This article introduces a framework to identify risks and opportunities during portfolio risk management that helps to decrease the uncertainty of achieving the strategic goals of the organization. The final output of the framework is a portfolio risk-opportunity register, which highlights the potential events that could impact the achievement of the goals. An illustrative example of how risk-opportunity identification can be conducted within this framework is also exposed. In spite of being theoretical in nature, the model contributes to the risk management domain applied specifically to project portfolio management, opening the possibility of further research for its verification.