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CFO Asia Exchange Singapore 2015 Refocusing your ERM strategy and practices - Marc Ronez presentation

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This presentation highlights 5 directions to explore to improve your ERM Strategy and practices in your organization in order to nurture an ERM system and culture that creates Value.

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CFO Asia Exchange Singapore 2015 Refocusing your ERM strategy and practices - Marc Ronez presentation

  1. 1. ARiMI – Asia Risk Management Institute By MARC RONEZ Chief Risk Strategist & Knowledge Leader ARIMI-Asia Risk Management Institute NOTES CFO Asia Exchange Singapore 8th October 2015 ERM: Re-Focusing Your Risk Management Strategy & Practices
  2. 2. 2 What have the following organizations in COMMON? ­ They suffered heavy losses, some even collapsed BUT ….. Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  3. 3. 3 What have the following organizations in COMMON? ­ They also had comprehensive Risk Management Systems in Place ! Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  4. 4. Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 4 Is the current approach to Risk Management adopted in organizations WORKING?
  5. 5. Does the Troubles of organizations such as AIG, BP, Toyota, TEPCO, Wolkswagen & many others.. Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 5
  6. 6. ..necessarily represent a FAILURE of Risk Management? Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 6
  7. 7. Well, to define a failure of risk management … …. we must first have a clear understanding of what should be.. the ROLE and the LIMITATIONS of risk management. 7Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  8. 8. 8 ARiMI Survey on ERM Strategies & Practices 2012: A mismatch due to Inadequate Focus & Low Maturity Typical ERM program SCOPE of coverage Not covered! Not needed! Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 RISK Environment
  9. 9. ARiMI Survey on ERM Strategies & Practices 2012 – Some of the KEY FINDINGS ­  Most organizations still view risk management from a narrow Compliance or Safety perspective ­  The Risk management function has little or no real participation in the strategic planning process ­  The Risk management function is primarily focused on tangible assets & and operational process level risk issues. ­  The often-stated “focus on risk culture” is more a matter of form than substance ­  Risk Identification & Assessment tools used are overly qualitative & subjective missing out key risk issues & connections ­  And more… Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 9
  10. 10. Agenda for this Session Refocusing ERM: 5 Directions þ 1. Shifting the focus from Value PROTECTION to problem solving & Value CREATION þ 2. Supporting Risk Control SYSTEMS with strong Risk Management CULTURE þ 3. Expanding focus from Creating SHAREHOLDERS Value to Creating STAKEHOLDERS SHARED Value þ 4. Shifting focus from SHORT-term profit to LONG-term sustainable performance by improving Risk Identification & Assessment Tools þ 5. Ensuring Crisis Management PREPAREDNESS vs relying on fire-fighting by integrating ERM with BCM Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 10
  11. 11. 1 – Shifting the Focus from Value PROTECTION to Problem-Solving & Value CREATION Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 11
  12. 12. Main groups of reasons given to explain ERM initiatives Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 12 PR – Public Relations Compliance Protection Operating Performance Value Creation & Optimization 73.33% 26.67% Ronez, M (2012), “Risk Management Strategies & Practices in Asia”, Survey, Asia Risk Management Institute - ARiMI
  13. 13. Wrong Focus of Risk Management Initiatives ­ What is still driving risk management.. þ Answering regulatory changes and other external pressures þ Monitoring & controlling the “Expected Losses” þ Reducing the cost of Risk Financing focusing on Insurance Leads to a narrow Box-ticking approach to Risk management ¤ What should be driving risk management.. þ Improving strategy formulation, planning & execution þ Addressing emerging risk issues & avoiding “Black Swans” þ Optimizing the risk/return allocation & cost of capital þ Ensuring long-term sustainability of the organization Leads to Risk management that drives enterprise value Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 13
  14. 14. 14 Greater Sophistication Protection & Continuity Identifying, avoiding & managing own organisation’s crises Integrating corporate governance standards Operating Performance Understanding the full range of risks facing the organization Understanding and evaluating operational risks Achieving global best practices Protecting corporate reputation Value Creation & optimization Enhancing Reputation and building competitive advantage Improving returns through Value creation-based Risk / Return management & enhancing capital allocation Levels in ERM Maturity – ARiMI Maturity Continuum Compliance Complying with legal requirements Complying with corporate governance standards Avoiding personal liability failure Public Relation Surface system & PR Risk Communication Reassuring stakeholders Source: “Risk Management Practices in Asia”, Marc Ronez, ARiMI, Survey 2012 Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  15. 15. ERM & Strategic Decision-Making INTEGRATING risk management into the strategic planning & decision-making process of an organization should be considered to be a very essential component of any ERM projects. The RATIONALE is… simply that since Taking Risk is in the nature of Business… …. Understanding & Managing Risks proactively is therefore INHERENT to Strategic Planning. Furthermore most other operational, financial and even hazards risks an organization face derive from strategic decisions. Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 15
  16. 16. Nothing Ventured, Nothing Gained ! TAKING RISK is NECESSARY .. … to GAIN REWARDS 16Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  17. 17. 17 A STRATEGY is a „Road Map“ that provides a Pathway from CURRENT REALITY to VISION Time Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 VISION Where you want to Be? (Possible Future) INGREDIENTS Resources, Capital, People, Culture, SystemsSTRATEGY How to get There? RISKS RECIPE Processes, Structure, Marketing, Products, Pricing, Distribution. TODAY CURRENT POSITION Where are you Now? “Strategy is how to get from where you are now to where you want to be!” A Strategy defines and articulates the value proposition that an organization brings to its market – a description of its business model.
