A Journey Towards True Enterprise Risk Management
|
|
|
- Scott Hart
- 5 years ago
- Views:
Transcription
1 The Long and Winding Road A Journey Towards True Enterprise Risk Management By the Journeyman Per Åkenes
2 RISK = FUTURE UNCERTAINTY
3 GOALS and STRATEGIES DECISION MAKING CULTURE
4 The Road Travelled from sudden and accidental fortuitous loss to unknown unknowns
5 There were risks everywhere And he screamed wolf!
6 Don t worry its insured
7 The Basic Risk Management Process Risk identification Assessment Prioritization Risk response Implementation Review
8 Extending the reach Going step by step Domestic corporate view Western world view Global view
9 Scientific Risk Management Law of large numbers Seeking predictability
10 Scientific Risk Management
11 The rise of the Captive Insurance Company Parent/Owner Profits Operations Insurance Premiums Captive Insurance Company Expenses Claims Payments Reinsurance Premiums Claims
12 Then the financial wizards came along
13 Financial Risk Strategies and Tools Source: CGMA 2015
14 The Wiz Kids Financial Risk Management takes the scene New tools are invented / developed Limiting financial risks (But also enabling high stakes) mortgage backed security (MBS) collateralized mortgage obligations (CMOs) collateralized debt obligations (CDOs)
15 Everyone s a Risk Manager Tradition risk management Financial risk management Legal, compliance Quality assurance Health & Safety Security Cyber security Environmental risk management, sustainability CSR Supply chain risk management et al
16
17 Our Playing Field MANDATED BOUNDARY boundary established by external forces including laws, government regulation, and other mandates OPPORTUNITIES OPTIMIZE PERFORMANCE strategy, people, process, technology, and infrastructure in place to drive toward objectives OBSTACLES OBJECTIVES strategic, operational, customer, process, and compliance objectives Source: OCEG.org VOLUNTARY BOUNDARY boundary defined by management including public commitments, organizational values, contractual obligations, and other voluntary policies
18 What s it all about? Decision Making Your organization, as it stands today, is the result of all decisions previously made by its board, management team and every other employee. Your organization s future will be the result of the decisions you make today and tomorrow. You better make wise decisions!
19 How to produce good decisions? 1. Culture 2. Culture 3. Culture Good Culture good decisions Bad Culture?
20
21 Kultur Culture ثقافة
22
23 Organizational Culture The standard you walk past is the standard you accept. David Morrison
24 Most Important Decisions? GOALS & STRATEGIES Setting goals Developing strategies to reach each goal Creating alternative strategies Executing each strategy Monitoring results Understanding when to switch strategy i.e. being agile
25 THE PROPORTION OF SIGNIFICANT LOSSES IN MARKET VALUE CAUSED BY EACH TYPE OF RISK OVER THE PAST DECADE Strategic 86% 9 3 Operating THE PROPORTION OF TIME AUDITORS SPENT ON EACH TYPE 6 42% 13% Financial Reporting Legal and Complianc e SOURCE: CEB FROM: "How to Live with Risks", July August 2015 HBR.ORG
26 Running an ERM workshop with the C suite Facilitators Preparation Understanding the context What business are we in? Overall Mission and Vision Customers, promises Culture Goals (medium short term) Business model Brand recognition, trust Value chain, earning generators Competition Organizational structure Business conditions in general Board of Directors Stakeholders and expectations Risk / Audit Committee Past performance C suite members, Internal Audit, ERM KPIs Workshop attendants, personalities
27 Running an ERM workshop with the C suite C Suite Preparation: Current / Next year s Corporate Goals
28 SMART GOALS + accountability
29 Running an ERM workshop with the C suite The Meeting Setting the scene Stating and agreeing the 4 8 most important goals Discussing opportunities and strategic assumptions Why wouldn t we reach our goals? Future uncertainties List circumstances that might impede on our ability to reach set goals Brainstorming, discussion (trying to keep the CEO calm) Vote and agree on 8 10 key risks (CEO last)
30 Running an ERM workshop with the C suite The Key Risks Risk Owner? Assess potential impact (on EBITA) Assess likelihood Assess urgency (clock speed) Agree on acceptability Discuss risk control actions needed The Aftermath Discuss impressions with CEO/CFO/ERM/IA Write report Get CEO to sign off Present to Risk/Audit Committee and full Board Monitor progress
31 GLOBAL BUSINESS ENVIRONMENT THE WORKSHOP PROCESS KEY OBJECTIVES Uncertain circumstances, events? Risk Owner Potential impact Likelihood Current controls Urgency Acceptability Proposed response Agreed action
32 Experience from ERM workshops Never before have we, the management team, spent two hours focusing primarily on risks against corporate goals. What has been discussed individually among us, from case to case, has been laid on the table for everyone to see and agree. Great to have had this common experience.
