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In general, financial services enterprises face a higher level of regulatory requirement pressures than any other enterprise type. The volume of individual regulatory requirements these businesses face increases the requirement for careful planning and execution of IT projects, to ensure that no requirement is missed. This leads to the expectation that financial institutions will be leaders in the adoption of formal project management strategies. Info-Tech Research Group data does not bear this hypothesis out.
Project Management Office
The existence of a formal Project Management Office (PMO) is often the primary indicator of an organization's commitment to project management. As Figure 1 shows, most organizations do not make use of a PMO (defined in this context by the existence of dedicated project management staff).