  18. 18. Changes in the Tranportation Industry: What is NEXT to come? Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 18 YESTERDAY TODAY TOMORROW Horse drawn vehicle Modern Cars ? Where are we coming from ? Where are we Now ? Where are we Going to be ?
  19. 19. Managers can optimize the tradeoffs… between Risk and Return. HOW? Making Informed Decisions! … by identifying, analysing & measuring risks consistently and systematically, and ensuring the timely communication of risk related information across the enterprise in a transparent manner. How? Having the Right Solutions! … by designing, Implementing and monitoring effective CONTROLS supported by appropriate cultural values to optimize the management of risks in the organization 19Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  20. 20. Enterprise-Wide Risk Management (ARiMI) Performance Management Risk Management Knowledge & Information Management 20Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 It is essential to connect Performance & Risk Management as they are the “2 faces of the same coin!”
  21. 21. 2 – Supporting Risk Control SYSTEMS with a strong Risk Management CULTURE Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 21
  22. 22. Root causes for many Organization's Problems? The examinations that followed each of these cases, and others, revealed some common themes behind the institutions‘ troubles i.e. The People’s Factor!: ­ high-profile scandals involving unethical abuse of corporate power due to greed and conflict of Interests; ­ In a number of cases, fraudulent/criminal activities by corporate officers; ­ A lack of responsibility, accountability and oversight of corporate operations at every level of management; ­ An inherent Blindness and human Complacency to Risk; ­ A people issue circumventing control systems in place.. 22Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  23. 23. Incompetence, Lack of Ethics, Fraud & Responsibility of Leaders – A few examples among many… Ken Lay, Enron Chuck Prince, CEO Citi Group TT Durai, NKF Bernie Ebbers WorldCom Dick Fuld, Lehman Bros Alan Greenspan, Chairman FED Madoff, Investment Ramalinga Raju, Satyam Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 23
  24. 24. Why Cultural Change is important? Organizational Changes Which consists of changes in structures, processes, systems and technologies. ERM Success Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Cultural Changes Which consists of changing the mental models, attitude and behaviour of people in your organization There are fundamentally two types of change that your organisation will face when embarking on an ERM program 24
  25. 25. Why Cultural Change is important? Organizational Changes Which consists of changes in structures, processes, systems and technologies. ERM Failure Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 No focus on Cultural Changes Unfortunately most organizations focus essentially on the organizational change 25
  26. 26. Corporate Culture: Tacit & Intersubjective Collective Behavior Guide Images & representations of how we perceive and understand the reality around us Predisposition or a tendency to respond positively or negatively towards a certain idea, object, person, or situation The state or process of doing something, typically to achieve an aim. A consequence, effect, or outcome of something i.e. actions, circumstances, etc Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 26 MENTAL MODELS ATTITUDE ACTIONS RESULTS
  27. 27. Values, Culture & Risk Management Your corporate culture to support Good and Effective risk management practices and achieve core objectives must have integrated the following values/principles: þ Think in terms of Shared Value and Sustainability þ Act with Integrity and Discipline þ Be Responsible & Accountable for what they do þ Be Open & Transparent about how they do things þ Share information and knowledge proactively Ø If it has not, poor performance and ultimately failure is inevitable 27Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  28. 28. “To educate a man in knowledge but NOT in morals is to create a menace to society. “ Theodore Roosevelt, USA president Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 28
  29. 29. 3 – Expanding focus from Creating SHAREHOLDERS Value to Creating STAKEHOLDERS SHARED Value Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 29
  30. 30. Clarifying your Value Chain & Competitive Context Key Partners: (Supply Chain) Raw Materials, Goods & Services Competitors & New Entrants YOUR ORGANIZATION Key Partners: (Routes to Markets, Channels) Distributors, Complementors, Vendors, etc. Customers (Segments & Profiles) Prospectivecustomers Substitutes Source: Marc Ronez – Asia Risk Management Institute Who are your competitors and what is the intensity of the competition in your marketplace. How easy is it to enter your industry? Are there substitutes products /services that can answer the needs of your customer just as effectively? Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 30
