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Representative POMs are described for Project Portfolio Risk Management at each level of maturity.

1Initial

• Practice

  Rely on staff expertise.

  Outcome

  Major risks are identified and discussed.

  Metric

  Number of staff with IT risk management experience

• Practice

  Leverage professional networks and emulate successes.

  Outcome

  Working approaches that are known to be effective for risk management can be deployed quickly.

  Metric

  Number of approaches adapted from outside the organization for IT risk management.

2Basic

• Practice

  Develop processes to identify portfolio risks associated with project portfolio components.

  Outcome

  The risks to the portfolio introduced by project portfolio components are identified.

  Metric

  Number of project portfolio risks identified by component risk assessments.

• Practice

  Develop processes and procedures to manage identified portfolio risks.

  Outcome

  The management of portfolio risk improves.

  Metric

  Number of IT risk categories addressed in processes and procedures.

3Intermediate

• Practice

  Ensure both positive and negative risks are identified and managed.

  Outcome

  Risk management seeks to minimize potentially negative risks and to maximize potentially positive risks.

  Metric

  Number of both positive and negative risks being managed.

• Practice

  Communicate and promote the use of portfolio risk management-related processes.

  Outcome

  Stakeholder assistance in identifying and managing portfolio risk is enhanced.

  Metrics

  • Number and frequency of risk management communications.
  • Stakeholder surveys to check satisfaction.

4Advanced

• Practice

  Analyse risks as potentially emerging from multiple sources and as having multiple (differing) impacts on portfolio components.

  Outcomes

  • Project portfolio risk management is more comprehensive and effective.
  • One is less likely to hear… ‘I didn't see that one coming’.

  Metrics

  • Number of risks identified as having multiple potential sources.
  • Number of risks with potentially multiple impacts on the project portfolio.

• Practice

  Leverage and enhance the project management information system (PMIS) to support ongoing improvements.

  Outcome

  Many risks are cyclical (e.g. flooding, storms, etc.) and learning from the past enhances risk management approaches.

  Metric

  Number of cyclical risks identified.

5Optimized

• Practice

  Analyse the likely impact of risk and potential risk events from the perspectives of multiple stakeholders.

  Outcomes

  • Some risk events can be beneficial to some stakeholders while negatively impacting others.
  • The rationale for decisions needs to be communicated sensitively.

  Metric

  Number of stakeholder perspective risk management views available.

• Practice

  Use research outputs and lessons learned to maintain a competitive risk management approach.

  Outcome

  Risk management approaches are comparable with good industry practice and provide confidence.

  Metric

  Number of research-informed risk management innovations.