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What is the special place of the IT project management in the financial industry with other industries

Sir?What's the problem of the IT project management in the financial industry?What is the basic idea of IT project management in the financial industry
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David -

While each industry has some unique threats and opportunities, I wouldn't necessarily view any industry as having more issues with project management (IT or otherwise).

Some of the challenges in the financial industry include excessive regulatory requirements, legacy systems, and interoperability challenges with multiple partners, but these constraints are also found in healthcare and a few other industries.


IT is there to support the infrastructure that enables the business to perform their role. Whether we're speaking organizationally or at the business group/department level. There are internal facing and external facing projects. There are large organizational initiatives and small team level efforts. Whatever the industry, there is a need for IT.

There are areas of struggle with forging a strong partnership between the business and IT sector. In such scenario's, inadequate solutions, cost overruns, etc. can hinder success stories within the organization. From my perspective, that is the biggest challenge organizations face today. I don't see it as industry specific challenges.

In this case, IT project management exists to support the business functions of the financial industry. For example, IT project management carries out the projects that make possible the electronic transactions needed to conduct modern banking and credit, as well as projects that enact the security necessary to protect the industry from hackers and thieves.
IT project management supports all modern business activities. I think of it like blood in the body – our muscles do the work, but without the blood’s support the muscles wouldn’t be capable of doing anything at all. So it is with IT and business.

As the others have rightly pointed out, i wouldn't say there's any issue or problem per se. I currently work in a financial services firm and IT plays a critical role in ensuring we are able to deliver value to our customers.
we have a number of projects underway and we've ensured they are cross functional and have representation from IT, operations, legal, compliance, etc...

The problem is for people that use thing like something project management. It does not exists. I worked as project/program/portfolio manager inside government, banking, finance, retail, foods and beverages, automotive, manufacturing, health, aerospace, medicine, nuclear energy, and other I can remember. What you have to understand is: you must perform an activity that is mostly forgotten by people: elicitation. And you have to prepare for elicitation. You can search for CMU SEI elicitation process (for example) to understand what does mean.

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