Reviewing and remediating escalated issues and risks relating to the management of the portfolio.In small organizations, a single executive may take on all of these responsibilities rather than convening a full portfolio governance board, oversight committee, or board of directors with multiple individuals.4.6.3 PORTFOLIO AUDIT ORGANIZATIONPortfolio governance includes the assignment of responsibility for ensuring that the component managers know that planned and ad hoc audits may be required or desired based on the specific nature of the organization. Audit assessments may be conducted by an internal and/or external auditing body and include organizational and component/subcomponent compliance with approved or mandated business or program/project management processes. Component audits are frequently focused on finances, management and governance practices, risk management practices, strategic alignment, quality assurance and quality control, and component documentation.Portfolio-instigated audits may delegate responsibility to the component governance board(s) for creating organizational or component-specific plans for audits to be used by the component team. Such plans often provide details on organizational policies regarding audit expectations and preparedness, standardized audit processes, anticipated schedules for known internal or external audits, roles and responsibilities of component staff regarding the conduct of audits, and policies for review and communication of audit results.Audits are sometimes viewed within the portfolio components as time-consuming endeavors that burden the components. It should be noted that audits are often valuable measures of component quality that help the component manager, portfolio manager, and other stakeholders identify areas of concern, thereby reducing the risk of triggering corrective actions. Also, an audit is a direct communication channel to senior management, allowing clear messages to reach the audit review team that otherwise may be blocked or filtered. The audit support provided by the governance function may, therefore, contribute significantly to the eventual success of the components and the long-term success of the portfolio.PMI Member benefit licensed to: Hassan Mansouri - 9328101. Not for distribution, sale, or reproduction.