This document discusses how StrategyDriven can help companies develop risk assurance maps to improve oversight and reduce costs. Risk assurance maps relate corporate risks to business processes and the oversight activities that monitor them. This reveals gaps and redundancies, allowing unnecessary oversight to be eliminated. StrategyDriven has helped clients identify over $100,000 in redundant oversight activities and can work with companies to develop customized risk assurance maps.
Implementation of Enterprise Risk Management with ISO 31000 Risk Management S...PECB
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• The approach to developing a framework that will assist organizations to integrate RM into their enterprise-wide risk management systems
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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.
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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.
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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.
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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.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
These slides are from The Risk Doctor, David Hillson's, section of the presentation at the recent APM Wessex branch afternoon risk workshop. This event was held at the Ageas Bowl in Southampton on Tuesday 1st April 2014.
David Hillson is an honorary fellow of APM and is known globally as 'The Risk Doctor'. David is well-known as an excellent speaker, presenter and trainer. Countless individuals, teams and organisations have benefited from his blend of thought-leadership with practical application, presented in an accessible style that combines clarity with humour. David’s speaking is guided by the Risk Doctor motto: “Understand profoundly so you can explain simply”.
David sat on the panel of experts for this workshop-based event and shared his expertise with delegates who were looking for a learning experience in risk.
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.
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.
It provides a general overview of enterprise risk management principles which can help to transform corporate from risk exposure to the risk protected. Consideration for basic steps in Risk Management Process are critically and logically analysed
PECB Webinar: ISO 31000 – Risk Management and how it can help an organizationPECB
We will cover:
• Brief overview of the Standard content
• What is Risk Management?
• Guidance on how to position Risk Management in an organization
• Three examples of where Risk Management must be considered
Presenter:
This webinar will be presented by Steve Tremblay, Owner and Executive ITSM/ISO Consultant at Excelsa Tech.
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.
Summary:
Risk
Risk management
Risk Management process groups
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Responses
Control Risks
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.
Enterprise Risk Management and SustainabilityJeff B
An overview of our endeavors at implementing ISO 31000 enterprise risk management and the importance of establishing good risk culture within the company.
These slides are from The Risk Doctor, David Hillson's, section of the presentation at the recent APM Wessex branch afternoon risk workshop. This event was held at the Ageas Bowl in Southampton on Tuesday 1st April 2014.
David Hillson is an honorary fellow of APM and is known globally as 'The Risk Doctor'. David is well-known as an excellent speaker, presenter and trainer. Countless individuals, teams and organisations have benefited from his blend of thought-leadership with practical application, presented in an accessible style that combines clarity with humour. David’s speaking is guided by the Risk Doctor motto: “Understand profoundly so you can explain simply”.
David sat on the panel of experts for this workshop-based event and shared his expertise with delegates who were looking for a learning experience in risk.
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.
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.
It provides a general overview of enterprise risk management principles which can help to transform corporate from risk exposure to the risk protected. Consideration for basic steps in Risk Management Process are critically and logically analysed
PECB Webinar: ISO 31000 – Risk Management and how it can help an organizationPECB
We will cover:
• Brief overview of the Standard content
• What is Risk Management?
• Guidance on how to position Risk Management in an organization
• Three examples of where Risk Management must be considered
Presenter:
This webinar will be presented by Steve Tremblay, Owner and Executive ITSM/ISO Consultant at Excelsa Tech.
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.
Summary:
Risk
Risk management
Risk Management process groups
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Responses
Control Risks
All organisations, whatever their size or market, face a range of risks affecting the achievement of their objectives. While “risk” is commonly regarded as negative, risk management is as much about exploiting potential opportunities as preventing potential problems.
Risk management comprises a framework and process that enable organisations to manage uncertainty in an effective, efficient and systematic way from strategic, programme, project and operational perspectives, as well as supporting continual improvement. Risk management applies at all levels of an organisation and to all activities.
In this A to Z, I’d like to cover some of the key areas of Risk Management and Treatment and give you a better understanding of this broad topic that underpins multiple quality and ISO standards.
