The document outlines a Risk Management Protocol for the Saint Mary's University Students' Association. It defines risk and risk management, identifies types of risks the Association may face, and establishes processes for measuring, managing, and reporting on significant risks and contingency risks. The Protocol assigns roles and responsibilities for risk management, and establishes principles for the Association's overall approach to risk oversight.
Erm Presentation Bsw Approach & Methodologysteinkamps6
The document discusses enterprise risk management (ERM) and Brown Smith Wallace's (BSW) approach to ERM. It describes the components of BSW's ERM strategy, which are based on establishing an ERM structure aligned with corporate governance. The components include risk environment, communication, ERM structure/governance, risk assessment, risk mitigation, and monitoring. It then provides more details on each component and BSW's 5-phase ERM project approach.
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks for an organization. Examples of risk categories include strategic, operational, financial, compliance and knowledge-based risks. Carrying out risk assessment and prioritizing risks is important for informed decision-making.
The document discusses COSO's Enterprise Risk Management framework. It defines ERM and explains why it is important for managing risks and uncertainties to achieve organizational objectives. The framework establishes eight components of ERM - internal environment, objective setting, event identification, risk assessment, risk response, control activities, information & communication, and monitoring. It provides guidance on implementing ERM.
This document provides an overview of enterprise risk management. It defines risk and risk management as processes for minimizing unfavorable outcomes at the lowest cost. Enterprise risk management is a common framework that identifies potential risks and manages opportunities to reasonably achieve organizational objectives. It also describes the components of an effective risk management organization, including infrastructure, planning, implementation, control, and maximizing firm value. Key components of risk management are identified as event identification and risk assessment, risk response, information and communication, monitoring, and control activities. An example is provided of risks that led to the bankruptcy of Baring Bank.
The document outlines the objectives and components of Enterprise Risk Management (ERM) as defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). It identifies 4 objectives categories - internal environment, objective setting, event identification, and risk assessment. It also lists 8 components of ERM - internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring. The framework is intended to help organizations effectively manage risk to increase the likelihood of achieving objectives.
The document discusses the purpose and goals of risk management in healthcare organizations. It aims to enhance patient safety and minimize financial losses through risk identification, evaluation and prevention. It also helps ensure compliance with regulatory standards. An effective risk management program has a formal structure, integrates risk and quality departments, and guarantees confidential reporting to improve safety and reduce future incidents.
FORUM 2013 Entreprise risk management: fact or fictionFERMA
The document summarizes a presentation on enterprise risk management (ERM). It discusses the evolution of risk management from 1993 to 2013, highlighting increasing engagement from executive management and a shift from compliance-driven to value-driven approaches. It identifies top risks facing global companies and the 10 hallmarks of best practice risk management. The presentation examines how insurance can support ERM and areas where risk managers can improve. A maturity index is presented, showing most organizations have developing risk management capabilities.
This document discusses risk and risk management. It defines risk as uncertainty about potential losses and categorizes risks as objective or subjective. It also discusses concepts like chance of loss, perils, hazards, and different types of risks like fundamental risk, particular risk, and enterprise risk. The objectives and steps of the risk management process are also outlined, including identifying exposures, analyzing frequency and severity of losses, selecting risk control or financing techniques, and implementing and monitoring the risk management program.
Erm Presentation Bsw Approach & Methodologysteinkamps6
The document discusses enterprise risk management (ERM) and Brown Smith Wallace's (BSW) approach to ERM. It describes the components of BSW's ERM strategy, which are based on establishing an ERM structure aligned with corporate governance. The components include risk environment, communication, ERM structure/governance, risk assessment, risk mitigation, and monitoring. It then provides more details on each component and BSW's 5-phase ERM project approach.
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks for an organization. Examples of risk categories include strategic, operational, financial, compliance and knowledge-based risks. Carrying out risk assessment and prioritizing risks is important for informed decision-making.
The document discusses COSO's Enterprise Risk Management framework. It defines ERM and explains why it is important for managing risks and uncertainties to achieve organizational objectives. The framework establishes eight components of ERM - internal environment, objective setting, event identification, risk assessment, risk response, control activities, information & communication, and monitoring. It provides guidance on implementing ERM.
This document provides an overview of enterprise risk management. It defines risk and risk management as processes for minimizing unfavorable outcomes at the lowest cost. Enterprise risk management is a common framework that identifies potential risks and manages opportunities to reasonably achieve organizational objectives. It also describes the components of an effective risk management organization, including infrastructure, planning, implementation, control, and maximizing firm value. Key components of risk management are identified as event identification and risk assessment, risk response, information and communication, monitoring, and control activities. An example is provided of risks that led to the bankruptcy of Baring Bank.
The document outlines the objectives and components of Enterprise Risk Management (ERM) as defined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). It identifies 4 objectives categories - internal environment, objective setting, event identification, and risk assessment. It also lists 8 components of ERM - internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring. The framework is intended to help organizations effectively manage risk to increase the likelihood of achieving objectives.
The document discusses the purpose and goals of risk management in healthcare organizations. It aims to enhance patient safety and minimize financial losses through risk identification, evaluation and prevention. It also helps ensure compliance with regulatory standards. An effective risk management program has a formal structure, integrates risk and quality departments, and guarantees confidential reporting to improve safety and reduce future incidents.
FORUM 2013 Entreprise risk management: fact or fictionFERMA
The document summarizes a presentation on enterprise risk management (ERM). It discusses the evolution of risk management from 1993 to 2013, highlighting increasing engagement from executive management and a shift from compliance-driven to value-driven approaches. It identifies top risks facing global companies and the 10 hallmarks of best practice risk management. The presentation examines how insurance can support ERM and areas where risk managers can improve. A maturity index is presented, showing most organizations have developing risk management capabilities.
This document discusses risk and risk management. It defines risk as uncertainty about potential losses and categorizes risks as objective or subjective. It also discusses concepts like chance of loss, perils, hazards, and different types of risks like fundamental risk, particular risk, and enterprise risk. The objectives and steps of the risk management process are also outlined, including identifying exposures, analyzing frequency and severity of losses, selecting risk control or financing techniques, and implementing and monitoring the risk management program.
