The Standard for Risk Management in Portfolios, Programs, and Projects

TABLE OF CONTENTS

1. INTRODUCTION

1.1 Purpose of This Standard

1.2 Approach of This Standard

1.3 Principles of Risk Management

•  1.3.1 Strive to Achieve Excellence in the Practice of Risk Management
•  1.3.2 Align Risk Management with Organizational Strategy and Governance Practices
•  1.3.3 Focus on the Most Impactful Risks
•  1.3.4 Balance Realization of Value Against Overall Risks
•  1.3.5 Foster a Culture That Embraces Risk Management
•  1.3.6 Navigate Complexity Using Risk Management to Enable Successful Outcomes
• 1.3.7 Continuously Improve Risk Management Competencies

1.4 Structure of This Standard

2. CONTEXT AND KEY CONCEPTS OF RISK MANAGEMENT

2.1 Key Concepts and Definitions

• 2.1.1 Risk
• 2.1.2 Opportunities
• 2.1.3 Threats
• 2.1.4 Risk Attitude
• 2.1.5 Risk Appetite
• 2.1.6 Risk

2.2 Risk Management in Organizations

2.3 Domains of Risk Management

• 2.3.1 Enterprise
• 2.3.2 Portfolio
• 2.3.3 Program
• 2.3.4 Project

2.4 Key Success Factors

3. Framework for risk management in Portfolio, Program, and Project Management

3.1 Business Context of Risk Management in Portfolio, Program, and Project Management

• 3.1.1 Organizational Framework
• 3.1.2 Organizational Context
• 3.1.3 Strategic and Organizational Planning
• 3.1.4 Linking Planning with Execution through Portfolio, Program, and Project Management

3.2 Scope of Accountability, Responsibility, and Authority

• 3.2.1 Accountability at the Enterprise Level
• 3.2.2 Accountability at the Portfolio Level
• 3.2.3 Accountability at the Program Level
• 3.2.4 Accountability at the Project Level

3.3 General Approaches to Risk Management

• 3.3.1 Factors for Evaluating Risk

4. RISK MANAGEMENT LIFE CYCLE IN PORTFOLIO, PROGRAM, AND PROJECT MANAGEMENT

4.1 Introduction to the Risk Management Life Cycle

4.2 Plan Risk Management

• 4.2.1 Purpose of Plan Risk Management
•  4.2.1.1 Risk Appetite in Plan Risk Management
•  4.2.1.2 Tailoring and Scaling the Risk Management Plan
• 4.2.2 Success Factors for Plan Risk Management

4.3 Identify Risks

• 4.3.1 Purpose of Identify Risks
• 4.3.2 Key Success Factors for Identify Risks

4.4 Perform Qualitative Risk Analysis

• 4.4.1 Purpose of Perform Qualitative Risk Analysis
• 4.4.2 Key Success Factors for Perform Qualitative Risk Analysis

4.5 Perform Quantitative Risk Analysis

• 4.5.1 Purpose of Quantitative Risk Analysis
• 4.5.2 Key Success Factors for Perform Quantitative Risk Analysis

4.6 Plan Risk Responses

• 4.6.1 Purpose of Plan Risk Responses
• 4.6.2 Key Success Factors for Plan Risk Responses

4.7 Implement Risk Responses

• 4.7.1 Purpose of Implement Risk Responses
• 4.7.2 Key Success Factors for Implement Risk Responses

4.8 Monitor Risks

• 4.8.1 Purpose of Monitor Risks
• 4.8.2 Key Success Factors for Monitor Risks

5. RISK MANAGEMENT IN THE CONTEXT OF PORTFOLIO MANAGEMENT

5.1 Portfolio Risk Management Life Cycle

• 5.1.1 Portfolio Risk Identification
• 5.1.2 Portfolio Risk Qualitative and Quantitative Analyses
• 5.1.3 Portfolio Risk Response Strategies
• 5.1.4 Implementing Portfolio Risk Responses
• 5.1.5 Monitoring Portfolio Risks

5.2 Integration of Risk Management into the Portfolio Management Performance Domains

• 5.2.1 Portfolio Strategic Management
• 5.2.2 Portfolio Governance
• 5.2.3 Portfolio Capacity and Capability Management
• 5.2.4 Portfolio Stakeholder Engagement
• 5.2.5 Portfolio Value Management
• 5.2.6 Portfolio Risk Management

6. RISK MANAGEMENT IN THE CONTEXT OF PROGRAM MANAGEMENT

6.1 Program Risk Management Life Cycle

• 6.1.1 Program Risk Identification
• 6.1.2 Program Risk Qualitative and Quantitative Analyses
• 6.1.3 Program Risk Response Strategies
• 6.1.4 Implementing Program Risk Responses
• 6.1.5 Monitoring Program Risks

6.2 Integration of Risk Management into the Program Management Performance Domains

• 6.2.1 Program Strategy Alignment
• 6.2.2 Program Benefits Management
• 6.2.3 Program Stakeholder Engagement
• 6.2.4 Program Governance
• 6.2.5 Program Life Cycle Management
• 6.2.6 Supporting Program Activities

7. RISK MANAGEMENT IN THE CONTEXT OF PROJECT MANAGEMENT

7.1 Project Risk Management Life Cycle

• 7.1.1 Project Risk Identification
• 7.1.2 Qualitative and Quantitative Project Risk Analyses
• 7.1.3 Project Risk Response Strategies
• 7.1.4 Implementing Project Risk Responses
• 7.1.5 Monitoring Project Risk

7.2 Integration of Risk Management into Project Management Process Groups

• 7.2.1 Initiating Processes
• 7.2.2 Planning Processes
• 7.2.3 Executing Processes
• 7.2.4 Monitoring and Controlling Processes
• 7.2.5 Closing Processes