Identifying, understanding and evaluating an organization’s most significant risk areas will set the foundation for a robust enterprise risk management (ERM) program. This sample guide outlines an effective and proven approach to building ERM capabilities that will ultimately enhance corporate governance, align and integrate varying views of risk and risk management, and respond to the changing business environment.
Shaping Your Culture via Risk Appetite Andrew Smart
Andrew Smart will briefly explain risk appetite and how it can be linked into the overall strategy and risk management process of an organisation. He will then go on to clarify how Risk Appetite statements work alongside Vision statements; creating the right ‘tone from the top’, and how that can be cascaded through the organisation in the form of Risk Tolerances and KRI's. The webinar will conclude with a demonstration of how to enable and embed change, leveraging your SharePoint investment.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Embedding RCSA into Strategic Planning and Business StrategyAndrew Smart
Embedding RCSA into Strategic Planning and Business Strategy
This presentation was prepared for the New Generation Operational Risk: Risk Culture and Business Conduct Behaviour conference in Helsinki, Finland.
In this presentation, Ascendore CEO, Andrew Smart outlines how to integrate Risk & Control Self Assessment into the Strategic Planning and Business Strategy.
Based on the Risk-Based Performance Management approach, during this presentation an integrated approach to strategy and risk management is outlined, with risk appetite playing a central role.
Governance Culture & Incentives- Fundamentals of Operational RiskAndrew Smart
Governance, Culture & Incentives. -Fundamentals of Operational Risk. This presentation provides some practical tools to answer three key questions and create alignment.
Integrating Strategy and Risk ManagementAndrew Smart
"A Holistic Approach to Managing Risk amidst Global Uncertainty"
The RMA/Cass Business School
10–14 February 2013
Advanced Risk Management Programme
Organised by Andrew Smart & Nicholas Hawke
In today’s fast-moving, complex environment, risk executives must cultivate an understanding across all risks and businesses. Business problems are multifaceted, interrelated, and increasingly global. Executives must possess enhanced skills to identify and address a wide range of risks with an integrated approach and enterprise-wide perspective.
The RMA/Cass Advanced Risk Management Programme, led by the faculty at Cass, one of the UK’s top business schools, exposes participants to a rigorous, yet inspiring blend of theory, practice and cutting-edge research, instilling knowledge and skills applicable to the real world of global business. In addition to its focus on the known and quantifiable risks of credit, market, and operational, the programme concentrates on the unknowable and difficult to measure risks, including business, strategic, and reputation. Cass has excellent links to the City of London firms and institutions and is able to complement Cass faculty with guest faculty and senior level business practitioners, considered by their peers to be industry thought leaders
Areas of focus for The RMA/Cass Advanced Risk Management Programme include:
• Risk management as a strategic competitive strength
• An integrated approach to risk management
• Fostering a culture and climate that openly communicates risk
• A framework for rapidly responding to known risks and unraveling the complexities of the unknown
• A focus on risk informed by global perspectives.
Enterprise Risk Management - Aligning Risk with Strategy and PerformanceResolver Inc.
COSO, which has provided global thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence for over three decades, recently released a draft update to the original COSO ERM Framework. This framework is widely used by organizations to enhance their ability to manage uncertainty, gauge risk, and increase stakeholder value. However, significant new risks have emerged since the Framework was released, demanding heightened board awareness and oversight of risk management, as well as improved risk reporting. For those organizations exploring ESRM – these themes will be strikingly familiar and the lessons learned, highly relevant.
Presentation by: Bob Hirth, Global Chairman of COSO.
Shaping Your Culture via Risk Appetite Andrew Smart
Andrew Smart will briefly explain risk appetite and how it can be linked into the overall strategy and risk management process of an organisation. He will then go on to clarify how Risk Appetite statements work alongside Vision statements; creating the right ‘tone from the top’, and how that can be cascaded through the organisation in the form of Risk Tolerances and KRI's. The webinar will conclude with a demonstration of how to enable and embed change, leveraging your SharePoint investment.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Embedding RCSA into Strategic Planning and Business StrategyAndrew Smart
Embedding RCSA into Strategic Planning and Business Strategy
This presentation was prepared for the New Generation Operational Risk: Risk Culture and Business Conduct Behaviour conference in Helsinki, Finland.
In this presentation, Ascendore CEO, Andrew Smart outlines how to integrate Risk & Control Self Assessment into the Strategic Planning and Business Strategy.
Based on the Risk-Based Performance Management approach, during this presentation an integrated approach to strategy and risk management is outlined, with risk appetite playing a central role.
Governance Culture & Incentives- Fundamentals of Operational RiskAndrew Smart
Governance, Culture & Incentives. -Fundamentals of Operational Risk. This presentation provides some practical tools to answer three key questions and create alignment.
Integrating Strategy and Risk ManagementAndrew Smart
"A Holistic Approach to Managing Risk amidst Global Uncertainty"
The RMA/Cass Business School
10–14 February 2013
Advanced Risk Management Programme
Organised by Andrew Smart & Nicholas Hawke
In today’s fast-moving, complex environment, risk executives must cultivate an understanding across all risks and businesses. Business problems are multifaceted, interrelated, and increasingly global. Executives must possess enhanced skills to identify and address a wide range of risks with an integrated approach and enterprise-wide perspective.
