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 |
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Writing |
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Oral Communication |
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Self-management |
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Teamwork |
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Planning and organising |
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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