33 Experience from ERM workshops Vague business goals Disagreement on goals MD/CEO dominance Difference between issues and risks? The Elephant in the room
34 Problems creating and running ERM Lack of CEO and BoD buy in Single ERM Champion performance Inwards looking, self centric The outside world is always bigger The outside world calls the shots Sustainable thinking Don t create an ERM cult ERM is not the end, but the means to an end Don t get stuck with risk registers
35 Thinking Fast and Slow or thinking at all? Daniel Kahneman had expected to be awed by the quality of the decision making in organizations that need to make profits to survive in a competitive world. You look at large organizations that are supposed to be optimal, rational. And the amount of folly in the way these places are run, the stupid procedures that they have, the really, really poor thinking you see all around you, is actually fairly troubling, he said, noting that there is much that could be improved. Speaking at Wharton
36 Measuring Confidence? From an organizational perspective, true confidence suggests mature capabilities in which competent people with high accountability for results are engaged in the pursuit of a common purpose. Source: Protivity, The Bullitin Vol 6:4
37 NORDIC ERM SURVEY 2011 SUMMARY Q A B C D E F G H I J K L M N O P Q R S T V W X Y Z AA AB AC AD AE AF AG AH AI AJ ERM ERM ERM ERM ERM ERM ERM ERM O O O ERM ERM O O ERM O ERM O ERM O O O O O O O O O O O O O O XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL XL CEO RM CFO RM CFO CFO CFO RM IA CFO CFO CFO CFO CEO CFO RM CFO RM Leg IA RM IA CFO RM RM O Tr CFO RM RM Tr O 15 S,W,O W S All S,W S, I S W S,W S,W O S,W W O S,W,I All S,W,I W,I O S,W S,W S,O I, Q S,W Q S,Q,O All O I,O S,W O S,O S O COSO ISO Own Comb ISO ISO ISO Own Comb COSO Own Comb Own Own Comb Own COSO Comb Comb Own 24 4 Cont Cont N/A 1 Cont 4 1 N/A 2 N/A N/A 25 N/A N/A LEGEND: Question not answered For YES/NO questions: YES For questions with graded answers: Excellent Medium NO Good Could be better Not so good / bad
38 NORDIC ERM SURVEY 2011 SUMMARY Question / Issue ERM governance model 2 Holistic process 3 Use the term ERM ERM ERM ERM ERM ERM ERM ERM ERM ERM O ERM O ERM O ERM O O ERM O ERM ERM 4 Drivers behind ERM 5 Risk Policy 6 Definition of Risk 7 Risk Appetite 8 Decision making impact 9 Strategy Process impl 10 Stress tests etc. 11 Software used XL XL XL XL XL XL XL XL XL XL XL XL XL 12 Roles & Responsibilities 13 Risk Executive 14 Function CEO RM CFO RM RM CFO CFO CFO RM IA CFO CFO CFO CFO CFO CEO CFO RM CFO RM CFO 15 Risk identification/ass. S,W,O W S W,Q All S,W S, I S W S,W S,W S,W S,W O W O S,W,I All S,W,I W,I S 16 Board Oversight 17 Effectiveness of ERM 18 Challenge 19 Maturity 20 Support 21 Internal Audit 22 IA relationship 23 ERM framework COSO ISO Own COSO Comb ISO ISO ISO Own Comb Comb Own COSO Comb Own Own Comb Own 24 Risk Assessment Frq. 4 Cont Cont Aggregation 26 Value of ERM 27 Reasons 28 Fad? 29 ERM development 14/11/2016 Swerma Nordic ERM Survey Remarks