The document discusses COSO's Enterprise Risk Management Integrated Framework, which provides guidance on establishing an effective enterprise risk management process. It defines the components of ERM, including internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring. The framework is designed to help organizations effectively manage risk and support the achievement of their objectives.
An introduction to risk management concepts for future outdoor leaders. It serves up metaphors and poses suitable questions for other forms of risk management.
Operational risk is the risk of loss from inadequate or failed internal processes, people, and systems or from external events. This document provides a summary of operational risk, including:
1) It defines operational risk and provides examples such as business interruption, errors by employees, product failure, and IT systems failure.
2) Risks can be identified through various techniques like workshops and audits to assess processes. They are then assessed for impact and likelihood.
3) Operational risks are managed through techniques like risk acceptance, risk sharing, risk reduction, and risk avoidance such as purchasing insurance. Ongoing monitoring and review is important.
The document discusses the risk management process and administration. It begins by explaining the importance of understanding an organization's goals and the different types of risks it may face, such as property, liability, and human resources risks. It then defines three levels of risk impact - critical, important, and unimportant - based on the potential financial impact. The document also discusses measuring risk severity and frequency. It notes that risk management involves implementing programs to address identified risks using various techniques. Finally, it discusses how risk management allows reviewing decisions to discover mistakes and correct misconceptions that it only applies to large organizations or minimizes the role of insurance.
The document discusses the evolution of risk management from early humans creating tools for protection and hunting, to modern organizations systematically managing risks. It describes the risk management process as identifying potential risks, evaluating their frequency and severity, selecting techniques to mitigate risks like retention, transfer, or avoidance, and then monitoring the process. Key aspects of risk management for organizations are identifying various property, liability, and human risks, analyzing their financial impact, and using tools like risk controls, financing, and cost-benefit analysis to select the best risk management strategies.
This document discusses operational risk management (ORM) for flight safety courses. It provides an overview of ORM, defines key ORM concepts like risk and hazard, and outlines the six-step ORM process of identifying hazards, assessing risks, analyzing risk control measures, making control decisions, implementing controls, and supervising and reviewing the process. The goal of ORM is to protect personnel and resources while maximizing capabilities and mission effectiveness.
- The document provides guidance on coordinating risk management and assurance activities to ensure efficient use of resources and avoid duplication of efforts.
- It discusses the roles of risk management, internal audit, compliance and other assurance providers and emphasizes the importance of coordination between these functions.
- The chief audit executive plays a key role in coordinating assurance activities across the organization and ensuring appropriate coverage of risks while minimizing duplication.
Five Lines of Assurance A New ERM and IA ParadigmTim Leech
The document discusses a new paradigm called "Five Lines of Assurance" for internal audit and enterprise risk management. It was created to help organizations meet escalating expectations from regulators, credit agencies, institutional investors, and others regarding risk oversight and governance. The Five Lines of Assurance model focuses on an "Objectives Register" that prioritizes key strategic objectives and potential risks. It aims to integrate risk management and assurance functions, engage boards and management, and provide optimized assurance on whether residual risks are within the organization's risk appetite. The model is presented as helping organizations demonstrate effective risk oversight, integrate risk with strategic planning, and meet emerging governance standards.
The document compares three major risk management frameworks: NIST, ISO, and COSO. NIST focuses on information security and risk management for US federal systems. ISO provides generic international guidelines for diverse organizations. COSO emphasizes internal controls and accurate reporting. While the frameworks differ in scope and focus, they all aim to guide organizations in managing risks through integrated strategies. Organizations should analyze features of each to determine the best combination for their unique needs and objectives.
Enterprise risk management is an underutilized management practice that allows community-based financial institutions to become more efficient, smarter, and better able to compete in an increasingly complex environment.
WolfPAC Solutions Group Director Michael Cohn creates a strong case on why community-based financial institutions should implement an enterprise risk management program to reduce costs and successfully achieve business goals in an increasingly competitive and regulated environment.
This document provides guidance on establishing a framework for managing business risk. It recommends defining business objectives and acceptable risk levels. It also suggests appointing a risk manager to oversee the process and communicate the framework throughout the organization. The key steps are to identify all potential risks through brainstorming and collecting internal/external data, then prioritize risks based on likelihood and potential impact. Once risks are identified, actions can be taken to reduce, retain, or transfer each risk. An integrated, ongoing approach helps ensure all risks are addressed and the risk profile is monitored over time.
This document discusses the concepts of risk and risk management. It defines risk as the possibility of actual returns differing from expected returns and outlines different types of risk like systematic/unavoidable risk and unsystematic/avoidable risk. The document also defines risk management as the process of identifying, assessing, and controlling threats to an organization's capital and earnings. It notes that the goals of risk management include creating appropriate policies and strategies, effectively handling risks, and introducing plans to minimize risks.
Five lines of assurance a new paradigm in internal audit & ermDr. Zar Rdj
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes.
STRATEGIC RISK ADVISORY SOLUTIONS_Risk Management_NewsletterDion K Hamilton
The document provides an overview of risk management and enterprise risk management (ERM). It discusses how ERM involves a comprehensive framework for identifying, prioritizing, mitigating, and monitoring risks across an entire organization. The key steps in developing an ERM program include choosing a risk management framework, identifying risks, prioritizing them based on likelihood and impact, developing risk mitigation strategies, implementing controls, and ongoing monitoring and reporting of risks. Popular frameworks mentioned are COSO and ISO 31000. Benefits of implementing a formal ERM program include improved risk awareness and decision making, a standardized approach to managing risks, and potential cost savings.
This document discusses incorporating risk management into business continuity planning (BCP). It defines risk and different types of risk including hazard, financial, operational, and strategic risk. It explains that risk management aims to increase success and reduce failure, while business continuity management provides resilience and response capabilities. Key aspects of risk management and business continuity management are compared. Trends in risk management are discussed like more "emergent problems" and the need for comprehensive governance models. The implications for practitioners emphasize adopting risk management as a normal business strategy and gradually increasing testing complexity.
