Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to manage the risks within a portfolio. It covers the identification, analysis, monitoring and control of portfolio risks.
A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.
It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Project Management
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify portfolio risks |
1.1 Establish and continuously review standards and procedures for portfolio risk management 1.2 Integrate the portfolio risk management approach with organisational risk management systems and strategies 1.3 Undertake analysis to determine the organisations risk appetite 1.4 Seek input about risks from stakeholders, executive management and other specialists 1.5 Identify external and internal threats and opportunities and assess their impact on the portfolio |
2. Analyse portfolio risks |
2.1 Capture results from project and program risks analysis to determine overall portfolio risk profile and organisational exposure 2.2 Ensure that executive management determines the level of acceptable portfolio risk 2.3 Capture and review individual project/program risks on a regular basis to determine the potential impact on the organisation 2.4 Audit project and program risks regularly to monitor risk management performance and assess the portfolio risk profile |
3. Monitor and control portfolio risks |
3.1 Implement and manage organisational risk reserves 3.2 Explore opportunities identified through risk analysis 3.3 Actively manage portfolio risks to minimise organisational impact |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.3, 2.1, 2.3, 2.4 |
|
Writing |
1.1, 1.3, 1.4, 2.1, 2.3, 2.4 |
|
Oral Communication |
1.4 |
|
Navigate the world of work |
1.1, 1.2 |
|
Interact with others |
1.4 |
|
Get the work done |
1.1, 1.2, 1.3, 1.5, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBPMG808 Manage portfolio risk |
Not applicable |
New unit |
No equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10