This position paper describes how the combination of the Model-Driven Development (MDD) and Component-Based Software Engineering (CBSE) paradigms can support project monitoring and control, and project risk reduction. The core principle for this is articulated and named CARMA, and our research agenda and preliminary results are described. Through interviews, industry input, process simulation, tool implementation and pilot projects, and describing an extension of CMMI, we are exploring the CARMA principle in order to provide guidelines for MDD/CBSE projects.