Abstract: Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
1) Having a crisis management policy and structure in place is key to dealing with crises effectively. This includes defining roles, resources, and response teams.
2) It is important to establish a crisis management process that includes notification, review of policies and roles, identifying response teams, and assessing the crisis to prevent future occurrences.
3) Leaders must stick to the company's strategy and core values during a crisis, maintain communication, balance mood, and keep teams focused. Managing risks is essentially managing potential crises.
The sitcom Friends aired from 1994 to 2004 and was created by Marta Kauffman and David Crane. It followed the lives of six friends living in New York City. The series finale was watched by over 52 million people. Though fans wanted a reunion, the creators and actors confirmed it would not happen. However, a Friends-themed pop-up cafe opened in New York in 2014 to celebrate the show's enduring popularity and fan base, nicknamed "Lobsters."
Mr John Berrill - Employment, superannuation & insurance issues for people wi...Peer Support Network
This document discusses issues around superannuation and insurance for people with ME/CFS. It covers what superannuation is, the types of benefits available like total and permanent disability (TPD) and temporary total disability (TTD) benefits. It also discusses making claims, accessing super early in situations like financial hardship or terminal illness, how super interacts with bankruptcy, getting insurance coverage including through employment super funds, making terminal illness and death claims, different types of insurance policies, changes to super including the new MySuper option, and contacting Maurice Blackburn Lawyers for further questions.
Praveen Kumar Sinha is seeking a position that allows growth and leadership. He has over 4 years of experience as a Customer Service Officer at ICICI Bank, where he handled cash operations, maintained records and reports, educated customers on banking services, and sold additional products. Previously, he worked over 1.5 years as an Accountant for two construction and services companies, maintaining accounts, paying vendors, and preparing financial statements. He holds a Bachelor's degree in Commerce and is pursuing a post-graduate diploma in finance.
Batch mode reinforcement learning based on the synthesis of artificial trajec...Université de Liège (ULg)
This document discusses batch mode reinforcement learning where the only available information is a set of trajectories. It proposes a model-free Monte Carlo estimator (MFMC) that estimates the performance of a policy by rebuilding trajectories from the available trajectory pieces in order to mimic Monte Carlo rollouts. The MFMC sequentially selects trajectory pieces to rebuild trajectories while minimizing distance between states and actions. This allows estimating a policy's performance without knowledge of the system dynamics or reward function. The analysis shows the MFMC has zero bias and variance that decreases with the number of rebuilt trajectories.
The document discusses COSO's Enterprise Risk Management Integrated Framework, which provides guidance on establishing an effective enterprise risk management process. It defines the components of ERM, including internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication, and monitoring. The framework is designed to help organizations effectively manage risk and support the achievement of their objectives.
An introduction to risk management concepts for future outdoor leaders. It serves up metaphors and poses suitable questions for other forms of risk management.
Operational risk is the risk of loss from inadequate or failed internal processes, people, and systems or from external events. This document provides a summary of operational risk, including:
1) It defines operational risk and provides examples such as business interruption, errors by employees, product failure, and IT systems failure.
2) Risks can be identified through various techniques like workshops and audits to assess processes. They are then assessed for impact and likelihood.
3) Operational risks are managed through techniques like risk acceptance, risk sharing, risk reduction, and risk avoidance such as purchasing insurance. Ongoing monitoring and review is important.
The document discusses the risk management process and administration. It begins by explaining the importance of understanding an organization's goals and the different types of risks it may face, such as property, liability, and human resources risks. It then defines three levels of risk impact - critical, important, and unimportant - based on the potential financial impact. The document also discusses measuring risk severity and frequency. It notes that risk management involves implementing programs to address identified risks using various techniques. Finally, it discusses how risk management allows reviewing decisions to discover mistakes and correct misconceptions that it only applies to large organizations or minimizes the role of insurance.
The document discusses the evolution of risk management from early humans creating tools for protection and hunting, to modern organizations systematically managing risks. It describes the risk management process as identifying potential risks, evaluating their frequency and severity, selecting techniques to mitigate risks like retention, transfer, or avoidance, and then monitoring the process. Key aspects of risk management for organizations are identifying various property, liability, and human risks, analyzing their financial impact, and using tools like risk controls, financing, and cost-benefit analysis to select the best risk management strategies.
This document discusses operational risk management (ORM) for flight safety courses. It provides an overview of ORM, defines key ORM concepts like risk and hazard, and outlines the six-step ORM process of identifying hazards, assessing risks, analyzing risk control measures, making control decisions, implementing controls, and supervising and reviewing the process. The goal of ORM is to protect personnel and resources while maximizing capabilities and mission effectiveness.
- The document provides guidance on coordinating risk management and assurance activities to ensure efficient use of resources and avoid duplication of efforts.
- It discusses the roles of risk management, internal audit, compliance and other assurance providers and emphasizes the importance of coordination between these functions.
- The chief audit executive plays a key role in coordinating assurance activities across the organization and ensuring appropriate coverage of risks while minimizing duplication.
Five Lines of Assurance A New ERM and IA ParadigmTim Leech
The document discusses a new paradigm called "Five Lines of Assurance" for internal audit and enterprise risk management. It was created to help organizations meet escalating expectations from regulators, credit agencies, institutional investors, and others regarding risk oversight and governance. The Five Lines of Assurance model focuses on an "Objectives Register" that prioritizes key strategic objectives and potential risks. It aims to integrate risk management and assurance functions, engage boards and management, and provide optimized assurance on whether residual risks are within the organization's risk appetite. The model is presented as helping organizations demonstrate effective risk oversight, integrate risk with strategic planning, and meet emerging governance standards.
The document compares three major risk management frameworks: NIST, ISO, and COSO. NIST focuses on information security and risk management for US federal systems. ISO provides generic international guidelines for diverse organizations. COSO emphasizes internal controls and accurate reporting. While the frameworks differ in scope and focus, they all aim to guide organizations in managing risks through integrated strategies. Organizations should analyze features of each to determine the best combination for their unique needs and objectives.
Enterprise risk management is an underutilized management practice that allows community-based financial institutions to become more efficient, smarter, and better able to compete in an increasingly complex environment.