The RMA/Cass Advanced Risk Management Programme, led by the faculty at Cass, one of the UK’s top business schools, exposes participants to a rigorous, yet inspiring blend of theory, practice and cutting-edge research, instilling knowledge and skills applicable to the real world of global business. In addition to its focus on the known and quantifiable risks of credit, market, and operational, the programme concentrates on the unknowable and difficult to measure risks, including business, strategic, and reputation. Cass has excellent links to the City of London firms and institutions and is able to complement Cass faculty with guest faculty and senior level business practitioners, considered by their peers to be industry thought leaders
Areas of focus for The RMA/Cass Advanced Risk Management Programme include:
• Risk management as a strategic competitive strength
• An integrated approach to risk management
• Fostering a culture and climate that openly communicates risk
• A framework for rapidly responding to known risks and unraveling the complexities of the unknown
• A focus on risk informed by global perspectives.
Enterprise Risk Management - Aligning Risk with Strategy and PerformanceResolver Inc.
COSO, which has provided global thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence for over three decades, recently released a draft update to the original COSO ERM Framework. This framework is widely used by organizations to enhance their ability to manage uncertainty, gauge risk, and increase stakeholder value. However, significant new risks have emerged since the Framework was released, demanding heightened board awareness and oversight of risk management, as well as improved risk reporting. For those organizations exploring ESRM – these themes will be strikingly familiar and the lessons learned, highly relevant.
Presentation by: Bob Hirth, Global Chairman of COSO.
Integrating Risk into your Balanced Scorecard Andrew Smart
Pulling together into a single framework the two separate disciplines of strategy management and risk management, and how it is possible to integrate it with Balanced Scorecard. This presentation provides a practical guide for organizations to shape and execute sustainable strategies with full understanding of how much risk they are willing to accept in pursuit of strategic goals.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
What is GRC – Governance, Risk and Compliance BOC Group
A simple guide to learn what Governance, Risk and Compliance (GRC) is all about, why it’s important and how you can use it to help drive enterprise objectives.
For more information visit: https://www.boc-group.com/governance-risk-and-compliance/
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
The underlying premise of enterprise risk management is that the Company exists to provide value for its stakeholders – customers, employees, and shareholders. Like any business, every Company faces some uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables senior management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. These capabilities inherent in enterprise risk management help management achieve the Company’s performance and profitability targets, and minimize loss of resources. Enterprise risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the Company’s reputation and associated consequences. In sum, enterprise risk management helps the Company get to where it wants to go and avoid pitfalls and surprises along the way. Enterprise risk management encompasses:
• Aligning Risk Appetite and Strategy
• Enhancing Risk Response Decisions
• Reducing Operational Surprises and Losses
• Identifying and Managing Multiple and Cross-Enterprise Risks
• Seizing Opportunities
• Improving Deployment of Capital
• Leveraging Talent, Structure, Process, and Capital
PECB Webinar: ISO 31000 - The Benchmark for Risk Management in uncertain timesPECB
The webinar covers:
• Overview of ISO 31000 and how this standard implies threats but opportunities as well
• Risk-based thinking as an integral part of ISO 9001:2015 and ISO 14001:2015
• Principles, processes and framework of ISO 31000
• How organizations can reduce uncertainty, seize opportunities and treat risks
Presenter:
This session will be presented by PECB Trainer Jacob McLean, Principal Consultant and Managing Director of Kaizen Training & Management Consultants Limited.
Link of the recorded session published on YouTube: https://youtu.be/MVBMM6X3Vgw
Presenting this set of slides with name - Risk Management Module PowerPoint Presentation Slides. The stages in this process are Risk Management Module, Risk Management Framework, Risk Management Structure.
Enterprise Risk Management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital and earnings.
Enterprise Risk Management expands the process to include not just risks associated with accidental losses, but also financial, strategic, operational, and other risks.
In recent years, external factors have fueled a heightened interest by organizations in ERM.
Industry and government regulatory bodies, as well as investors, have begun to scrutinize companies' risk-management policies and procedures.
In an increasing number of industries, boards of directors are required to review and report on the adequacy of risk-management processes in the organizations they administer.
Since they thrive on the business of risk, financial institutions are good examples of companies that can benefit from effective ERM.
Their success depends on striking a balance between enhancing profits and managing risk.
In order for any enterprise to properly, effectively, and prudently manage their future growth, Business Strategy needs to be sustained by modern Enterprise Risk Management (ERM) principles and practices.
The Enterprise Risk Management discipline is not anymore a separate management profession or kinky management way, but rather it is a core competency that all organizations and executives must have in this Global Age. It should be a way of life for all.
How to build a Key Performance Indicator (KPI) - Consider Elevator ManagementAxel Marrocco
What exactly is a KPI. This lesson was developed to help consider how to evaluate the effectiveness of a problem / solution proposal. Elevator Management is used, since it provides a topic almost all can relate with. The focus is not to development an understanding of Critical Success Factors, but to concentrate on elements necessary in constructing a Key Performance Indicator (KPI) of a proposal's effectiveness.
Aligning strategy decisions with risk appetite
Presented by David Shearer
Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Cheshire
Business Continuity Management PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Business Continuity Management PowerPoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with fifty-two slides is here to help you to strategize, plan, analyze, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on Business Continuity Management PowerPoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
The key proposition of Enterprise Risk Management is value creation and or enhancement which ultimately delivers sustainable comparative advantage exemplified by organizational excellence. This presentation highlights key components of both management concepts and points of congruence.
