Allegedly, a visitor to the country cottage of Niels Bohr, the Nobel prize winning physicist, noticed a horseshoe hanging on the wall. The visitor teased Bohr about this ancient superstition, 'Can it be true that you, of all people, believe it will bring you luck?' 'Of course not,' replied Bohr, 'but I understand it brings you luck whether you believe it or not.'
While there are no magic horseshoes when it comes to managing project portfolios, organizations can utilize risk management methodologies (checklists, diagramming, SWOT analysis) and tools (project portfolio risk dashboards) to avoid or minimize the effect of unfortunate events.
However, the greatest weapon to fight risk is knowledge. If you would like to tune up your own risk management know-how and skills, you might consider signing up for the PMI Project Risk Management Community of Practice.