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Elements and Performance Criteria

1. Establish portfolio risks
   • Establish and review standards and procedures for portfolio risk management according to task requirements
   • Integrate the portfolio risk management approach with organisational risk management systems and strategies
   • Analyse organisational risk appetite
   • Seek input about risks from stakeholders, executive management and other specialists
   • Identify external and internal threats and opportunities and assess their impact on the portfolio
2. Analyse portfolio risks
   • Calculate overall portfolio risk profile and organisational exposure using results from project and program risks analysis
   • Capture and review individual project and program risks on a regular basis to determine the potential impact on the organisation
   • Audit project and program risks to monitor risk management performance and assess the portfolio risk profile
3. Monitor and control portfolio risks
   • Implement and manage organisational risk reserves
   • Explore opportunities identified through risk analysis
   • Implement strategies to minimise impact of portfolio risks to organisation

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.

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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.

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