Managing Risk Across State‑Owned Enterprises

State ownership can entail risks both at the enterprise and portfolio levels. This report explores how governments can move beyond fragmented, enterprise-level approaches to build a consolidated understanding of risks across their state-owned enterprise (SOE) portfolios and inform strategic portfolio management. It examines relevant risks affecting SOE portfolios, including financial, operational, sustainability, and corruption and integrity-related risks, as well as their potential interlinkages. The report also considers how risk management can be integrated into ownership steering, oversight and performance monitoring moving beyond a narrow compliance exercise. Building on international standards and selected case studies, it outlines the key elements for the design and implementation of portfolio level risk management frameworks that can be adapted to different institutional settings and ownership models.