BS ISO 21505:2017

Overview

BS ISO 21505:2017 provides essential guidance on governance in project, programme, and portfolio management. This standard is designed to enhance the effectiveness and efficiency of management processes, ensuring that organisations can achieve their strategic objectives while maintaining compliance with best practices.

Key Requirements

The standard outlines several key requirements that organisations must consider to establish robust governance frameworks:

• Governance Structure: Establish clear roles and responsibilities for governance at all levels of the organisation.
• Stakeholder Engagement: Identify and engage stakeholders throughout the project lifecycle to ensure their needs and expectations are met.
• Decision-Making Processes: Implement transparent and accountable decision-making processes that align with organisational objectives.
• Performance Monitoring: Develop mechanisms for monitoring and evaluating project performance against defined criteria.
• Continuous Improvement: Foster a culture of continuous improvement by regularly reviewing governance practices and making necessary adjustments.

Implementation Benefits

Implementing BS ISO 21505:2017 can yield significant benefits for organisations:

• Enhanced Clarity: A well-defined governance framework provides clarity in roles and responsibilities, reducing confusion and enhancing accountability.
• Improved Decision-Making: By establishing structured decision-making processes, organisations can make informed choices that align with their strategic goals.
• Increased Stakeholder Satisfaction: Engaging stakeholders effectively leads to better alignment with their expectations, resulting in higher satisfaction levels.
• Optimised Resource Utilisation: Effective governance ensures that resources are allocated efficiently, maximising the value derived from projects and programmes.
• Risk Management: A structured approach to governance aids in identifying and mitigating risks early in the project lifecycle.

Compliance Value

Adhering to BS ISO 21505:2017 not only demonstrates a commitment to excellence in project management but also provides a competitive edge in the marketplace. Compliance with this standard can lead to:

• Regulatory Compliance: Aligning with recognised standards helps organisations meet regulatory requirements and avoid potential penalties.
• Market Recognition: Certification to BS ISO 21505:2017 can enhance an organisation's reputation, signalling to clients and partners a commitment to quality and governance.
• Improved Project Outcomes: By following best practices in governance, organisations are more likely to achieve successful project outcomes, leading to increased profitability and sustainability.

In conclusion, BS ISO 21505:2017 serves as a vital resource for organisations aiming to strengthen their governance frameworks in project, programme, and portfolio management. By implementing the guidance provided in this standard, organisations can enhance their operational effectiveness, ensure compliance, and achieve strategic objectives.