How does Operational Risk Management fit into an organization's Strategic Planning? This presentation attempts to provide a functional and implementable response.
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.
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.
SymEx 2015 - Turning Risks Into Results, A Wider Perspective to Understand P...PMI Indonesia Chapter
From Enron and WorldCom to the more recent financial crisis, events of the last decade have fundamentally shifted how organizations think about risk. Companies around the world have made substantial investments in personnel, processes and technology to help mitigate and control business risk. Historically, these risk investments have focused primarily on financial controls and regulatory compliance. However, these investments have often not addressed more strategic business risk areas. As a result, senior executives may not perceive risk management as strategic to the enterprise. Senior executives also may not have sufficient confidence in their ability to identify and address the risks that could impact the financial performance − or even the viability — of their organization. A strategic question presents itself: “Do organizations with more mature risk management practices outperform their peers financially?” Our research and experience tend to suggest “yes!”
In this presentation, Isnaeni Achdiat will also discuss how leading organization with higher maturity in managing risks, gets better return. We will also present the new paradigm of dealing with risks, either it is good or bad risks. We will introduce the concept of "risk that matters" in an organization and discuss approach to mitigate. Furthermore, we will present the linkage between strategic and project risks and how a good risk culture can impact the success of organization managing their risks. By analyzing the relationship between the strategic and project risks, the project professionals can better understand the setting priorities the boards make, and thus can anticipate allocation of resources at the optimum level, for the benefit of the enterprise. Managing project risks, without understanding context and background of the initial strategic decision, will not allow the project professionals to understand why top management put on-hold the project, or keep it running at the right speed.
DISUSSION-1RE Chapter 15 Embedding ERM into Strategic Planning.docxmadlynplamondon
DISUSSION-1
RE: Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton
COLLAPSE
Top of Form
The two strategic processes
The two strategic processes which are tightly connected to ERM in the current scenario of Edmonton City ERM implementation are:
Results based budgeting and Performance measurement.
Results based budgeting (RBB):
ERM helps organizations to allocate the resources based on the requirement for completing the tasks and to produce the desired output. The RBB assists to determine the funding allocation requirements which are mandatory to fulfill the strategic objectives of organization. This budget formulation is performed based on predefined objectives such as priority, resource availability and expected results etc. here the expected results represents the desired outputs which organization expects to meet its strategic goals. In simple words the Results-based budgeting is about emphasizing performance and accountability.
Performance measurement:
The continuous performance measurement helps organizations to drive the progress in risk mitigation and it provides insights where additional attention is required. The Key performance indicators (KPIs) can be used to measure the effectiveness of risk management activities. The Performance measurement in ERM sends the list of desired outcomes to RBB and receives list of prioritized programs and costs to ensure ERM works at its full potential (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Two criteria’s must be balanced in a successful ERM model
The two criteria are model power and user-friendliness. The powerful model can provide large amount of information and lets the organization to compare the results and risks, effectiveness’ of current program and impact of future initiatives. The user friendliness program helps to easily add information, add new features and easy to understand by the user with simple steps. The user friendliness also includes if needed some unnecessary steps could also be removed without losing model robustness (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).
Thank you
References
Fraser, J., Simkins, B. J., & Narvaez, K. (2015). Implementing enterprise risk management: Case studies and best practices. Hoboken: Wiley.
Bottom of Form
DISCUSSION-2
1. What the other strategic processes are closely tied to ERM?
The strategic processes may have success strategy which is linked to the command of risk and organization understanding. The selection of strategy is an exercise of high-stakes. Approx. 80% of the underperformer may against the industry who have lost their wat over the prior 10 years because of blunder who are strategic and the business and strategy magazine. It may blame on failure on operations errors and the external event or compliance fault.
2. What are three kinds of risks are identified within the city of Edmonton?
There may be three risks which may involve avoidance or risk termination, tolerance or acceptance of ...