WolfPAC Solutions Group Director Michael Cohn creates a strong case on why community-based financial institutions should implement an enterprise risk management program to reduce costs and successfully achieve business goals in an increasingly competitive and regulated environment.
This document provides guidance on establishing a framework for managing business risk. It recommends defining business objectives and acceptable risk levels. It also suggests appointing a risk manager to oversee the process and communicate the framework throughout the organization. The key steps are to identify all potential risks through brainstorming and collecting internal/external data, then prioritize risks based on likelihood and potential impact. Once risks are identified, actions can be taken to reduce, retain, or transfer each risk. An integrated, ongoing approach helps ensure all risks are addressed and the risk profile is monitored over time.
This document discusses the concepts of risk and risk management. It defines risk as the possibility of actual returns differing from expected returns and outlines different types of risk like systematic/unavoidable risk and unsystematic/avoidable risk. The document also defines risk management as the process of identifying, assessing, and controlling threats to an organization's capital and earnings. It notes that the goals of risk management include creating appropriate policies and strategies, effectively handling risks, and introducing plans to minimize risks.
Five lines of assurance a new paradigm in internal audit & ermDr. Zar Rdj
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes
• Boards are provided with a tangible vehicle to demonstrate they are actively overseeing the company’s “risk appetite framework” (“RAF”)
• The process is designed to fully integrate with strategic planning, new product/service initiatives, and M&A activities.
• The process provides a clear response to emerging expectations like the UK Governance Code, Canadian Securities Administrators, SEC, FSB, credit agencies, institutional investors and TSB.
• The main role of internal audit is to report on the effectiveness of the risk management processes and the consolidated report on residual risk status the board receives from the CEO or his/her designate and to help the company build and maintain robust risk management processes.
STRATEGIC RISK ADVISORY SOLUTIONS_Risk Management_NewsletterDion K Hamilton
The document provides an overview of risk management and enterprise risk management (ERM). It discusses how ERM involves a comprehensive framework for identifying, prioritizing, mitigating, and monitoring risks across an entire organization. The key steps in developing an ERM program include choosing a risk management framework, identifying risks, prioritizing them based on likelihood and impact, developing risk mitigation strategies, implementing controls, and ongoing monitoring and reporting of risks. Popular frameworks mentioned are COSO and ISO 31000. Benefits of implementing a formal ERM program include improved risk awareness and decision making, a standardized approach to managing risks, and potential cost savings.
This document discusses incorporating risk management into business continuity planning (BCP). It defines risk and different types of risk including hazard, financial, operational, and strategic risk. It explains that risk management aims to increase success and reduce failure, while business continuity management provides resilience and response capabilities. Key aspects of risk management and business continuity management are compared. Trends in risk management are discussed like more "emergent problems" and the need for comprehensive governance models. The implications for practitioners emphasize adopting risk management as a normal business strategy and gradually increasing testing complexity.
Abstract: Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death). Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans, organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
1) Having a crisis management policy and structure in place is key to dealing with crises effectively. This includes defining roles, resources, and response teams.
2) It is important to establish a crisis management process that includes notification, review of policies and roles, identifying response teams, and assessing the crisis to prevent future occurrences.
3) Leaders must stick to the company's strategy and core values during a crisis, maintain communication, balance mood, and keep teams focused. Managing risks is essentially managing potential crises.
The sitcom Friends aired from 1994 to 2004 and was created by Marta Kauffman and David Crane. It followed the lives of six friends living in New York City. The series finale was watched by over 52 million people. Though fans wanted a reunion, the creators and actors confirmed it would not happen. However, a Friends-themed pop-up cafe opened in New York in 2014 to celebrate the show's enduring popularity and fan base, nicknamed "Lobsters."
Mr John Berrill - Employment, superannuation & insurance issues for people wi...Peer Support Network
This document discusses issues around superannuation and insurance for people with ME/CFS. It covers what superannuation is, the types of benefits available like total and permanent disability (TPD) and temporary total disability (TTD) benefits. It also discusses making claims, accessing super early in situations like financial hardship or terminal illness, how super interacts with bankruptcy, getting insurance coverage including through employment super funds, making terminal illness and death claims, different types of insurance policies, changes to super including the new MySuper option, and contacting Maurice Blackburn Lawyers for further questions.
Praveen Kumar Sinha is seeking a position that allows growth and leadership. He has over 4 years of experience as a Customer Service Officer at ICICI Bank, where he handled cash operations, maintained records and reports, educated customers on banking services, and sold additional products. Previously, he worked over 1.5 years as an Accountant for two construction and services companies, maintaining accounts, paying vendors, and preparing financial statements. He holds a Bachelor's degree in Commerce and is pursuing a post-graduate diploma in finance.
Batch mode reinforcement learning based on the synthesis of artificial trajec...Université de Liège (ULg)
This document discusses batch mode reinforcement learning where the only available information is a set of trajectories. It proposes a model-free Monte Carlo estimator (MFMC) that estimates the performance of a policy by rebuilding trajectories from the available trajectory pieces in order to mimic Monte Carlo rollouts. The MFMC sequentially selects trajectory pieces to rebuild trajectories while minimizing distance between states and actions. This allows estimating a policy's performance without knowledge of the system dynamics or reward function. The analysis shows the MFMC has zero bias and variance that decreases with the number of rebuilt trajectories.
1) The document proposes a Model-Free Monte Carlo (MFMC) estimator to evaluate the performance of a policy in a discrete-time stochastic optimal control problem when the system model is unknown.
2) The MFMC estimator constructs simulated trajectories from a sample of one-step transitions to estimate the expected return, mimicking a standard Monte Carlo approach.
3) Analysis shows the bias and variance of the MFMC estimator converge to those of the Monte Carlo estimator as the number of transitions increases.
Capacity mechanisms for improving security of supply: quick fixes or thoughtf...Université de Liège (ULg)
This presentation discusses future electricity market designs and, in particular, capacity remuneration mechanisms that are needed for new investments and security of supply.
Here are some social media facts, trends and social media statistics to help inform how or where a business might focus their social media strategy.