Integrating Risk into your Balanced Scorecard Andrew Smart
Pulling together into a single framework the two separate disciplines of strategy management and risk management, and how it is possible to integrate it with Balanced Scorecard. This presentation provides a practical guide for organizations to shape and execute sustainable strategies with full understanding of how much risk they are willing to accept in pursuit of strategic goals.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
What is GRC – Governance, Risk and Compliance BOC Group
A simple guide to learn what Governance, Risk and Compliance (GRC) is all about, why it’s important and how you can use it to help drive enterprise objectives.
For more information visit: https://www.boc-group.com/governance-risk-and-compliance/
A new emphasis on enterprise risk management from regulators has heightened awareness among bankers to get educated and adopt these best practices at their institution. In response to this increased focus, the RMA ERM Council developed the ERM framework and associated competencies, which became the foundation for a series of highly practical workbooks for implementing effective ERM.
C-Suite’s Guide to Enterprise Risk Management and Emerging RisksAronson LLC
Significant opportunities remain for organizations to continue to strengthen their approaches to identifying and assessing key risks. This program will provide an overview of Enterprise Risk Management (ERM) best practices and current emerging risks that should be on your radar for 2018.
Watch the complete webinar here: https://aronsonllc.com/c-suites-guide-to-enterprise-risk-management-and-emerging-risks/?sf_data=all&_sft_insight-type=on-demand-webinar
The underlying premise of enterprise risk management is that the Company exists to provide value for its stakeholders – customers, employees, and shareholders. Like any business, every Company faces some uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables senior management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. These capabilities inherent in enterprise risk management help management achieve the Company’s performance and profitability targets, and minimize loss of resources. Enterprise risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the Company’s reputation and associated consequences. In sum, enterprise risk management helps the Company get to where it wants to go and avoid pitfalls and surprises along the way. Enterprise risk management encompasses:
• Aligning Risk Appetite and Strategy
• Enhancing Risk Response Decisions
• Reducing Operational Surprises and Losses
• Identifying and Managing Multiple and Cross-Enterprise Risks
• Seizing Opportunities
• Improving Deployment of Capital
• Leveraging Talent, Structure, Process, and Capital
PECB Webinar: ISO 31000 - The Benchmark for Risk Management in uncertain timesPECB
The webinar covers:
• Overview of ISO 31000 and how this standard implies threats but opportunities as well
• Risk-based thinking as an integral part of ISO 9001:2015 and ISO 14001:2015
• Principles, processes and framework of ISO 31000
• How organizations can reduce uncertainty, seize opportunities and treat risks
Presenter:
This session will be presented by PECB Trainer Jacob McLean, Principal Consultant and Managing Director of Kaizen Training & Management Consultants Limited.
Link of the recorded session published on YouTube: https://youtu.be/MVBMM6X3Vgw
Presenting this set of slides with name - Risk Management Module PowerPoint Presentation Slides. The stages in this process are Risk Management Module, Risk Management Framework, Risk Management Structure.
Enterprise Risk Management (ERM) is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital and earnings.
Enterprise Risk Management expands the process to include not just risks associated with accidental losses, but also financial, strategic, operational, and other risks.
In recent years, external factors have fueled a heightened interest by organizations in ERM.
Industry and government regulatory bodies, as well as investors, have begun to scrutinize companies' risk-management policies and procedures.
In an increasing number of industries, boards of directors are required to review and report on the adequacy of risk-management processes in the organizations they administer.
Since they thrive on the business of risk, financial institutions are good examples of companies that can benefit from effective ERM.
Their success depends on striking a balance between enhancing profits and managing risk.
In order for any enterprise to properly, effectively, and prudently manage their future growth, Business Strategy needs to be sustained by modern Enterprise Risk Management (ERM) principles and practices.
The Enterprise Risk Management discipline is not anymore a separate management profession or kinky management way, but rather it is a core competency that all organizations and executives must have in this Global Age. It should be a way of life for all.
How to build a Key Performance Indicator (KPI) - Consider Elevator ManagementAxel Marrocco
What exactly is a KPI. This lesson was developed to help consider how to evaluate the effectiveness of a problem / solution proposal. Elevator Management is used, since it provides a topic almost all can relate with. The focus is not to development an understanding of Critical Success Factors, but to concentrate on elements necessary in constructing a Key Performance Indicator (KPI) of a proposal's effectiveness.
Aligning strategy decisions with risk appetite
Presented by David Shearer
Monday 10th October 2016
APM North West branch and Risk SIG conference
Alderley Park, Cheshire
Business Continuity Management PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Business Continuity Management PowerPoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with fifty-two slides is here to help you to strategize, plan, analyze, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on Business Continuity Management PowerPoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
The key proposition of Enterprise Risk Management is value creation and or enhancement which ultimately delivers sustainable comparative advantage exemplified by organizational excellence. This presentation highlights key components of both management concepts and points of congruence.
How does Operational Risk Management fit into an organization's Strategic Planning? This presentation attempts to provide a functional and implementable response.
One of our primary goals has been to improve risk management in the financial services sector through enterprise risk management (ERM) education and training. In order to advance this important goal, Global Risk Institute is launching a comprehensive ERM Roadmap program initiative to contribute to this important ERM practice area.
