The financial crisis in the United States from 2007 to 2008 caused the collapse of banks, bailouts by the governments, and trillions of dollars in lost wealth. While the causes of the financial crisis are many, financial institutions and governments have attempted to prevent future collapses with stronger risk controls and regulations. This paper will present the lessons learned from the financial crisis and look at how they can be applied to capital project risk management. Topics that will be covered include risk modeling, risk governance, data collection, resources, transparency, capital reserves, and conflicts of interest. Similar to the banking sector, capital projects should also require stronger procedures and policies to prevent project failures.
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