Remember that today, social media is allot more than just likes, followers or branding. It is a complete publishing and sales channel with the ability to tap into large volumes of data together with a reach that stretches into the millions of buyers.
My Green World is a startup organisation launching a mobile app that connects the public with charitable initiatives. Check out our website at www.mygreenworld.org
Active network management involves modulating electricity production from renewable sources and demand to safely operate electrical grids without unnecessary infrastructure investment. This presentation details two active network management problems and solutions:
1. Modulating photovoltaic power injection to prevent overvoltage from high solar production. This can be formulated as a mathematical optimization problem.
2. Modulating both photovoltaic power and controllable loads, like electric vehicles, to absorb excess solar power in storage rather than curtailing it. This requires optimizing over multiple time periods to coordinate load and generation modulation.
Solving these optimization problems in practice faces challenges of data collection, computation and coordination between different actors in the electric industry.
This document discusses microgrids and their potential effects on the traditional electrical grid system. It begins by defining microgrids as electrical systems that include loads and distributed energy sources that can operate connected to or independent of the broader utility grid. It then discusses six key factors driving the development of microgrids, including declining costs of solar PV panels. While microgrids may disrupt the traditional grid model, the document argues they will likely be limited by available surface area for solar and changes to energy market regulations. It advises major grid players to develop solutions like large-scale hydrogen storage and influence regulations to maintain a role for centralized grids alongside distributed generation from microgrids.
This Risk Management Standard is the result of work by a team drawn from the major risk management organisations in the UK, including the Institute of Risk management (IRM).
Furthermore, the group looked for the perspectives and assessments of a large number of other expert bodies with interests in risk the executives, during a broad time of meeting.
This Risk Management Standard is the
result of work by a team drawn from the
major risk management organisations in
the UK - The Institute of Risk
Management (IRM),The Association of
Insurance and Risk Managers (AIRMIC)
and ALARM The National Forum for
Risk Management in the Public Sector.
In addition, the team sought the views and
opinions of a wide range of other
professional bodies with interests in risk
management, during an extensive period
of consultation.
This standard provides guidelines for conducting risk management. It defines key terms like risk and outlines the risk management process. The process involves risk assessment, which includes risk identification, analysis, and evaluation. Risks can originate from external and internal factors and threaten an organization's objectives. Following the risk assessment, risks are evaluated, treated, monitored, and reported on to support strategic decision making and increase organizational efficiency. Regularly updating the standard based on best practices will help risk management remain an effective process.
This standard provides guidelines for conducting risk management. It defines key terms like risk and outlines the risk management process. The process involves risk assessment, which includes risk identification, analysis, and evaluation. Risks can stem from external or internal factors and impact an organization's strategic objectives. Conducting risk management helps organizations achieve goals, improve decision making, and enhance resilience by understanding uncertainties. The standard aims to promote best practices for managing opportunities and threats.
1) This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2) The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3) Risks can stem from external and internal factors and be categorized as strategic, financial, operational, hazard or compliance-related. A risk profile prioritizes risks to focus treatment efforts. Communication of risks and risk management performance is important for internal and external
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into the organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks facing an organization. A variety of techniques can be used to analyze risks, and the results should be communicated to stakeholders and used to prioritize risks for further action.
The document provides guidelines for insurance companies in Ethiopia to manage inherent risks as the National Bank of Ethiopia transitions to a risk-based supervision model. It defines eight significant inherent risks for insurers, including credit, market, liquidity, underwriting, technical reserves, operational, contagion, and reinsurance risks. The guidelines outline roles and responsibilities for boards of directors, management, and other parties in developing risk management programs and policies to monitor and control these risks on an ongoing basis. The aim is to help insurers safely and soundly manage risks to support Ethiopia's economic development.
This document outlines Sun Pharmaceutical Industries Limited's Enterprise Risk Management policy. It defines key aspects of the company's ERM framework, including the following:
1. It establishes an ERM framework in accordance with international risk management standards to proactively manage risks across the company.
2. Key components of the framework include risk identification, assessment, treatment, monitoring, and accountability. Risk owners are responsible for managing risks in their areas.
3. The policy defines roles for the board, risk management committee, internal audit team, function heads, risk coordinators, and risk owners in implementing and maintaining the ERM system.
4. Risk appetite statements define thresholds for financial impacts and qualitative parameters to guide
Investors in Risk Management provides expert-driven risk maturity assessment services to assess and improve the risk management maturity using our Risk Management Maturity Model (RMMM) to mitigate the impact of uncertainty on business objectives.
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
Implementation of Enterprise Risk Management with ISO 31000 Risk Management S...PECB
The webinar covers:
• The start of any Enterprise Risk Management Program
• The approach to developing a framework that will assist organizations to integrate RM into their enterprise-wide risk management systems
• The relationship between the foundations of the risk management framework and their objectives
Presenter:
This webinar was presented by M. Youssef K, an executive consultant & trainer with several qualifications. He is an accomplished expert with over 10 years’ experience in the field of risk management, project and program management, PRINCE 2, Agile, EVM, business process analysis and design, as well as operational and organizational excellence.
Link of the recorded session published on YouTube: https://youtu.be/9fO-JqENL0I
Abstract
Key Features
Assessment
Introduction
Measures
Figure 1. This is the Risk Assessment Matrix Chart on the basis of the overall scenario
(continued)
Discussion
Figure1. The overall scenario of Risk management analysis on basis of survey and guidelines :
Safety of Risk Management
Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death).
Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans,
organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
The risk management steps are:
1. Establishing goals and context ,
2. Identifying risks,
3. Analysing the identified risks,
4. Assessing or evaluating the risks,
5. Treating or managing the risks,
6. Monitoring and reviewing the risks and the risk environment regularly, and
7. Continuously communicating, consulting with stakeholders and reporting.
Some of the risk management tools are described in (IEC 2008) and (Oehmen 2005).
As per discussed about the overall visualisation of safety risk management we can conclude by the stated figure about the outcome of the risk factor in different zone or field of work .
The common concept in all definitions is uncertainty of outcomes. Where they differ is in how they characterize outcomes. Some describe risk as having only adverse consequences, while others are neutral.
