Risk Management for the Board. May 2, 2013 Mike Maida & Jennifer Schultz Aon Risk Solutions
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1 Risk Management for the Board May 2, 2013 Mike Maida & Jennifer Schultz Aon Risk Solutions
2 Agenda Boards Responsibility Establishment of Process Reporting Requirements Consequence of doing nothing Personal Liability Directors & Officers Liability mitigation Q&A 1
3 Watch Closely..\Watch_Closely.WMV 2
4 Boards Responsibility TSE commissioned Peter Dey to issue a report for publicly traded companies. 14 recommendations made to Directors, including: boards should assume responsibility for the identification of principal risks of the corporation s business, ensuring implementation of appropriate systems to manage risks. 3
5 Today Bond raters, TSX and our bankers (financiers) are scoring governance/management. They want to know what processes we have in place to identify/manage and control risk. Clearly, greater call for transparency and a clearer understanding of risk! 4 4
6 Sarbanes-Oxley Act of 2002 (SOX) Also known as Public Company Accounting Reform & Investor Protection Act Legislation establishes new or enhanced standards for all U.S. public company Boards. Act Contains 11 Sections ranging from additional Corporate Board Responsibilities to Criminal penalties. Key take away: Must have a system for identifying material risks and disclosing them. 5
7 Boards Responsibility Cleary oversight of RM is one of the key responsibilities of a board of directors. A board may delegate much of the work involved in managing risk, but can never delegate its responsibility for oversight. 6
8 Establishment of Process Define Risk Policy Risk language Risk tolerance Using a standard 7
9 Risk Management Process Establish Context Communication Identify Risk Analyze Risk Evaluate Risk Monitor & Review Treat Risk Risk Management Standard (AS/NZ 4360) 8
10 IDENTIFICATION Identify Risk Within the context established, what can go wrong? Communication ANALYZE EVALUATE TREAT Monitor & review 9
11 Analyze Risk IDENTIFICATION Likelihood, impact and effectiveness of controls. Communication ANALYZE EVALUATE TREAT Monitor & review 10
12 Evaluate IDENTIFICATION What is risk reward relationship, how does this fit into our risk tolerance? Risk is not all negative! Communication ANALYZE EVALUATE TREAT Monitor & review 11
13 Treat Risk Reduce, mitigate, avoid, share or retain. Communication IDENTIFICATION ANALYZE EVALUATE TREAT Monitor & review 12
14 Regular Reporting Risk register Risk scores Risk owners Action plans 13
15 Net Risk Impact The severity of a loss caused by a single occurrence taking into account the risk mitigation activities currently in place (residual or net risk). It represents the loss of the one-time event (ie. not taking into consideration the number of times the event may occur within a given timeframe) in the most real and probable case. 1. Low Category Definitions Financial Impact Reputational Impact Business Interruption Human Cost $0 - $250,000 Passing negative mention in related news stories Less than 1 day First Aid Treatment 2. Moderate $250,001 - $1,000,000 Negative story appears in print media for 1-2 days as minor news story 1 2 days Medical Treatment 3. Significant $1,000,001 - $5, Negative story appears in either TV and/or radio and/or print for 1 2 days as major news story 3 5 days Short-term Extensive Injury 4. Serious $5,000,001 - $25,000,000 Same as above for 3 5 days 6 13 days Long-term Disability or Extensive Injury 5. Severe Greater then $25,000,000 Story appears on TV and/or radio and/or print and/or wire service and spills over into int l news for 3 5 days as major news story. Greater than 14 days Death 14
16 Net Risk Likelihood The probability or likelihood of a loss from a single occurrence taking into account the risk mitigation activities currently in place. Category 1. Remote 2. Unlikely 3. Possible 4. Likely 5. Almost certain Definition Remote probability (1 in 10 year event) Improbable (1 in 5 10 year event) Potential (1 in 2-5 year event) Probable (1 in 1 2 year event) Expected (More than once a year) 15
17 Category 1. Ideal Control 2. Strong (Quality of controls) 3. Improving 4. Needs improvement 5. Poor 16
18 Example of Dashboard Final Score Direction Impact Likelihood Quality of Control Risk Risk Owner Action Plan Drought John Doe Section Volatility of energy market Bill Smith Section Infrastructure Jane Black Section Loss of export market Betty Clarke Section Interest rate Terry Yee Section Foreign exchange Gail White Section Political protectionism Bill Chan Section Counterparty risk with XYZ Gail White Section 8 17
19 What direction is risk headed? Risk Movement Score Direction Getting better 1 Not changing 2 Getting worse 3 18
20 XYZ Project Risks Mitigation Risk Score Movement Techniques Plan A 16.1 Pg. 12 Pg. 13 B 15.8 Pg. 14 Pg. C 14.5 Pg. 16 Pg. 17 D 14.2 Pg. 18 Pg. 19 E 14.0 Pg. 20 Pg. 21 F 11.2 Pg. 22 Pg. 2 G 10.7 Pg. 24 Pg. 2 H 10.3 Pg. 26 Pg. 2 I 9.6 Pg. 28 Pg. 29 J 9.1 Pg. 30 Pg. 1 K 7.5 Pg. 32 Pg. 3 Top 10 Principal Risks Mitigation Risk Score Movement Techniques Plan Pg Pg Pg Pg Pg Pg Pg Pg Pg Pg
21 Risk Map Severe Under managed 4 Red Zone 3 Impact ($) (How severe) 2 1 Over managed Low Remote Likelihood Almost certain (How frequent) 20
22 I skate to where the puck is going to be, not to where it has been. Wayne Gretzky 21
23 Consequences of Doing Nothing - Know Your Exposure Directors and officers must: Act honestly and in good faith with a view to the best interests of the organization/corporation Exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances 22
24 Know Your Exposure Who can Sue Directors and Officers Corporations Employees Shareholders Members Government Agencies/Regulators Customers Suppliers Creditors Competitors 23
25 Know Your Exposure Under which Laws can Directors and Officers be sued? - Over 200 Federal and Provincial acts contain personal liabilities for directors and officers. Corporate Employment Environmental Financial Reporting Taxation Competition Securities Criminal 24
26 Know your Options Protection from Personal Liability Corporate By-Laws Indemnity agreements Directors & Officers Insurance 25
27 Recommendations Risk Management = Defensible Position Act honestly and in good faith. Exercise care, diligence and skill. Educate yourself. Familiarize yourself with the organization s by-laws or Acts. Be aware of legislation that governs your industry. Prove it. Secure Directors & Officers Liability Quotes 26
28 Summary Oversight of Risk Management is the Board s responsibility. No matter how big or small your organization, follow the risk management process. RM is not a one-time project but a regular process. Be diligent, educate yourself and understand the exposure you face as a board member 27
29 Resources 20 Questions Directors of Not-For-Profit Organizations Should Ask About Risk Risk Management Process
30 Contact Information Mike Maida, Vice President Aon Jennifer Schultz, Vice President Aon
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