  31. 31. Corporate Governance & Social Responsibility: Aligning Stakeholders’ Rising & Diverging Interests Government & Regulators ORGANIZATION External Auditors Rating Agencies Customers Shareholders / Investors coverage and pressure groups scrutiny Decisions to invest or to hold its shares Regulatory Framework & control Competitors’ behaviors Lending funds & at what rate Partners /Suppliers Competitors Media / Public / Pressure Groups Lenders Management/ Employees Audit requirements Ratings requirements Needs met or not supply at what price productive or not Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 31
  32. 32. Importance of considering ALL Relevant Stakeholders Stakeholders Shareholders Customers Debt holders Employees Rating Agencies Governments Others Stakeholders Expectations Financial related Objectives Revenue growth Profit Shareholder Value Targeted Rating … Non-Financial Social Responsibility Regulatory Compliance Knowledge Management Community involvement … Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 32
  33. 33. The Objective of Risk Management is that … .. an organisation takes risk KNOWINGLY and manage risk exposure INTELLIGENTLY .. in a controlled (or balanced) manner so that the business is viable for a longer term (SUSTAINABILITY) while meeting the expectation of all the relevant stakeholders by CREATING SHARED VALUE (i.e., shareholders, customers/policyholders, employees, regulators, rating agencies, suppliers, etc). Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 33
  34. 34. 4 – Shifting Focus from SHORT- term profit to LONG-term sustainable performance by improving Risk Identification & Assessment Tools Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 34
  35. 35. The job of risk management is to ensure that … ­ …. top management are aware of and understands the possible positive & negative outcomes and associated probabilities of their organization’s strategy.. ­ .. BEFORE they make decisions to commit their organization’s resources on various projects & initiatives. ­ .. And that the organization has (or will develop) the Capabilities to deal with any “Surprises” that may come its way now and into the future! 35Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  36. 36. Risk Management Process - ARiMI Example 4 – SOLUTION / TREATMENT 1 - DIAGNOSTIC Establish the Context Identify Risks Analyze Risks 3 – Evaluation & Decisions about Risk 5 - MONITOR & AUDIT 2 – SHARE & CONSULT First of all, assess (identify and evaluate) the risks faced by the firm within the strategic & operational context Secondly, communicate the assessment of these risks to senior management & BOD to decide which risks to take and not to take. Fourthly, implement mitigations and control strategies to reduce risk level and/or transfer the cost of it. Finally, monitor & manage those risks to ensure the firm bears only the risks its management and board want to be exposed to. Thirdly, evaluate risk & make the decisions about the risks you want to take and the ones you don’t. Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 36 Develop & Implement Exercise & Embed
  37. 37. Risk Management Process - A lot of Things can go WRONG! 4 – SOLUTION / TREATMENT 1 - DIAGNOSTIC Establish the Context Identify Risks Analyze Risks 3 – Evaluation & Decisions about Risk 5 - MONITOR & AUDIT 2 – SHARE & CONSULT Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 37 Develop & Implement Exercise & Embed 2 - Mismeasurement of known risks 3- Failure in communicating risks to top management 4 - Failure in setting the right Risk Appetite 6 - Failure in monitoring and managing risks 7 - Failure to use appropriate risk metrics 1 - Failure to identify or to take known risks into account 5 - Failure in implementing Risk Management Solutions
  38. 38. Nassim Taleb, Author of the “Black Swan Theory” Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 38 “Many highly popular MODELS used to identify and assess Risk are … deeply FLAWED”
  39. 39. What is the time horizon covered by typical risk assessments? 39Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 KPMG Risk Management Survey 2011
  40. 40. Too Short-term Focus of Assessment dilute & hide the REAL Exposure to RISK 40 ? Can I go on a 5-day hiking trip in the mountains? Day 1 Sun Day 2 Day 3 Weather Forecast Day 1 Cloudy Rain Sun Day 2 Day 3 Day 1 CloudySun Day 2 Day 3 ? ? ? Day 4 Day 5 Rain Day 2 Day 3 Day 2 Day 3 ? ? ?? Rain Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  41. 41. 41 COSO "Simplistic” Assessment Methodology 9 6 3 6 4 2 3 2 1 V Low (1) Low (2) Med (3) Impact Med(3) Low (2) V Low (1) Likelihood 1284 12 8 4 High (4) 16High (4) $ 0 Operational Failures Likelihood Magnitude of Loss RCSA Risk Map Terrorist Attack L=1 & I=4 Risk Score = 4 (Yellow) LOW Priority Actual Risk Distribution Terrorist Attack Operational Failure L=4 & I=2 Risk Score = 8 (Orange) SIGNIFICANT Priority Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  42. 42. BLIND SPOTS on Black Swans in existing Models 42 - + You should also be concerned with the TAIL risks leading to Insolvency Shareholders and Management are typically concerned with variability below the target Target Performance Expected Potential Losses Expected Opportunities Unexpected Catastrophic Losses Black swans You should also be looking out for critical NEW Changes in the Biz environment Unexpected Opportunities Black swans Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 LOSS GAIN