39 The Swedish Corporate Governance Code
40 FUTURE OF ERM?
41 The Future of ERM Focus: #1: Customer beliefs and experiences #2: Customer beliefs and experiences #3: Customer beliefs and experiences Understanding our brains and our biases Future scaping Creating Quality in Decision Making Going digital, Big Data, Predictive Analytics IoT AI
42 The Future of ERM ERM needs to become a natural part of general management and governance thinking. The process starts at schools and universities developing our future leaders. NC State Poole College of Management University of Gothenburg
43 GOALS and STRATEGIES DECISION MAKING CULTURE THANK YOU!
ENTERPRISE RISK MANAGEMENT (ERM) POLICY
ENTERPRISE RISK MANAGEMENT (ERM) POLICY November 2014 TABLE OF CONTENTS I. INTRODUCTION.... 3 A. Purpose... 3 B. Scope. 3 C. Enterprise Risk Management Vision 3 D. ERM Goals and Objectives. 4 II. RISK
1st Capacity Building Seminar on Enterprise Risk Management
1st Capacity Building Seminar on Enterprise Risk Management Hotel Sea Princess, Mumbai 10 th August 2018 ERM as a Business Enabler N K V Roop Kumar, EVP, Chief of Risk, Info & Cyber Security Management,
ERM Capability A Rating Agency s View. David N. Ingram, CERA Director Enterprise Risk Management, Financial Services Ratings Standard & Poor s
ERM Capability A Rating Agency s View David N. Ingram, CERA Director Enterprise Risk Management, Financial Services Ratings Standard & Poor s The materials in this presentation represent the views of Standard
Beyond ERM - The Roles, Responsibilities and Costs of Risk Management March 28, 2012
Beyond ERM - The Roles, Responsibilities and Costs of Risk Management March 28, 2012 MEMBER OF PKF NORTH AMERICA, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS Agenda Risk Appetite What s happening now?
MEMORANDUM. To: From: Metrolinx Board of Directors Robert Siddall Chief Financial Officer Date: September 14, 2017 ERM Policy and Framework
MEMORANDUM To: From: Metrolinx Board of Directors Robert Siddall Chief Financial Officer Date: September 14, 2017 Re: ERM Policy and Framework Executive Summary Attached are the draft Enterprise Risk Management
Understanding Enterprise Risk Management: An Overview
Understanding Enterprise Risk Management: An Overview 05/2016 What is Risk? An uncertain event It exists in the future Has a cause and effect Impacts objectives Its effect may be positive and/or negative
ก ก Tools and Techniques for Enterprise Risk Management (ERM)
ก ก Tools and Techniques for Enterprise Risk Management (ERM) COSO ERM ISO ERM 31 2554 10:45 12:15.. 301, 302, 307 ก ก COSO Internal Control ERM Integrated Framework Application Technique ISO 31000 Guide
Accenture 2014 High Performance Finance Study. Insurance Report GROWTH INTEGRATION
Accenture 2014 High Performance Finance Study Insurance Report GROWTH INTEGRATION INTRODUCTION Growth is still on the agenda for the insurance industry, despite a protracted period of financial upheaval
Better Transparency and Accountability
Better Transparency and Accountability A person who never made a mistake - never tried anything new. Albert Einstein Throughout this book I have outlined many ideas that can take our school district to
Launching ERM: Experiences from Progress Energy
Launching ERM: Experiences from Progress Energy ERM Roundtable Discussion North Carolina State University David Fox Joe McCallister Raymond Phillips April 16, 2004 Progress Energy Overview $8.7B revenues
Best Practices in ENTERPRISE RISK MANAGEMENT. [ Managing Risks Holistically ]
![Best Practices in ENTERPRISE RISK MANAGEMENT. [ Managing Risks Holistically ]](/thumbs/96/127953398.jpg "Best Practices in ENTERPRISE RISK MANAGEMENT. [ Managing Risks Holistically ]")
Best Practices in ENTERPRISE RISK MANAGEMENT [ Managing Risks Holistically ] INTRODUCTIONS MODERATOR: Bob Lipps, JD, CPA PANELISTS: Ron Wilcox Abel Pomar Karen Gordon, Esq. THE EVOLUTION OF RISK Traditional
Excellence in Risk Management via Enterprise Risk Management. Presentation to: Audit Committee Ashok K. Roy, Ph.D., CIA, CFSA, CBA September 18, 2015
Excellence in Risk Management via Enterprise Risk Management Presentation to: Audit Committee Ashok K. Roy, Ph.D., CIA, CFSA, CBA September 18, 2015 We need to migrate to ERM for holistic view of Risks.