Margaret J. Millett, MSBC, MBCP, MBCI
Director of eBay, Inc. Enterprise Resiliency
1. What is Enterprise Risk Management (ERM)?
2. Why organizations should have an ERM Program
3.Competitive Imperative
4. Elements of an ERM Program
5. Connecting with Business Continuity Management (BCM)
6. Euro Zone Contingency Planning
7. Conclusion
Embedding RCSA into Strategic Planning and Business StrategyAscendore Limited
Embedding RCSA into Strategic Planning and Business Strategy
This presentation was prepared for the New Generation Operational Risk: Risk Culture and Business Conduct Behaviour conference in Helsinki, Finland.
In this presentation, Ascendore CEO, Andrew Smart outlines how to integrate Risk & Control Self Assessment into the Strategic Planning and Business Strategy.
Based on the Risk-Based Performance Management approach, during this presentation an integrated approach to strategy and risk management is outlined, with risk appetite playing a central role.
This white paper explains the concepts, legal requirements, strategies, and global framework for the implementation of risk management. It also deals with fraud and reputation risk management and how the negative reputation of an entity may harm the operations and profitability.
This white paper may be useful in performing the advisory role in Risk Management and Risk Governance.
“Today’s fast-paced business environment encounters a complex and ever-changing risk landscape that may negatively impact organizational value. The only way to respond to it is by having a dynamic and holistic perspective of the risk management approach to ensure business continuity.”
– Jack Zahran, President, Pinkerton
Ever been troubled by the blinking sign and didn’t know what to do?
Here’s a handy guide to dashboard symbols so that you’ll never be confused again!
Save them for later and save the trouble!
Symptoms like intermittent starting and key recognition errors signal potential problems with your Mercedes’ EIS. Use diagnostic steps like error code checks and spare key tests. Professional diagnosis and solutions like EIS replacement ensure safe driving. Consult a qualified technician for accurate diagnosis and repair.
Core technology of Hyundai Motor Group's EV platform 'E-GMP'Hyundai Motor Group
What’s the force behind Hyundai Motor Group's EV performance and quality?
Maximized driving performance and quick charging time through high-density battery pack and fast charging technology and applicable to various vehicle types!
Discover more about Hyundai Motor Group’s EV platform ‘E-GMP’!
Fleet management these days is next to impossible without connected vehicle solutions. Why? Well, fleet trackers and accompanying connected vehicle management solutions tend to offer quite a few hard-to-ignore benefits to fleet managers and businesses alike. Let’s check them out!
Things to remember while upgrading the brakes of your carjennifermiller8137
Upgrading the brakes of your car? Keep these things in mind before doing so. Additionally, start using an OBD 2 GPS tracker so that you never miss a vehicle maintenance appointment. On top of this, a car GPS tracker will also let you master good driving habits that will let you increase the operational life of your car’s brakes.
Comprehensive program for Agricultural Finance, the Automotive Sector, and Empowerment . We will define the full scope and provide a detailed two-week plan for identifying strategic partners in each area within Limpopo, including target areas.:
1. Agricultural : Supporting Primary and Secondary Agriculture
• Scope: Provide support solutions to enhance agricultural productivity and sustainability.
• Target Areas: Polokwane, Tzaneen, Thohoyandou, Makhado, and Giyani.
2. Automotive Sector: Partnerships with Mechanics and Panel Beater Shops
• Scope: Develop collaborations with automotive service providers to improve service quality and business operations.
• Target Areas: Polokwane, Lephalale, Mokopane, Phalaborwa, and Bela-Bela.
3. Empowerment : Focusing on Women Empowerment
• Scope: Provide business support support and training to women-owned businesses, promoting economic inclusion.
• Target Areas: Polokwane, Thohoyandou, Musina, Burgersfort, and Louis Trichardt.
We will also prioritize Industrial Economic Zone areas and their priorities.
Sign up on https://profilesmes.online/welcome/
To be eligible:
1. You must have a registered business and operate in Limpopo
2. Generate revenue
3. Sectors : Agriculture ( primary and secondary) and Automative
Women and Youth are encouraged to apply even if you don't fall in those sectors.
What Does the PARKTRONIC Inoperative, See Owner's Manual Message Mean for You...Autohaus Service and Sales
Learn what "PARKTRONIC Inoperative, See Owner's Manual" means for your Mercedes-Benz. This message indicates a malfunction in the parking assistance system, potentially due to sensor issues or electrical faults. Prompt attention is crucial to ensure safety and functionality. Follow steps outlined for diagnosis and repair in the owner's manual.
𝘼𝙣𝙩𝙞𝙦𝙪𝙚 𝙋𝙡𝙖𝙨𝙩𝙞𝙘 𝙏𝙧𝙖𝙙𝙚𝙧𝙨 𝙞𝙨 𝙫𝙚𝙧𝙮 𝙛𝙖𝙢𝙤𝙪𝙨 𝙛𝙤𝙧 𝙢𝙖𝙣𝙪𝙛𝙖𝙘𝙩𝙪𝙧𝙞𝙣𝙜 𝙩𝙝𝙚𝙞𝙧 𝙥𝙧𝙤𝙙𝙪𝙘𝙩𝙨. 𝙒𝙚 𝙝𝙖𝙫𝙚 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙥𝙡𝙖𝙨𝙩𝙞𝙘 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙪𝙨𝙚𝙙 𝙞𝙣 𝙖𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙖𝙣𝙙 𝙖𝙪𝙩𝙤 𝙥𝙖𝙧𝙩𝙨 𝙖𝙣𝙙 𝙖𝙡𝙡 𝙩𝙝𝙚 𝙛𝙖𝙢𝙤𝙪𝙨 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙗𝙪𝙮 𝙩𝙝𝙚 𝙜𝙧𝙖𝙣𝙪𝙡𝙚𝙨 𝙛𝙧𝙤𝙢 𝙪𝙨.
