The objective of this research is to identify whether risk management in projects has any role in risk management in systems. Projects, systems, and risk management are three integral concepts in the management of various enterprises and agencies. Risk management is a common concept in systems and project processes. To avoid failures or crisis during their life cycles, projects and systems managers practice risk management. Projects and systems have well defined life cycles during which the risk is defined, controlled, and managed. Risk management is conducted in each phase of projects and systems. Projects are initiated to close certain operational gaps or to expand the capabilities of the system for better management and operation. The outputs of these projects are to be integrated into larger systems. This research investigates if the risk initiating events during these projects could cause a failure or crises in the system.