| Abstract [eng] |
SUMMARY VILNIUS UNIVERSITY BUSINESS SCHOOL INTERNATIONAL PROJECT MANAGEMENT PROGRAMME ENHANCING PROJECT PORTFOLIO RISK MANAGEMENT AT AN INTERNATIONAL INSURANCE COMPANY Supervisor: Vytautas Pugačevskis, Partn. Assoc. Prof. Master’s thesis was prepared in Vilnius, in 2024. Scope of Master’s thesis – 79 pages. Number of tables used – 8 pcs. Number of figures used – 4 pcs. Number of references – 46 pcs. Short description: project portfolio risk management is a potent concept, demonstrating the company's ability to consistently utilize risk management processes for achieving strategic objectives. Achieving a progressively higher project portfolio risk management maturity involves adopting an established framework, enabling organizations to measure themselves against recognized standards, providing a baseline for improvement and customizing approaches to address an organization's unique needs. However, this area is often overlooked in existing literature, as more attention tends to be given to risk management within individual projects. Aim: evaluate the current risk management maturity of the international insurance company's project portfolio and identify framework gaps. Considering perspectives from organizational and portfolio-specific components, create a list of recommendations for improvement. Objectives: ● To conduct an in-depth literature review on risk management practices within project portfolio, encompassing the broader context of the enterprise risk management framework, as well as components within the project portfolio. ● To review existing risk management standards and select the most suitable one for the study, complemented by an appropriate maturity model. ● To assess the current risk management maturity level of the project portfolio at the international insurance company and identify gaps, taking into account the broader context of the enterprise risk management framework and components within the project portfolio, and incorporating the chosen risk management standard and maturity model. ● Test a hypothesis that risk management within the portfolio governance allows a comprehensive approach to effectively manage risks compared to considering them within individual projects. ● To provide a list of recommendations for enhancing risk management maturity within the project portfolio. Research methodology: this study employs a qualitative approach, utilizing semi-structured in-depth interviews to assess the maturity level of project portfolio risk management and identify areas for improvement. The choice of semi-structured interviews allows a balance between structure and flexibility, with a predefined set of questions and risk management maturity model criteria, while also allowing room for follow-up questions and exploration of unexpected insights. Results and conclusions: the study findings indicate that the insurance company's project portfolio risk management maturity is at an intermediate Level 3 out of 5, and participant feedback highlighted several gaps in the company's risk management framework. The study emphasizes that risk management within the portfolio governance allows a comprehensive approach to effectively manage risks compared to addressing them individually in projects, despite a lack of tailored research and guidance in project portfolio risk management. The conclusion includes a list of practical recommendations to enhance the organization's project portfolio risk management maturity. Whilst the thesis provides most benefits for the international insurance company, it may be useful for individuals studying project portfolio risk management (or project management in general), as well as other organizations that are interested in the enhancement of their project portfolio risk management maturity. |