Over the 10 years, we have gained a strong foothold in the market due to our range's high quality, competitive prices, and time-lined delivery schedules.
5 Warning Signs Your BMW's Intelligent Battery Sensor Needs AttentionBertini's German Motors
IBS monitors and manages your BMW’s battery performance. If it malfunctions, you will have to deal with an array of electrical issues in your vehicle. Recognize warning signs like dimming headlights, frequent battery replacements, and electrical malfunctions to address potential IBS issues promptly.
What Exactly Is The Common Rail Direct Injection System & How Does It WorkMotor Cars International
Learn about Common Rail Direct Injection (CRDi) - the revolutionary technology that has made diesel engines more efficient. Explore its workings, advantages like enhanced fuel efficiency and increased power output, along with drawbacks such as complexity and higher initial cost. Compare CRDi with traditional diesel engines and discover why it's the preferred choice for modern engines.
Why Is Your BMW X3 Hood Not Responding To Release CommandsDart Auto
Experiencing difficulty opening your BMW X3's hood? This guide explores potential issues like mechanical obstruction, hood release mechanism failure, electrical problems, and emergency release malfunctions. Troubleshooting tips include basic checks, clearing obstructions, applying pressure, and using the emergency release.
4. TODAY’S AGENDA
4
• Welcome and Introductions
− New enterprise risk management (ERM) infrastructure
− Reasons for change
• ERM: What’s In It for XYZ and for You?
− How do we get there?
• ERM Foundational Concepts
• Moving to ERM
• ERM Implementation Overview
• Next Steps and Closing Remarks
5. WELCOME AND INTRODUCTIONS: NEW ENTERPRISE
RISK MANAGEMENT (ERM) INFRASTRUCTURE
5
Board of Directors
ERM Oversight
Committee
ERM Working Group
Estimated
Dates
The VP of ERM reports periodically to the audit
committee and routinely to the CEO/CFO.
The ERM oversight committee includes all
senior-level executives.
The ERM working group includes a member
from each risk and compliance group as well
as multiple business unit owners throughout
the organization.
6. WELCOME AND INTRODUCTIONS: REASONS FOR
CHANGE
6
1
Credit rating agencies are beginning to factor the company’s ERM processes into an overall
rating.
Legislators and the general public are pressuring companies to specifically disclose how both the
board and senior executives oversee and monitor the risk management practices of the company. 2
3 Dedicated resources should be focused fully on the development of an ERM process for XYZ.
Develop a process where the board and senior executives are routinely updated on the risk
profile of the company associated with its strategy and operations. 4
5
Integrate efforts of the risk and compliance groups to eliminate redundancies in work performed
(e.g., agency billing audits).
7. WELCOME AND INTRODUCTIONS: ERM – WHAT’S IN IT
FOR XYZ AND YOU?
7
1
2
3
4
5
Fewer surprises occur.
Exposure to loss is reduced and
rewards are increased.
Decision-making is more effective.
Corporate governance is improved.
Risk and control activities with the highest
corporate priorities are aligned.
8. WELCOME AND INTRODUCTIONS: HOW DO WE GET
THERE?
8
01
Ensure that front-line managers and above understand the importance of risk identification,
assessment and management and are willing to embrace it.
02
Evolve ERM from a special project to being part of your daily routine (e.g., ask yourself, “what are
the risks associated with XYZ?”).
03
Leverage existing tools, reports, etc. to assist with risk assessment and management where
possible. Also identify other methods or tools that can facilitate this in a more effective manner
across the entire company.
04
We may request meetings with you to understand the portion of the company’s overall risk profile
that you help to monitor and manage.
05
GRC software is implemented to support the ERM process, as well as PMO support from Protiviti.
9. ERM FOUNDATIONAL CONCEPTS: A DEFINITION OF
ERM
9
A definition provided by former Federal Reserve Board Governor Susan Bies:
A process that enables management to deal effectively with uncertainty and the associated risk and opportunity,
enhancing the capacity to build stakeholder value.
• Aligning XYZ’s risk appetite and strategies.
• Reducing the frequency and severity of operational surprises and losses.
• Identifying and managing multiple and cross-enterprise risks.
• Enhancing the rigor of XYZ’s risk-response decisions.
• Proactively seizing on the opportunities presented to XYZ.
ERM includes:
10. ERM FOUNDATIONAL CONCEPTS: RISK
10
Strategy
Risk
Appetite
Risk
Tolerance
Objectives
Governance
Execution
• Risk is a threat or barrier preventing the achievement of
organizational objectives.
• Risk appetite is the amount of risk that XYZ is willing to
accept. It sets the boundaries for the broad risk-taking
activities of an organization.
− This can be quantitative or qualitative.
− This may be expressed as an acceptable balance of
growth, risk and return, or as risk-adjusted shareholder
value-added measures.
− Risk appetite guides resource allocation.
• Risk tolerance is the acceptable level of variation relative
to the achievement of a specific objective.
