managing internal business and compliance stakeholders, planning and executing compliance project objectives, and managing timely responses to government inquiries are all examples of activities requiring organization, communication, detailed planning, efficient execution, and stakeholder management.
What is project management, and why is it important?
Project management is the strategy of breaking down activities, small and large, simple and complex, short and long, into more digestible segments with the end goal of completing the activities within a project’s scope, which is the project’s defined parameters, desired outcomes, and timeline. Project management should be tailored to the scale and complexity of the project.
Project management requires critical attention to scope, resources, budget, and timeline. It is the engine that moves objectives and organizations forward. Project management will:
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Provide project team stakeholders with clearly defined objectives, goals, roles, and responsibilities.
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Increase stakeholder engagement and support by facilitating communication and logging issues, risks, and actionable items.
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Drive timely results through efficiency and achieving desired project outcomes within the project budget.
Illustrative project management cycle
Project management’s lifecycle consists of initiating, planning, executing, and assessing until completion and close-out. Table 1 includes key activities associated with each phase.
