Foreword 3

Executive summary 6

1 What are the risks and why does it matter? 9

  1.1. What are the risks? 11

  1.2. Why do they matter? 14

  References 17

  Notes 17

2 What is being done? 19

  2.1. Perceived importance of risk management 20

  2.2. In-house risk management frameworks and functions 22

  2.3. Resourcing for and use of risk management frameworks 23

  2.4. Enablers of risk management 25

3 Building blocks of portfolio risk management 27

  3.1. Risk management frameworks: international standards 28

  3.2. Building blocks of portfolio level risk management 32

  3.3. Putting frameworks into practice: Distilling risk management processes 38

  3.4. Interconnectedness of risks and opportunities 42

  References 43

4 Case studies 45

  4.1. Canada Development Investment Corporation (CDEV) 46

  4.2. Greece: Growthfund 50

  4.3. Israel: Government Companies Authority (GCA) 55

  4.4. Peru: Fondo Nacional de Financiamiento de la Actividad Empresarial del Estado (FONAFE) 57

  4.5. Singapore: Temasek 60

  4.6. United Kingdom Government Investments (UKGI) 65

  References 70

  Notes 75

Annex A. Risk management standards 77

  References 80

  Notes 81