− These are generally quantitative and measured in the
same units as the related objective.
11. ERM FOUNDATIONAL CONCEPTS: ILLUSTRATIVE RISK
APPETITE STATEMENT
11
Management will accept a moderate level of risk in pursuing strategies to grow revenue and earnings.
Management may choose to pursue product expansion and/or acquisitions that are complementary to the
existing business and capabilities and are expected to be accretive to earnings within a maximum of 18 months.
Management will accept earnings volatility of up to 50% over within a one-year timeframe, provided that long-
term operating margins can be maintained at 5% or higher.
Capital and liquidity must be maintained at a level that will not result in a reduction of our current dividend.
Management will not accept risks that result in more than an extremely remote threat to its state insurance
licenses or Medicare contracts.
Management will not accept risks that result in more than a remote chance that our members are not receiving
the level of medical care promised.
Management will not accept risks that result in a more than remote chance that our agents and providers are
not reimbursed properly.
The investment portfolio will be maintained with an aggregate rating of at least AA.
12. ERM FOUNDATIONAL CONCEPTS: ERM AS A PICTURE
12
Risk
Appetite
Determine your strategic
objectives based on your
risk appetite.
Determine the risk
management techniques to
meet your established risk
tolerances.
Understand the inherent
risks associated with
achieving your business
strategy.
Accept
Share
Reduce
Avoid
Feedback
Risk - Moderate to
High
Risk - High
Risk – Moderate to
High
Risk – Moderate
Risk – Very High
Risk - High
Risk – Low to
Moderate
Risk – Moderate
Risk – Low
Insignificant
Minor
Moderate
Major
Catastrophic
Remote
10%
Unlikely
25%
Reasonably Possible
50%
Probable
75%
Almost Certain
90%
7
13
5
10
3
11
15
8
6
4
2
12
1
IMPACT
LIKELIHOOD
Organizational Culture
15
Price- Interest Rate
11
Consumer Privacy
9
Competitor
1
Reg.- Price Integrity
10
IT- Systems Implement.
3
IT- Infrastructure
6
Customer Satisfaction
5
Taxation
13
Sourcing/Supply Chain
4
Business Model
14
Human Resources
7
Shrink/Loss Prevention
8
Rev. Rec.- Allowances
12
Business Interruption
2
9
8
7
6
4
3
2 5
1
9
8
7
6
4
3
2
5
1
14
9
Risk
Tolerances
13. ERM FOUNDATIONAL CONCEPTS: COMMON
FRAMEWORK FOR ERM PROGRAMS
13
Establish the Risk
Management Goals,
Objectives and
Infrastructure
Assess the Business Risk
• Identify
• Source
• Measure
Formulate the Business
Risk Management
Strategies
Measure/Monitor the
Risk Management
Process Performance
Design/Implement the
Risk Management
Process
Continuously Improve
the Business Risk
Management Process
Information
for
Decision-
Making
ERM is a continuous, formalized
process of:
• Establishing
• Assessing
• Developing
• Implementing
• Monitoring
• Improving
ERM is primarily focused on key
risks to the organization, not
necessarily all risks.
14. ERM FOUNDATIONAL CONCEPTS: ERM INTEGRATION
WITH STRATEGIC PLANNING
14
Key ERM Components
• Identify the risks to achieving objectives.
• Source the risks.
• Identify, monitor and respond to emerging risks.
Key ERM Components
• Assess and prioritize risks.
• Select strategies within the
organization’s risk
appetite.
Key ERM Components
• Set strategic measurements
and key risk indicators
(KRIs).
• Identify the strategic risk
owners.
Key ERM Components
• Enable communication on
achievement of strategic
objectives.
• Monitor, evaluate and
update KRIs and risk
management action
plans.
• Update operational plans.
Key ERM Components
• Allocate risk management resources.
• Develop risk mitigation plans.
• Develop additional KRIs.
Corporate
Mission, Vision
and Values
Assess the
External
Environment
Formulate
and Select a
Strategy
Set Strategic
Measurements
and Targets
15. ERM FOUNDATIONAL CONCEPTS: VALUE OF ERM
15
Sustain
Competitive
Advantage
• Incorporate operational risk management best practices.
• Identify, assess and manage emerging external risks, including regulatory changes, access
to capital and financial market volatility.
• Evaluate and manage risks associated with strategic business decisions (product/service
offerings, etc.).
• Respond effectively to low probability critical/catastrophic risks (e.g., Black Swan).
Optimize Costs
• Standardize the business process and collaborate efforts to integrate it.
• Allocate resources more efficiently.
• Eliminate unnecessary controls.
Improve
Business
Performance
• Manage KPI shortfalls and tightened margins.
• Better understand risks and improve risk management capabilities across business
functions and units.
• Improve strategic management and business planning processes.
• Expand and improve corporate governance, addressing expectations of and requests from
the board (including reporting needs).