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1. effective executives, efficient employees
A VETERAN OWNED SMALL BUSINESS
StrategyDriven TM
Improving Oversight and Reducing Costs
Through Risk Assurance Mapping
www.StrategyDriven.com/risk-assurance-maps
2. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 2 StrategyDriven TM
effective executives, efficient employees
StrategyDriven Advisory Services
StrategyDriven advisors serve the global Energy Industry
United States
Canada
Brazil
Peru
El Salvador
* Companies served over the course of our advisor’s careers and not necessarily through StrategyDriven.
StrategyDriven advisors identified $100+ thousand in unnecessarily redundant
oversight activities after closing numerous assurance gaps at four companies!
Just imagine how we might help improve your oversight program.
*
United Kingdom
Norway
Switzerland
Hungary
Cayman Islands
United Arab Emirates
Angola
Nigeria
Australia
Japan
Thailand
Singapore
India
Industry Experience
Power & Utilities
Oil & Gas
Healthcare
U.S. Navy
U.S. Army
Not-For-Profit
Global Client Experience
3. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 3 StrategyDriven TM
effective executives, efficient employees
Corporate Oversight Opportunities
StrategyDriven’s Risk Assurance Maps reveal numerous oversight gaps
Common High Priority Oversight Assessment Gaps
Succession Planning
Workforce Management – retention, retirement and
replacement strategy
Supply Chain Management – contract management
Work Management – Supply Chain process interface
effectiveness (Inventory Management)
Security – physical and cyber
Oversight organizations provide independent, objective assurance and consultation for
designated portions of the business in order to monitor risk, add value, and improve the
overall operations. These organizations achieve these objectives through systematic,
disciplined evaluation of and consultation for the:
Design and operating effectiveness of risk management processes
Management/Governance of ‘key’ risks including the risk assessment process
Reporting of assessed risk and control conditions
Even if heavily regulated, some companies may not provide substantial internally
performed or sponsored oversight of several functions important to managing the
business’s top tier risks. Consequently, corporate oversight organizations have the
opportunity to add significant business value by identifying and closing these gaps.
Business Continuity Planning – including extended facility
emergency event management
Business Management – planning, budgeting, and performance
monitoring
Large capital project development strategy and implementation
program
Consolidated assessment of internal and external audit findings
4. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 4 StrategyDriven TM
effective executives, efficient employees
Corporate Oversight Opportunities
StrategyDriven’s Risk Assurance Maps reveal numerous oversight redundancies
Management
Assurance
Board of Directors External
Stakeholders
Common Assurance Providers
Internal Audit
Quality
Assurance
/ Self-
Assessments
Enterprise
Risk
Management /
Compliance
Groups
Areas of
Potential
Inefficiencies
Conventional Ownership of Assurance Activities
Enterprise Risk
Management
(ERM) /
Compliance
Groups
Quality
Assurance
Management
Self-Assessments
Internal Audit
Functional area
oversight sub-
committees
Safety Review /
Oversight Boards
Independent
Auditors
Government
Regulators
Industry
Organizations
Trade
Associations
Conventionally assigned assurance coverage responsibility can lead to significant
redundancy of effort. This inherent inefficiency often goes unresolved because internal
oversight groups infrequently coordinate their activities.
Illustrative
5. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 5 StrategyDriven TM
effective executives, efficient employees
Risk Assurance Mapping
StrategyDriven relates corporate risks to process execution and oversight
Risk assurance mapping enables visualization of the relationships between enterprise risks
and their associated processes. Concurrently, it reveals the degree of assurance oversight
and performance metric monitoring applied to these processes. Such maps foster greater
collaboration between an organization’s multiple oversight and line organization groups;
enabling closure of oversight gaps and helping to alleviate low-value, redundant
assessment activities and their associated costs.
Company Risk Universe Risk Scores
Process Universe
Internal / External
Oversight & AssuranceRelationship
Illustrative
Individual Risk Mitigators
Note: A full-scope Risk Assurance Map is shown. Each section within the map is scalable to the organization’s needs. Some features /
components of the map can be eliminated, as desired.
6. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 6 StrategyDriven TM
effective executives, efficient employees
Risk Assurance Mapping
Aggregation of oversight results reveals the organization’s residual risk profile
Once completed, the results of individual oversight activities are added to the risk
assurance map. Aggregation of these findings reveals the overall quality of process
performance and controls. Combining the process quality scores associated with individual
risks and then sequentially rolling-up individual, business unit, and categorical residual risk
scores yields the organization’s overall residual risk profile.
Residual Risk ScoresProcess Assessment Quality Scores
Relationship
Internal / External Oversight & Assurance
Illustrative
References Internal / External Performance
Metrics
Aggregated Individual Process Events
Note: Use of DevonWay’s Risk Map application (optional) integrated with the organization’s other enterprise platforms can substantially
automate Risk Assurance Map updating.
7. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 7 StrategyDriven TM
effective executives, efficient employees
Benefits of Risk Assurance Mapping
StrategyDriven Risk Assurance Maps drive substantial organizational benefits
Risk assurance mapping reveals numerous opportunities to enhance assurance and lower
costs through the elimination of oversight gaps and low-value and redundant activities.
Furthermore, it fosters increased communications between the executive leadership and
oversight groups; enhancing understanding, improving coordination, and standardizing
approaches to the organization’s assurance activities.
Beneficial Oversight Organization Impacts
Improves oversight organization effectiveness:
- Focuses oversight resources on the performance of
risk-driven assessments
- Provides near continuous risk and process monitoring
through the use of existing performance metrics
- Identifies areas where assessment coverage could
be enhanced
- Reveals opportunities to eliminate low-value
assessment activities
- Coordinates the assurance activities of the
organization’s oversight groups supporting elimination
of redundant activities
- Informs the leveraging of assessment performed by
other internal groups
Promotes collaboration between executive
management and oversight organizations
Increases the credibility of oversight organization
within the business
Provides for near and long-term assessment
schedule planning
Enables identification of near and long-term
assessor knowledge, skills, and experience needs
Organizational Value Proposition
Assists the Board and executive management in understanding the
organization’s residual risk profile and assurance process
Helps levelize the assessment-related burdens placed on operating groups
Establishes standard risk definitions and assurance frameworks
Provides a concise, organized portrayal of regulatory and industry guidelines
compliance to government inspectors and external assessors
Paradigm shift
Old
Corporate oversight organizations assess performance autonomously
New
Internal oversight organizations coordinate their efforts to maximize assurance
coverage and value while minimizing effort
Oversight personnel perform assessments coordinated with those of other
assessment groups and provide augmenting knowledge and skills to their
assessment teams
Performance metrics are used to actively monitor risks between assessments
8. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 8 StrategyDriven TM
effective executives, efficient employees
Risk Assurance Map Development
How StrategyDriven helps clients develop a tailored assurance framework
Plan & Prepare Structure & Collect Review & Analyze Conduct Briefings
Oversight Activity Levelizing
Tools
Risk Assurance Map
Development and Maintenance
Instructional Guide
Develop a task specific, resource loaded project plan and submit requests for needed
data and meetings
Align the risk assurance map framework to the specific organization and gather risk
assessments, oversight activity schedules, and performance metrics
Interact with corporate and business unit management and staff to validate risk
assurance map accuracy and gain buy-in
Present risk assurance map assessment findings and gaps including associated
leading practices
Detailed Risk Assurance Map
Framework
Board / Executive Level Risk
Assurance Map Framework
Cascading Enterprise Risk
Catalog
9. Improving Oversight and Reducing Costs Through Risk Assurance MappingPage 9 StrategyDriven TM
effective executives, efficient employees
Contact
For more information on how to develop your Risk Assurance Map, contact…
Nathan Ives
Principal
StrategyDriven Enterprises, LLC
(678) 313-0150
nathanives@strategydriven.com
or visit us on the web at:
www.StrategyDriven.com/risk-assurance-maps