Applying COSO s Enterprise Risk Management Integrated Framework. September 29, 2004
Applying COSO s Enterprise Risk Management Integrated Framework September 29, 2004 Today s organizations are concerned about: Risk Management Governance Control Assurance (and Consulting) ERM Defined:
Journey of a Compliance Officer in ERM Implementation. SCCE Regional Conference September 8, Introduction
Journey of a Compliance Officer in ERM Implementation SCCE Regional Conference September 8, 2017 1 Introduction Is there a formal ERM program within your institution? Is their alignment/coordination between
An Overview of the Enterprise Risk Management Process
An Overview of the Enterprise Risk Management Process Laureen Regan, Ph.D. Fox School of Business and Management Temple University What is Enterprise Risk Management? Risk Management is "the culture, processes
Business Continuity Management and ERM
Business Continuity Management and ERM Partnership for Emergency Planning Kansas City Marshall Toburen GRC Strategist ERM, ORM, 3PM RSA A division of EMC 2 June 18, 2014 1 Agenda Intro State of ERM Today
Applying COSO s Enterprise Risk Management Integrated Framework
Applying COSO s Enterprise Risk Management Integrated Framework COSO COSO stands for the Committee Of Sponsoring Organizations of the Treadway Commission. The sponsoring organizations are: Institute of
Introduction. The Assessment consists of: Evaluation questions that assess best practices. A rating system to rank your board s current practices.
ESG / Sustainability Governance Assessment: A Roadmap to Build a Sustainable Board By Coro Strandberg President, Strandberg Consulting www.corostrandberg.com November 2017 Introduction This is a tool for
9/4/2018. Start with Why. Financial Wellbeing. The reasons employers are investing in wellbeing are shifting. Rebecca Kruske September 2018
Rebecca Kruske September 2018 Financial Wellbeing 2 Start with Why The reasons employers are investing in wellbeing are shifting 1. Reducing healthcare costs (60%) 2. Creating a desirable culture (43%)
Key Themes. Organizational Dynamics and Effective Risk Management. Organizational Alignment. Risk Management Effectiveness
Key Themes Organizational Alignment Risk Management Effectiveness Organizational Dynamics and Effective Risk Management Data, Analytics, and Technology Building a Cyber Risk Framework 1 Organization: Where
Interim Report H1/2018
Interim Report H1/2018 Columbus A/S CVR.: 13 22 83 45 Columbus, Lautrupvang 6, DK-2750 Ballerup Phone: +45 70 20 50 00, Fax: +45 70 25 07 01 www.columbusglobal.com, CVR.: 13 22 83 45 2 Financial Statements
Risk Management For Projects
Risk Management For Projects Google Risk Management About 245,000,000 results (0.80 seconds) Chemical Engineering About 124,000,000 results (0.88 seconds) Risk Management is Everywhere List some examples
ENTERPRISE RISK MANAGEMENT (ERM) The Conceptual Framework
ENTERPRISE RISK MANAGEMENT (ERM) The Conceptual Framework ENTERPRISE RISK MANAGEMENT (ERM) ERM Definition The Conceptual Frameworks: CAS and COSO Risk Categories Implementing ERM Why ERM? ERM Maturity
Day 2: Session 2 Tax governance, risk and control
Day 2: Session 2 Tax governance, risk and control The Westin, Singapore 26 February 2016 James Paul Deloitte 1 Agenda 1. The changing tax environment and business response 2. Focus on tax governance, policy
Strategic Planning, Forecasting & Budgeting
Strategic Planning, Forecasting & Budgeting Overview Many organisations use budgeting and forecasting as a means of providing and updating tactical operating plans and controlling costs; but world class
Energize Your Enterprise Risk Management
Energize Your Enterprise Risk Management Presented By Mark Caiazzo, CISA, CISM, CRISC Tammy Michaud, CPA May 15, 2017 Reviewed: Agenda Enterprise Risk Management Defined Benefits of ERM Key Components
Welcome to Service Strategy To Support Digital Transformation