One description of risk is the following: risk refers to the uncertainty that surrounds future events and outcomes. It is the expression of the likelihood and impact of an event with the potential to influence the achievement of an organization's objectives.
The phrase "the expression of the likelihood and impact of an event" implies that, as a minimum, some form of quantitative or qualitative analysis is required for making decisions
concerning major risks or threats to the achievement of an organization's objectives. For each risk, two calculations are required: its likelihood or probability; and the extent of the impact or consequences.
Establish goals and context:- The purpose of this stage of planning enables to understand the environment in which the
respective organization operates, that means to thoroughly understand the external environment and the internal culture of the organization.
Identify the risks :- Using the information gained from the context, particularly as cat.
Enterprise risk management (ERM) is a process that helps organizations identify, assess, and manage risks to achieving their objectives. It involves identifying risks across strategic, operational, reporting and compliance categories and developing a portfolio view of risks from a business unit and entity level. The ERM process also includes establishing risk management philosophies, setting risk appetites, identifying and assessing risks, developing risk responses, monitoring risks, and oversight from management.
This document provides an overview of a training programme on strategic risk management. It includes an agenda that covers topics such as risk management principles, frameworks, governance, and specific business risks. The aims and objectives of the training are also outlined. Key aspects that will be taught include risk identification and assessment, risk analysis, risk culture, and implementing an effective risk management process. Various risk management models and frameworks are also highlighted such as the COSO enterprise risk management framework. The document provides information on the content to be delivered in the risk management training programme.
Risk management is a key to success, it is about escaping threats and maximising opportunities. M_o_R framework includes principles, approach, process, embedding and reviewing M_o_R. This is a very brief introduction to M_o_R risk management.
The document discusses the five phases of risk management process: establish context, identify risks, analyze risks, evaluate risks, and treat risks. It also discusses establishing the strategic, organizational, risk management, and project contexts. Key risk categories are described such as operational, schedule, budget, business, and technical environment risks. Risk assessment and handling strategies like retaining, abating, mitigating, transferring, and avoiding risks are also summarized. Types of changes and the ADKAR change management model are defined.
Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business
Risk management is an increasingly important
business driver and stakeholders have become
much more concerned about risk. Risk may be a
driver of strategic decisions, it may be a cause of
uncertainty in the organisation or it may simply be
embedded in the activities of the organisation. An
enterprise-wide approach to risk management
enables an organisation to consider the potential
impact of all types of risks on all processes,
activities, stakeholders, products and services.
Implementing a comprehensive approach will
result in an organisation benefiting from what is
often referred to as the ‘upside of risk’.
Strengths And Methods Of Risk Analysis And Risk ManagementNina Vazquez
This document outlines a risk management plan for a company. It discusses the risk management process, which involves identifying risks, analyzing risks, and managing risks to acceptable levels. The plan defines how the company will identify, analyze, and manage risks throughout the lifecycle of projects. It details how risk will be prioritized and monitored. Implementing an effective risk management plan and process is important for companies to anticipate, prepare for, and reduce potential threats and losses.
7 Key Elements Of An Enterprise Risk Management ProgramAlicia Edwards
Enterprise Risk Management (ERM) involves planning, organizing, leading, and controlling organizational activities to minimize risks and their effects. There are 7 key elements of an effective ERM program: 1) aligning strategy with business objectives, 2) defining risk appetite, 3) promoting a strong risk culture, 4) collecting and analyzing risk data, 5) establishing internal controls, 6) measuring and evaluating risks, and 7) conducting scenario planning and stress testing to anticipate unknown risks. Together, these elements provide a framework for organizations to holistically identify, assess, and manage risks.
Similar to SMUSA Risk Management (December 2014) (20)
7 Key Elements Of An Enterprise Risk Management Program
SMUSA Risk Management (December 2014)
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Name: Protocol on Risk Management
Manual: Operational Procedures Manual
Policy Number: 2-1002
Origin: Office of the President
Approved: December 15, 2014
Issuing Authority: Office of the President
Responsibility: President, General Manager
Revision Date: n/a
Effective Date: December 15, 2014
Abstract: The Association has established a written Risk Management
Protocol to define risk, document what types of risks the
Association commonly faces and how those risks are
expected to be managed.
1.0 GENERAL
1.1 The Saint Mary’s University Students’ Association (herein after referred to as
the “Association”) is adopting this protocol to ensure that all hazards and
risks contained within Association activities, including accredited student
organizations, have been identified and controlled appropriately.
1.2 The Association aims to utilize risk management strategies to make better-
informed decisions and improve the probability of achieving strategic and
operational objectives.
2.0 DEFINING RISK
2.1 Risk is action, inaction or uncertainty that may improve or hinder
achievement of organizational objectives, prejudice the security of the
Association’s assets, or affect its sustainability. Risk is an inherent aspect of
organizational decision-making and the Association acknowledges that a
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degree of risk is essential in order to generate success and growth.
2.2 Raw risk is the level of risk faced by an organization before any internal
controls are applied. Internal control is a process, affected by the
Association’s BOARD, executive, management and other employees,
designed to provide reasonable assurance regarding objectives in the
following categories:
2.2.1 Organizational effectiveness and efficiency;
2.2.2 Reliability of financial reporting;
2.2.3 Integrity and security of assets;
2.2.4 Compliance with applicable laws and regulations.
2.3 Residual risk is the level of risk faced by an organization after internal
controls are applied.
3.0 TYPES OF RISK (ASSOCIATION)
3.1 Risk to the Association may be comprised of one of the following types:
3.1.1 Compliance (breach of employment law);
3.1.2 Constitutional (lack of clarity of role of the PRESIDENT or
BOARD);
3.1.3 Ethical / Environmental (inappropriate contract agreements);
3.1.4 Financial (multi-year capital investment);
3.1.5 Governance (lack of skills, training, structure);
3.1.6 Health and Safety (staff injury and absence due to injury);
3.1.7 Information Technology (technology failure and loss of data);
3.1.8 Operational (sharp downturn of revenues);
3.1.9 Recruitment and Retention (inability to recruit and retain staff);
3.1.10 Reputation (damage to organizational credibility);
3.1.11 Security (destruction, theft or loss of assets);
3.1.12 Staffing (insufficient training);
3.1.13 Strategic (lack of strategic long-term planning);
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3.1.14 Volunteering (inappropriate or inaccurate information being
distributed).