17. MOVING TO ERM: FAST FORWARD: RISK BECOMES
OPPORTUNITY
17
18. MOVING TO ERM
18
Risk Management Business Risk Management Enterprise Risk Management
Focus
Financial and hazard risks and internal
controls
Business risk and internal controls,
taking a risk-by-risk approach
Business risk and internal controls, taking
an entity-level portfolio view of risk
Objective Protect enterprise value Protect enterprise value Protect and enhance enterprise value
Scope
Treasury, insurance and operations are
primarily responsible
Business managers are accountable
Applied across the enterprise, at every
level and unit
Emphasis Finance and operations Management Setting a strategy
Application
Selected risk areas, units and
processes
Selected risk areas, units and
processes
Enterprisewide to all sources of value
“Current-State” Capabilities “Future-State” Vision
Physical
Assets
Financial
Assets
Physical
Assets
Financial
Assets
Employee/
Supplier
Assets
Customer
Assets
Physical
Assets
Financial
Assets
Customer
Assets
Organizational
Assets
Employee/
Supplier
Assets
19. MOVING TO ERM: POINT OF VIEW ON ERM
19
• ERM will never begin if you don’t know what your risks are.
• ERM is not something to build in a day. Start somewhere and build incrementally.
• The purpose of ERM infrastructure is to drive continuous improvement of ERM capabilities.
− The objective is to continuously improve capabilities around managing priority risks as
circumstances change.
• The tenets of effective ERM implementation:
− Leverage what you have.
− Integrate with what you do.
− Keep it simple.
20. MOVING TO ERM: COMMON ERM OBSTACLES AND
PITFALLS TO AVOID
20
02 An inability to demonstrate value to
operational personnel and risk owners.
01 Failure to get “buy-in” and support from
executive management (CEO).
03 Enterprise list management.
05 An inability to capture, summarize and
manage information.
04 A lack of dedicated resources with the
appropriate background.
07 Risk responsibility that is not linked to
rewards.
06 Ineffective or inefficient risk identification
techniques.
08 General counsel concerns exist over risk
documentation.
10 Failure to link risks to strategy.
09
ERM that is not integrated with other
activities and functions within the
organization.
21. ERM IMPLEMENTATION OVERVIEW: STEP 1
21
ERM Infrastructure
Key Elements
• Develop an ERM governance structure (e.g., charter, philosophy, risk appetite).
• Define a process/organizational classification scheme.
• Adopt a standardized risk model.
• Define roles and responsibilities.
• Conduct ERM awareness training.
• Understand existing risk management processes and/or areas of overlap.
• Gather information on company strategy and value drivers.
• Implement GRC software.
Key Outputs for XYZ
• ERM vision and responsibilities.
• Process/organizational classification scheme.
• Risk model (common language) and risk definitions.
22. ERM IMPLEMENTATION OVERVIEW: STEP 2
22
Risk Assessment and Prioritization
Key Elements
• Incorporate information from internal audit’s risk assessment, along with input from other executives on existing
and/or emerging risk areas for XYZ.
• Define risk ranking criteria (likelihood of occurrence and impact/significance to XYZ).
• Link strategic objectives/initiatives to risks.
• Prioritize key risks.
Key Outputs for XYZ
• Preliminary prioritization of identified risks.
• Risk map.
23. ERM IMPLEMENTATION OVERVIEW: SAMPLE RISK
MAP
23
Key risks on the XYZ risk model will eventually be mapped based on the significance and likelihood of each risk. The
risk profile associated with each quadrant of the Significance/Likelihood map is noted below.
• Black Swan
• Likelihood is lower but could
have a significant adverse
effect on the company’s ability
to achieve its objectives if risk
is realized.
• Monitoring is limited and
detective controls are needed.
• Critical risks potentially
threaten the achievement
of companywide
objectives.
• High-monitoring activity
and preventive controls
are essential in mitigating
these risks.
• The overall business impact
is not deemed as significant.
• Significant monitoring is not
necessary unless change
occurs in risk classification.
• Less significance exists but is
more likely to occur.
• Cost/benefit trade-off is
considered.
• Some monitoring and effective
detective controls are needed.
• Risks are often re-assessed to
evaluate changing conditions
(move to high significance).
Secondary Risks
Secondary Risks Key Risks
Low Priority Risks
Risk Appetite
Likelihood
Impact/Significance
1
3
5
3 5
2
4
2 4
High
High
Low
High
Low
24. ERM IMPLEMENTATION OVERVIEW: QUANTIFYING
RISK
24
The quality of data input
determines the quality of data
coming out of the model. This is
often the most challenging aspect
of quantifying risk.
1
These should align with the firm’s
goals and objectives as well as
current marketplace/industry
realities.
1
Create outputs that are relevant to
the overall firm and business units.
Link outputs to performance
measures/KPIs.
1
Inputs
Models and
Assumptions
Outputs
25. ERM IMPLEMENTATION OVERVIEW: RISK
MEASUREMENT VALUE
25
Allows for return to be evaluated on a risk-adjusted basis.
Provides a method to produce comparable results across businesses with different
risk profiles.
Provides a method to rank opportunities based on the opportunity risk profile.
Serves as feedback to the effect of changes in portfolio composition and risk policies (e.g.,
increasing % of hospice).
26. ERM IMPLEMENTATION OVERVIEW: STEP 3
26
Risk Response/Management
Key Elements
• Understand key controls/risk management activities that currently exist to address key risks, as well as gaps.
• Define key risk indicators (KRIs) and risk tolerance levels.
• Develop risk reports/dashboards and present information to executive management and the board.
Key Outputs for XYZ
• Key risk indicators for key risks.
• Risk reports/dashboards.
27. ERM IMPLEMENTATION OVERVIEW: WHAT DO WE DO
WITH RISK?
27
Eliminate risk by preventing exposure to future possible
events from occurring.