Welcome to Service Strategy To Support Digital Transformation Outline of the day First Half of the Day (Tactical) 09:00 Registration 10:00 Introduction & Welcome 10:05 Set the scene 10:30 Audience participation
INTERNAL AUDIT AND OPERATIONAL RISK T A C K L I N G T O D A Y S E M E R G I N G R I S K S T O G E T H E R
INTERNAL AUDIT AND OPERATIONAL RISK T A C K L I N G T O D A Y S E M E R G I N G R I S K S T O G E T H E R Operational Risk Management Today Companies are struggling to obtain a holistic view of risk and
ERM Implementation and the Own Risk and Solvency Assessment (ORSA)
ERM Implementation and the Own Risk and Solvency Assessment (ORSA) Kevin Olberding June 2013 1 Agenda ERM IMPLEMENTATION AND THE OWN RISK AND SOLVENCY ASSESSMENT (ORSA) Evolution of Enterprise Risk Management
Combined Assurance Approach
Combined Assurance Approach IIA GRC Stockholm 9 October 2015 Group Internal Audit in Swedbank CAE Ingrid Harbo AGENDA The Scope for Sharing Resources / Combined Assurance Ø Swedbank in brief Ø Group Internal
ISA 315 (Revised), 1 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
Agenda Item 3-A Updated Draft of Proposed ISA 315 (Revised) (Requirements) Marked from Agenda Item 3-A ISA 315 (Revised), 1 Identifying and Assessing the Risks of Material Misstatement through Understanding
ENTERPRISE RISK MANAGEMENT (ERM) POLICY Republic Glass Holdings Corporation. Purpose. Goals
Purpose This Enterprise Risk Management Policy (the ERM policy) provides the framework for managing risks across ( RGHC or the Company ). It contains the policies to guide employees, management and the
Achieving integrated risk management
Achieving integrated risk management Performance-driven risk management is a key characteristic of some of the world s most successful companies. 1 Integrated risk management is an essential step in achieving
INTEGRATING RISK MANAGEMENT AND BUSINESS CONTINUITY
INTEGRATING RISK MANAGEMENT AND BUSINESS CONTINUITY June 2012 Sami Ahmed Assistant Vice President - MRC Paolo De Rosa Senior Vice President - MRC Introduction Purpose Raise your knowledge and awareness
Building a Box Around Murphy s s Law. If anything can go wrong, it will.
Building a Box Around Murphy s s Law If anything can go wrong, it will. Copyright Donald W. Bendure 2005 1 Corollaries to Murphy s s Law If there is a possibility of several things going wrong, the one
An Introduction to Enterprise Risk Management. Mark Brown, SVP, Chief Financial Officer First Carolina Corporate Credit Union
An Introduction to Enterprise Risk Management Mark Brown, SVP, Chief Financial Officer First Carolina Corporate Credit Union Introduction Mark Brown First Carolina Corporate Credit Union, SVP/CFO since
The Global Village. Future of Risk Management. Ferma Risk Management Forum 2009 Prague, 4-7 October
The Global Village Future of Risk Management ISO 31000:2009, an incentive or a constraint for implementing Risk Management in an organization? Things to watch out for. Alex Dali Managing Partner ATLASCOPE
Enterprise Risk Management Focusing on the Right Risks
2014 CliftonLarsonAllen LLP Enterprise Risk Management Focusing on the Right Risks VGFOA 2015 Fall Conference October 22, 2015 CLAconnect.com Session Objectives 1.Identify factors driving the need for
July 2010 White Paper: The case for an enterprise-wide approach to risk management Traditional Risk Management approaches within companies have mainly focused on operational risk. This has stemmed from
The Components of a Sound Emerging Risk Management Framework
North American CRO Council The Components of a Sound Emerging Risk Management Framework December 6, 2012 2012 North American CRO Council Incorporated chairperson@crocouncil.org North American CRO Council
What Is Enterprise Risk Management?
What Is Enterprise Risk Management? April 24, 2006 Marty Przygoda AVP, Enterprise Risk Management 2002 Allstate Insurance Company Before we start talking about ERM, it might be helpful to know who we are...
