Critical Success Factors Critical success factors are certain components that are applied for the success of a certain project or activity. For risk management strategies to work successfully, they must be applied across an organization on an ongoing basis, and the best way to achieve this is to incorporate critical success factors that ensure strategies are implemented using a structured approach. Critical success factors help an organization and its employees identify certain benchmarks that will direct them towards the purpose and objective and measure the success of the project or enterprise. The four critical success factors that help develop a structured approach for implementing strategies are a supporting organization, an adequate support infrastructure, competent people and a detailed process document (Yaraghi & Langhe, 2011). The critical success factor of a supporting organization has a clear and objective goal for risk management, has adequate resources to implement risk management strategies, accepts stakeholder buy-in, has a culture that recognizes the uncertainty, accepts the need for change and has an appropriate framework to support risk strategies. Looking at the company involved in the case, Flayton Electronics, it has enough resources to implement risk management as the company has spent a lot of time and money on the new PCI (Payment Card Industry) standards for data protection. The company's vice president for loss prevention anticipated the risk of data theft; demonstrating that the company recognized that uncertainty was inevitable. Having competent people translates into successful risk management strategies; employees and other stakeholders must be trained and empowered to pro...... middle of paper ...... project risk as the company may be exposed to numerous lawsuits and lawsuits. Public perception of brand image may change considerably, resulting in the need to incorporate additional requirements into project risk management for Flayton Electronics.Works CitedGovori, A. (2012). Measuring and managing the impact of risk on organizations: the case of Kosovo. Journal of Advanced Research in Management, III (1), 17-26.Hillson, D and Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA.: Management Concepts. Jugdev, K. (2012). Learning from lessons learned: Project management research agenda. American Journal of Economics and Business Administration, 4(1), 13-22. Yaraghi, N., & Langhe, R. G. (2011). Critical success factors for risk management systems. Journal of Risk Research, 14(5), 551-58