  43. 43. Abusing the Use of the Bell Curve 43 - + Expected Target Performance Worst Expected Best Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Different Risks have a wide range and shapes of probability distributions
  44. 44. 44 Risk IGNORANCE Risk AWARENESS Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  45. 45. Adopting a Methodology & Tools that allow you to more objectively look at Risk in longer-term perspective 45Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  46. 46. 5 – Ensure Risk Management PREPAREDNESS vs FIRE- FIGTHING by intergrating ERM with BCM & Crisis Management Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 46
  47. 47. Pressure Time Potential Emerging Current Recovering Life-cycle from a Risk issue to a Crisis – 4 phases Media Coverage & amplification Signal CRISIS Incident OR Signal Issues Signal Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 47
  48. 48. Example: BP oil spill, Gulf of Mexico 2010 The catastrophe resulted in a loss of: ­ Direct Cost to BP: Over $20 billion ­ Market capitalization loss. i.e. cost to shareholders: $87 billion ­ 11 workers dead Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 48 BP platform explosion and oil spill could have been prevented with additional spending of $7 - $12 million on safety Controls. BUT the Investigation report noted that focus was on cost and time savings
  49. 49. Pressure Time Potential Emerging Current Recovering From Risk issue to Crisis: BP Gulf of Mexico 2010 Media Coverage & amplification Signal CRISIS Issues Signal Opportunity to influence Difficult to influence Maintenance equipments Reports Problems Drop from news Enormous cost & damage to reputation Incident OR Signal Explosion Stop the leak & cleaning Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 49 Emergency evacuation & protection Media onslaught
  50. 50. Crisis Management without Proper Preparation is like… trying to put ‘Lipstick’ … Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 50 ..on a Wild and Angry Gorilla!
  51. 51. Impact on BP share price / market capitalization Gulf of Mexico Disaster MTBE Contamination lawsuits $243 Billions $90 Billions Enormous Shareholder Value Loss Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 51
  52. 52. Pressure Time Potential Emerging Current Recovering Life-cycle of from a Risk Issue to a Crisis Signal CRISIS Incident OR Signal Issues Signal Opportunity to influence Difficult to influence Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 52 Time for ACTION REACTION Too Late!
  53. 53. Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 53 PREPAREDNESS is ESSENTIAL For Effective Crisis Management
  54. 54. 54 Pressure Time Potential Emerging Current Recovering The impact of Risk & Crisis Management Signal CRISIS Incident OR Signal Issues Signal Opportunity to influence Difficult to influence Media Coverage & amplification Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  55. 55. Time Potential Emerging Current Recovering Road Map to Managing Risk & Crisis Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 55 Risk Diagnostic Risk Treatment Monitoring & Detection Recognition & intervention Emergency crisis response Recovery , analysis & Learning Business Continuity (business processes, Supply Chain) Emergency Response Crisis Communications Risk Communications Disaster Recovery (IT services) Emergency preparedness Risk Financing Risk Optimization Contingency Financing BC Preparedness 1 – Corporate Objectives 2 – Key Processes & Resources 3- BIA 4- Threats & Opportunities Analysis 5- Risk appetite & Tolerance DR Preparedness Before After Strategic change Incident
  56. 56. 56 If a company manage the crisis properly there actually may be beneficial outcomes beyond survival and preservation of corporate value: 1.  Increased visibility and name recognition. 2.  An opportunity to show competency and leadership. 3.  Improved relations with important stakeholders’ groups, such as employees and customers. 4.  Lessons can be learned and changes made to prepare for future crises. 5.  Increased competitive advantage against less well prepared competitors Managing a Crisis well - Benefits Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  57. 57. ERM, Strategic Planning & BCM Overlaps & Gaps 57 - + Target Performance Expected Potential Losses Expected Potential Opportunities Unexpected Catastrophic Losses Transformational Blue swans Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Catastrophic Losses Black swans Unexpected Opportunities BCM LOSS GAIN SP - Strategic Planning ERM