4.0 DEFINING RISK MANAGEMENT
4.1 Risk management is the structured identification and assessment of risks
resulting from decisions that include any degree of uncertainty. It provides a
framework within which to assess, evaluate and take action to mitigate risks
facing the Association’s operations.
4.2 Risk management facilitates the attainment of organization goals and helps to
ensure the success of the organization alongside protecting its assets. Risk
management involves addressing risk and balancing gains against losses.
4.3 The response to identified risk will vary depending on the nature of said risk
and its significance within the context of operations. Managing risk shall
involve decisions and actions to:
4.3.1 Mitigate the level of risk associated with an activity (e.g. controls,
safeguards, policies);
4.3.2 Transfer the exposure to risk (e.g. obtaining insurance);
4.3.3 Tolerate the risk (e.g. immaterial or unlikely risk).
4.4 Risk management is widely recognized as a best practice element of corporate
governance. An effective risk management protocol should integrate existing
management processes and provide assurance over the management of key
risks. While no protocol will eliminate risk, it is envisaged that any such
programme will assist in the controlled taking of necessary risks and will
increase institutional risk awareness.
4.5 Risk management is not a rigid methodology as there is no single correct way
to manage risk. The Association has devised a risk management system
appropriate to the risks it is exposed to. In order to be effective, this system
aims to build on existing practice and integrate other management processes.
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4.6 Principles of effective risk management include:
4.6.1 Coverage of all types of risks, including but not limited to
governance, management quality, reputation and financial;
4.6.2 Maintenance of a balanced portfolio of risk exposure;
4.6.3 Adoption of a clearly articulated approach and protocol;
4.6.4 Regular monitoring and review, giving rise to action where
appropriate;
4.6.5 Integration within everyday business processes and alignment to
the Association’s strategic objectives;
4.6.6 Demonstrable commitment of executives, directors, management
and other Association employees.
5.0 MEASURING RISK
5.1 Risks are commonly measured in terms of their likelihood of occurrence and
potential impact. The Association measures likelihood and impact scores on a
scale of one-to-five (1 – 5), where one (1) is a very low likelihood and five (5)
is very high, and where one (1) is a very low impact and five (5) is very high.
5.2 A measurement of total risk can be ascertained by multiplying the separate
scores for likelihood and impact: [likelihood] x [impact] = [risk score]
5.3 Any risk scoring a twelve (12) or higher is defined as a significant risk to the
Association.
6.0 SIGNIFICANT RISK
6.1 Significant risks have a high likelihood of occurrence and a high potential
impact. These risks are to be actively managed and monitored.
6.2 Significant risks are assigned to the GENERAL MANAGER, who shall pre-
empt any given risk with plans concerning the mitigation of risk throughout
the year. The GENERAL MANAGER shall measure and report how
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successfully the risk is being managed alongside recommendations to
improve said risk management processes.
6.3 Significant risks are reported and reviewed termly by the BOARD through
the PRESIDENT. These reports are intended to detail progress concerning
risk mitigation, monitoring and management, which has been prepared and
reviewed by the GENERAL MANAGER.
7.0 CONTINGENCY RISK
7.1 Contingency risks are, by definition, unlikely to occur, but are understood to
have a potential impact score of five (5). An example of a contingency risk
would be the destruction of a building due to a fire.
7.2 Contingency risks shall be assigned the responsibility of the GENERAL
MANAGER, who may from time-to-time be required to prepare action plans
detailing how the Association would respond to a situation should said risk
materialize. The GENERAL MANAGER may also be required to report on
the existing assurances and controls in place to prevent said contingency risks
from occurring.
7.3 Contingency risks are reported and reviewed termly by the BOARD through
the PRESIDENT. These reports are intended to detail progress concerning
risk mitigation, monitoring and management, which has been prepared and
reviewed by the GENERAL MANAGER.
8.0 RISK MANAGEMENT PROTOCOL
8.1 The Association’s Risk Management Protocol has a key role to play in the
Association’s internal control and governance structure. The protocol
explains the Association’s overarching approach to risk management and
documents various roles and responsibilities concerning risk management.
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8.2 The Association’s Risk Management Protocol also describes the process that
the GENERAL MANAGER and PRESIDENT use to evaluate the effectiveness
of the established internal control and governance structure.
8.3 The Association’s Risk Management Protocol is to be reviewed annually.
9.0 OVERARCHING APPROACH
9.1 The following principles highlight the Association’s approach to risk
management and internal controls:
9.1.1 The BOARD recognizes the crucial importance of risk management
in their decision-making processes;
9.1.2 The GENERAL MANAGER has delegated responsibility from the
PRESIDENT for overseeing risk management within the
Association as a whole;
9.1.3 All Association employees maintain an open and receptive
approach to mitigating risk, which is to be annually reviewed by
the GENERAL MANAGER, PRESIDENT, and ultimately, the
BOARD;
9.1.4 The GENERAL MANAGER reviews, advises and implements
action plans approved by the PRESIDENT and BOARD;
9.1.5 The Association makes prudent recognition and, when necessary,
disclosure of the financial and non-financial implications of risk;
9.1.6 Full-time and executive staff are responsible for encouraging best
practices concerning risk management in their respective are of
operations;
9.1.7 Key risk indicators are identified and closely monitored on a
regular and ongoing basis by all Association employees.
10.0 BOARD OF DIRECTORS
10.1 Although the Association’s Constitution assigns operations staff with
overseeing risk management protocol, the BOARD has a fundamental role to
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play in providing accountability within a framework of prudent and effective
controls that enable risk to be assessed and managed. This role is fulfilled by:
10.1.1 Receiving accurate, timely and clear information from the
GENERAL MANAGER via the PRESIDENT;
10.1.2 Constructively analyzing strategy, performance and ability to meet
predetermined goals and objectives. The BOARD should ensure the
integrity of financial information and controls are robust and
defensible;
10.1.3 Setting the tone and influencing a culture of risk management
within the Association, which includes:
10.1.3.1 Determining whether the Association is exposed to risk
with respect to any relevant issue;
10.1.3.2 Setting the standards and expectations of the
PRESIDENT with respect to conduct and integrity;
10.1.3.3 Approving major decisions affecting the Association’s
risk profile or exposure.