Avoid
Maintain the risk at its current level.
Accept
Implement policies and procedures to lower the risk to an
acceptable level.
Reduce
Shift the risk to a financially capable, independent
counterparty.
Share
• Divest
• Prohibit
• Stop
• Screen
• Eliminate
• Target
• Retain
• Reprice
• Self-Insure
• Offset
• Disperse
• Control
• Respond
• Diminish
• Isolate
• Test
• Improve
• Relocate
• Redesign
• Diversify
• Insure
• Reinsure
• Hedge
• Transfer
• Outsource
• Securitize
• Indemnify
29. ERM APPROACH
29
Identifying, understanding and evaluating an organization’s most significant risk areas will set the
foundation for a robust ERM program. The diagram below outlines an effective and proven approach to
building ERM capabilities that will ultimately:
• Enhance corporate governance.
• Align and integrate varying views of risk and risk management.
• Respond to the changing business environment.
Planning
Facilitating Risk
Discussion
Risk Analysis
External
Verification
Management
Review
Gap Assessment
Coordination and Oversight
The following pages detail each component of this ERM approach.
30. PLANNING
30
• Meet with ABC’s ERM project sponsor to confirm
the scope and risk management objectives
(including guidelines for defining “catastrophic”
risks).
• Leverage ABC corporate audit’s risk model and
confirm that it includes the necessary environment,
process and information for decision-making risk
categories. Adjust the model as necessary.
• Identify a cross-section of leaders within each
business/region/function to participate in a
facilitated risk discussion (workshop). If necessary,
there may be multiple workshops within each
business, region and function.
• Conduct interviews with workshop participants to
better understand key risk areas within each
business/region/function and to verify that the
necessary risk categories are included in the risk
model. Complete these interviews prior to
conducting the facilitated risk workshops.
• Distribute the risk model to attendees prior to
conducting each workshop to set the foundation
for a common risk language.
• ABC-specific risk model (inclusive of key risk
categories)
Activities Output/Deliverables
31. FACILITATING RISK DISCUSSION
31
• Conduct facilitated risk discussions to evaluate the
inherent significance and likelihood of identified
risks. Using real-time, anonymous voting
technology, identify ABC’s top nontraditional,
catastrophic risk categories.
− Facilitated workshops provide an effective and
efficient approach to holistically evaluating an
organizational risk. Participants can discuss
and verify issues and facts and reach
meaningful conclusions that ultimately enhance
risk management capabilities.
• Gather initial input on the top risk categories to
begin the process to identify specific events and/or
scenarios that cause each category to have an
elevated priority.
• A prioritized list of risk categories within each
business/region/function
• Information on risk-specific events and/or
scenarios that could significantly impact ABC
Activities Output/Deliverables
32. RISK ANALYSIS
32
• Explore the specific events within each top risk
category that could have a significant or
catastrophic impact on ABC. Evaluate these
events in the context of broad organizational
impact to identify the discrete risk points within
each risk area (i.e., catalog the Level 2 and Level
3 risks).
− Example: If “Illegal Acts” is identified as a top
risk category, outline and document the specific
illegal acts that would cause the most damage
to ABC. It may be necessary to approach these
risks using a worst-case scenario.
• Identify an expert panel of ABC management
relevant to each of the top five to six risk
categories and facilitate discussions to identify
potential risk events/scenarios within each top risk
category. Confirm that the agreed-upon events are
ABC-specific and adequately describe how each
would contribute to a potentially catastrophic
outcome.
• Consolidate and prioritize the top events in each of
the priority risk categories from each of the expert
panel workshops.
• Documentation of ABC’s prioritized catastrophic
risks supported by specific events and supporting
explanations
Activities Output/Deliverables
33. EXTERNAL VERIFICATION
33
• Identify external resources with expert
perspectives on industry and risk management
topics.
• Distribute ABC’s consolidated risk universe and
solicit feedback.
• Discuss external feedback with
business/region/function leaders and adjust the
risk universe as necessary.
• An updated universe of ABC’s most critical risks
that incorporates feedback from external experts
Activities Output/Deliverables
34. MANAGEMENT REVIEW
34
• Discuss the prioritized list of critical risks with
members of ABC’s executive leadership team.
Solicit feedback and update the risk list as
necessary.
• Develop summary materials to communicate ERM
activities and results to the board.
• A finalized list of ABC’s top risk areas
• A board-level reporting summary
Activities Output/Deliverables
35. GAP ASSESSMENT
35
• Through a discussion and documentation review,
evaluate ABC’s current capabilities to manage the
identified risk categories and potential risk
events/scenarios.
• Identify risks that may not be adequately controlled
and perform a gap analysis.
• Communicate gaps and confirm them with
business/region/function leaders.
• A summary of risk management activities to
address ABC’s top risk areas, including process
gaps and associated recommendations
Activities Output/Deliverables
36. COORDINATION AND OVERSIGHT
36
• Communication between management and each business/region/function is of paramount
importance to successfully complete this ERM initiative. In coordination with management, the
risk management project team will have responsibility for overseeing all engagement activities.
• Senior members of the risk management project team will coordinate ERM activities throughout
the entirety of this project.
• The risk management project team will facilitate risk workshops, summarize workshop results,
identify and introduce external experts, and present the results to management.
• As necessary, the risk management project team will be available to assist with preparing and/or
presenting relevant materials to the board.