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Unit of competency details

BSBPMG817 - Manage portfolio risk (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBPMG808 - Manage portfolio risk 18/Oct/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 19/Oct/2020


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080399 Business And Management, N.e.c.  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080399 Business And Management, N.e.c.  19/Oct/2020 
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Unit Of competency

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

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.

The unit 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 strategic objectives of the organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – 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. Establish portfolio risks

1.1 Establish and review standards and procedures for portfolio risk management according to task requirements

1.2 Integrate the portfolio risk management approach with organisational risk management systems and strategies

1.3 Analyse organisational 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 Calculate overall portfolio risk profile and organisational exposure using results from project and program risks analysis

2.2 Capture and review individual project and program risks on a regular basis to determine the potential impact on the organisation

2.3 Audit project and program risks 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 Implement strategies to minimise impact of portfolio risks to organisation

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

SKILL 

DESCRIPTION 

Reading

  • Applies appropriate strategies to construct meaning from complex texts

Writing

  • Demonstrates sophisticated writing skills by selecting appropriate conventions and stylistic devices to express precise meaning

Oral Communication

  • Participates in a range of verbal exchanges using language and features appropriate to audience
  • Uses active listening and questioning techniques to confirm understanding

Self-management

  • Contributes to the development and review of procedures to align with organisational goals and values

Teamwork

  • Selects and uses appropriate communication methods and practices to seek information from a range of stakeholders

Planning and organising

  • Develops flexible plans for complex, high impact activities with strategic implications with specific focus on risk assessment and management
  • Prioritises and schedules complex activities, monitors implementation and makes changes to plans where required
  • Systematically analyses and assesses available information to decide on actions needed to manage portfolio risk
  • Stores results from risk analysis to enable future access
  • Identifies opportunities for new ideas or approaches based on risk analysis

Unit Mapping Information

Supersedes and is equivalent to BSBPMG808 Manage portfolio risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release  

Comments  

Release 1

This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • manage portfolio risk on at least one occasion.

In the course of the above, the candidate must:

  • apply lessons learned from previous project/programs in portfolio planning
  • analyse risks and opportunities
  • communicate risk events, responses and results to stakeholders
  • develop risk management plans
  • detail the conduct of risk reappraisal
  • review the effectiveness of risk management processes, procedures, tools and recommendations
  • document improvements and risk management lessons learned.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • risk management theory
  • potential risk events
  • Australian and international risk management standards
  • the use of qualitative and quantitative risk techniques, including:
  • cause and effect modelling
  • risk probability and impact assessment
  • probability and impact matrix
  • risk data quality assessment
  • risk categorisation
  • risk urgency assessment
  • enterprise risk management approaches.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • workplace documentation and resources relevant to performance evidence
  • feedback from stakeholders, which reflects how risk was managed for a portfolio.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10