This article introduces a framework to identify risks and opportunities during portfolio risk management that helps to decrease the uncertainty of achieving the strategic goals of the organization. The final output of the framework is a portfolio risk‐opportunity register, which highlights the potential events that could impact the achievement of the goals. An illustrative example of how risk‐opportunity identification can be conducted within this framework is also exposed. In spite of being theoretical in nature, the model contributes to the risk management domain applied specifically to project portfolio management, opening the possibility of further research for its verification.

PurposeThe purpose of this paper is to present a review of recent risk management literature applied to projects, programs and project portfolios performed inside an organization with the aim of finding areas of opportunity to continue research and the development of current guides and methodologies.Design/methodology/approachThe paper uses a review of recent literature published by international organizations and journals specializing in the field of project, programs, and portfolios.FindingsThe review shows that project risk management is a well developed domain in comparison to the program risk management and portfolio risk management fields, for which specifically written methodologies are difficult to find. The review also demonstrates the need to include better tools to perform a continuous control and monitoring process. Integrating a vulnerability approach is also necessary in order to consider the project, program or portfolio characteristics which mediate between consequences and the exposure to hazards and opportunities.Research limitations/implicationsThe review does not consider white papers or popular media.Originality/valueThe limitations found in current risk management methodologies show the challenges researchers must undertake to continue improving this domain for projects performed inside an organization. The paper exhibits the areas of opportunity where methodologies and guides can be further improved to evolve towards better management structures.

■It is difficult to find indicators for measuring the achievement of objectives during the progress of project portfolios. This article presents an approach for developing key strategic performance indicators considering this limitation. The indicators proposed help measure the achievement of a portfolio's strategic objectives taking into account the realization of key benefits. This approach helps identify strategic interdependences between projects that the portfolio is composed of, facilitating the understanding of how the performance of a single project affects the overall performance of a portfolio. The key performance indicators can also be used for monitoring the materialization of risks and opportunities influencing the strategic performance of a portfolio.

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