11.0 GENERAL MANAGER
11.1 The GENERAL MANAGER has a key role to play in providing an internal
assessment of the effectiveness and adequacy of the Association’s system of
risk management. The GENERAL MANAGER shall safeguard stakeholders’
interests and the Association’s assets, which includes alerting the
PRESIDENT to any emerging risk(s).
11.2 The GENERAL MANAGER shall, from time-to-time or as necessary,
manage all material controls, including financial, operational and compliance
controls, as well as risk management systems including but not limited to the
integrity of financial statements and audits, adherence to the Association’s
Risk Management Protocol, and all budgetary processes.
11.3 The GENERAL MANAGER further achieves this role by evaluating the
effectiveness and adequacy of the Association’s internal controls by
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reviewing the previous year’s risk management performance and considering
the internal and external risk profiles for the current year.
11.4 The GENERAL MANAGER shall direct full-time staff to implement
protocol concerning risk management and internal controls.
11.5 The GENERAL MANAGER shall identify and evaluate significant and
contingency risks for the PRESIDENT, who shall assist the GENERAL
MANAGER in efforts to mitigate risks and report said risks to the BOARD.
11.6 In evaluating the effectiveness and adequacy of the Association’s internal
controls, the GENERAL MANAGER and PRESIDENT shall consider the
following:
11.6.1 Control Environment:
11.6.1.1 The Association’s financial and social objectives;
11.6.1.2 Organizational structure and resource management;
11.6.1.3 Culture, approach and resources concerning risk
management;
11.6.1.4 Delegation of authority;
11.6.1.5 Public reporting;
11.6.2 Identification and Evaluation of Significant Risk:
11.6.2.1 Timely assessment of relevant significant risks;
11.6.2.2 Prioritizing risks and allocating resources to address
areas of high exposure on an equitable basis;
11.6.3 Information and Communication:
11.6.3.1 Quality and pertinent information concerning significant
risks;
11.6.3.2 Time requirements for control necessity and
implementation;
11.6.4 Monitoring and Corrective Action:
11.6.4.1 Ability of the Association to learn-from-and-adapt-to
include identified areas of risk;
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11.6.4.2 Commitment and timely implementation of corrective
action and controls.
12.0 SYSTEM OF INTERNAL CONTROL
12.1 The Association’s system of internal control incorporated risk monitoring
and management. This system encompasses a number of elements that work
to facilitate an effective and efficient operation, further enabling the
Association to respond to a variety of operational, financial, social and
commercial risks.
12.2 The elements of the system of internal control include the following:
12.2.1 High-Level Risk Framework: This framework comprises the
Association’s Risk Management Protocol and the recognized
number of risk in order to facilitate the identification, assessment
and ongoing monitoring of significant risks. The list is formally
reviewed annually, however emerging risks are to be added,
assessed and controlled as they arise.
12.2.2 Protocols and Procedures: Attached to significant risks are a series
of protocol intended to support the internal control process. The
Association’s Risk Management Protocol is to be implemented and
communicated by the GENERAL MANAGER and PRESIDENT.
12.2.3 Monitoring and Reporting: Comprehensive regular reporting is
designed to monitor significant risks, controls and decisions made
to rectify problems and mitigate risk. The PRESIDENT and
GENERAL MANAGER shall meet at least three (3) times per year
and share an obligation to provide an assessment of the
effectiveness and adequacy of the Association’s system of risk
management. This assessment shall be delivered to the BOARD via
the PRESIDENT annually.
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12.2.4 Third Party Reporting: From time-to-time, external parties may be
retained to address specific areas of risk requiring a degree of
expertise and reliability.
13.0 DESIRED OUTCOMES
13.1 Risk management is an extension of good management practice and a
continued commitment to focus on areas of concern or threat. It is
acknowledged that the potential benefits of risk management include:
13.1.1 Increased focus on the achievement of specific strategies by
highlighting areas in which objectives are unclear or are not in sync
with the Association’s strategic vision;
13.1.2 Improved organizational awareness of risk as well as the benefits of
managing risk;
13.1.3 Empowering individuals through placing their activities in the
context of an overarching strategy in order to designate them
responsibility to implement or eliminate controls;
13.1.4 Improved compliance with internal policies and expectations;
13.1.5 Assurance that there will be no significant and unexpected risks
arising from regular operations;
13.1.6 Effective risk mitigation to reduce the potential impact of
organizational risk;
13.1.7 Competitive advantages arising from the use of risk management
within day-to-day decision-making;
13.1.8 An ability to systematically identify, assess and seize opportunities
with assurance that is not possible without a system for managing
risk;
13.1.9 Effectively managed projects, initiatives and student societies;
13.1.10Demonstrating successful risk management to stakeholders to
improve the Association’s credibility and encourage further
financial investment from the membership.
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14.0 REVIEW TIMETABLE
14.1 Annual processes detailed in this Risk Management Protocol are to be
adhered to given the following timetable:
14.1.1 MAY & NOVEMBER: Strategic risk profile review completed by
the GENERAL MANAGER and PRESIDENT;
14.1.2 NOVEMBER & APRIL: Bi-annual review of risks – update by the
PRESIDENT to the BOARD;
14.1.3 JANUARY: Review of the Association’s Risk Management Protocol
by the GENERAL MANAGER;
14.1.4 FEBRUARY: Approval of Association’s Risk Management Protocol
by the PRESIDENT;
14.1.5 AUGUST: Drafting of Annual Risk Management Plan to mitigate
major risks by the GENERAL MANAGER and PRESIDENT;
15.0 UPDATE SCHEDULE
Version History (#) Date Changed Updated By Description of
Change
1.0 December 15, 2014 Office of the
President
Document creation.
Approved by
President and
submitted to Board.