  58. 58. SP – Strategic Planning Develop opportunities & create value BCM – Ensure Business Continuity & Societal Security INTELLIGENT ERM with Strategic Planning, Operational Management & BCM 58 - + Target Performance Expected Potential Losses Expected Potential Opportunities Unexpected Catastrophic Losses Transformational Blue swans Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Catastrophic Losses Black swans Unexpected Opportunities ERM – Create Shared Sustainable Value LOSS Operational Management GAIN
  59. 59. Building Intelligent ERM systems & culture þ Think Strategically & Longer-term if you want to be sustainable (business model & adequate risk financing) þ Use the appropriate methodologies and tools to understand your risk profile as you take risk to get returns to avoid unmanaged exposure to large losses þ Nurture an Ethical and Risk-Aware Culture to support resilience & the capacity to Learn and Change. þ Recruit & promote people with the right values & culture þ Develop a real Risk-adjusted Performance Management system to motive people to take risk effectively þ Integrate with ERM & Strengthen your crisis & business continuity programs. Stress-test your systems regularly. 59Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015
  60. 60. Marc Ronez - Chief Risk Strategist & Knowledge Content Leader at ARiMI - Asia Risk Management Institute An ERM & Governance expert with over 20 years of experience both as a practitioner & trainer for large MNCs, Governments & Charities. Marc has an MBA from the University of Chicago GSB, an MSc in Insurance & a LLM from the University of La Sorbonne What do I do? Help managers & leaders to use Risk Management to: þ  Resolve difficult operational and business challenges þ  Take & manage risks effectively to build sustainable & profitable growth models Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Marc’s specific areas of expertise include ERM, risk decision-making processes, data analytics, corporate governance, business ethics, social responsibility, risk- aware culture, risk communication and crisis management, business model/strategy risk management, corporate learning systems development. 60
  61. 61. Risk Management is a continuous journey, not a destination! Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Marc Ronez is on Linked in & WordPress You can find his profile & read his blogs at: P: www.linkedin.com/in/marc-ronez B: theriskmanagementparadox.com B: riskmanagementdemystified.com 61
  62. 62. ARiMI – Asia Risk Management Institute Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 62
  63. 63. ARiMI is an applied research and business studies institute that was set up in 2003 (in partnership with NUS) and has established itself as the Institute of Reference for Enterprise Risk Management studies in Singapore and in the Asia region. We FOCUS on programs: 1.  For Decision-Makers (Middle to Top Management): Developing PRACTICAL Knowledge & Skills in Risk & Crisis Management 2.  For Organizations: Building CAPABILITIES for Sustainable and Profitable Growth by EMBEDDING Control Systems with a Risk Aware & Crisis Readiness Culture ARiMI, Asia Risk Management Institute Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 63
  64. 64. ARiMI - Focus and Expertise ● Crisis management & Business Continuity ● Leadership risk decision- making and Social Capital ● Reputational Risk & stakeholders management ● Corporate governance & business ethics ● Business Innovation & Corporate Transformation Research ● Professional Designation Programs CERM (Certified Enterprise Risk Manager), CPRM (Certified Professional Risk Manager), ARM (Associate in Risk Management), FSRM (Fellow in Strategic Risk Management) ● Public Seminars and Workshops ● Corporate Training & learning Programs Education Expertise Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 64 ● Risks Analytics & Decision- making ● Crisis & Business Continuity Mgt ● Reputation Risk Mgt & CSR ● Business Ethics, Fraud Risk & Compliance Mgt ● Risk Appetite & Risk Aware Culture Readiness ● Project risk management ● ERM Design & Implementation ● Innovation & Change Mgt ● Information & Cyber Risk Mgt
  65. 65. 65 For more information on ARiMI, check our website at: www.arimi.org Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015 Developing Effective Leaders & Decision- makers for complex & volatile times
  66. 66. Important Note: Please note that that this presentation and its contents, is the intellectual property of the Asia Risk Management Institute Pte Ltd. It has been prepared for this CFO Exchange 2015 session and it cannot be used for any other purposes without the specific written consent of the Asia Risk Management Institute. 66Re-focusing ERM Strategy & Practices – Marc Ronez - Copyright @ ARiMI 2015

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