In recent years, enterprises have recognised the discipline of Enterprise Risk Management (ERM) as an integral part for leading their business to success and have started to establish dedicated functions as to actively manage risks from different sources such as currency exchange risk, credit risk, etc. Risk management has also proven to be an effective and efficient contribution to the governance of projects. Until now, in most companies and projects RM and TM are mostly independent and unrelated, even though they are aiming at the same targets both giving insights into possible risks for a successful project at a level of detail that allows for effective management and control. In the following, we demonstrate how RM and TM are related and how they can benefit from each other's experiences and improve their respective results by incorporating the knowledge gained in their respective counterpart's activities. The integration of both disciplines is based on two widely used and acknowledged standards for the respective disciplines as to allow for broad use of the presented concepts. This enables the industry to apply the lessons learned explained in this paper to leverage synergies between TM and RM.