Section Defining Risk Management. 11. Principles of Risk Management
Section 2 10. Defining Risk Management Enterprise risk management is the process, affected by an entity's board of directors, management and other personnel, applied in strategy setting and across the
NATIONAL UNIVERSITY OF SINGAPORE NUS Business School Department of Finance. BMA5324 Value Investing in Asia. Instructor: Robert Du
NATIONAL UNIVERSITY OF SINGAPORE NUS Business School Department of Finance BMA5324 Value Investing in Asia Instructor: Robert Du Robert is a doctoral candidate at Hong Kong Polytechnic University and is
TESTIMONY TO THE CONGRESS OF THE UNITED STATES CONGRESSIONAL OVERSIGHT PANEL HEARING ON AMERICAN INTERNATIONAL GROUP
TESTIMONY TO THE CONGRESS OF THE UNITED STATES CONGRESSIONAL OVERSIGHT PANEL HEARING ON AMERICAN INTERNATIONAL GROUP BY DEPUTY SUPERINTENDENT MICHAEL MORIARTY NEW YORK STATE INSURANCE DEPARTMENT WEDNESDAY,
Howden Africa Final Results Presentation 31 st March 2015
Howden Africa 2014 Final Results Presentation 31 st March 2015 Howden Group 2014 Housekeeping In case of an emergency - Do not run - Proceed to the nearest exit - Wait for instructions at assembly points
The Guide to Budgeting for Insider Threat Management
The Guide to Budgeting for Insider Threat Management The Guide to Budgeting for Insider Threat Management This guide is intended to help show you how to approach including Insider Threat Management within
Enterprise Risk Management for Captives and their Parent Organizations
Enterprise Risk Management for Captives and their Parent Organizations Robert J. Walling III, FCAS, MAAA, CERA Principal and Consulting Actuary, Pinnacle Actuarial Resources Barry Franklin SVP & Chief
Running Your Business for Growth
Accenture Insurance Running Your Business for Growth Could Your Operating Model Be Standing in the Way? 1 95 percent of senior executives are not certain their companies have the right operating model
American Academy of Actuaries Webinar: The Practice of ERM in the Insurance Industry. Enterprise Risk Management Committee November 19, 2013
American Academy of Actuaries Webinar: The Practice of ERM in the Insurance Industry Enterprise Risk Management Committee November 19, 2013 All Rights Reserved. 1 Presenters Bruce Jones, MAAA, FCAS, CERA
Rapid returns for the insurance industry with Atos Fraud & Claims Management
Fraud & Claims Management Rapid returns for the insurance industry with Atos Fraud & Claims Management Trusted partner for your Digital Journey The state of play Insurers are being squeezed from every
RISK MANAGEMENT POLICY
RISK MANAGEMENT POLICY 1. INTRODUCTION Seven West Media Limited (SWM) is the leading, listed national multi-platform media business based in Australia, which exposes the company to a wide range of risks.
CATEGORY 8 PLANNING CONTINUOUS IMPROVEMENT
INTRODUCTION The College s processes related to Planning Continuous Improvement are very mature. JC s key planning processes are aligned. Clear processes are in place for strategic planning and the College
Risk Management Policy Adopted by:
Risk Management Policy Adopted by: Infigen Energy Limited Infigen Energy (Bermuda) Limited Infigen Energy RE Limited in its capacity as Responsible Entity of Infigen Energy Trust Adopted: 17 December 2009
RISK MANAGEMENT POLICY October 2015
RISK MANAGEMENT POLICY October 2015 1. INTRODUCTION 1.1 The primary objective of risk management is to ensure that the risks facing the business are appropriately managed. 1.2 Paringa Resources Limited
FERMA European Risk Manager Survey 2018
FERMA European Risk Manager Survey 2018 9 th Edition Table of contents Part I: The European Risk Manager Profile Part II: The risk conductor Part III: A challenging environment Part IV: Insurance management
Enterprise Risk Management by Many Other Names is Still Enterprise Risk Management David K. Whatley UTH Advisors April 15,2008
Enterprise Risk Management by Many Other Names is Still Enterprise Risk Management David K. Whatley UTH Advisors April 15,2008 UTH Advisors 2008 1 What is Enterprise Risk Management? Why don t more companies
FELIX ENRICO R. ALFILER
CAPITAL STRUCTURE AND ADEQUACY MESSAGE FROM THE RISK OVERSIGHT COMMITTEE CHAIRMAN Trigger Levels to activate Capital Contingency Plan by the Executive Committee/Board. prescribed by BSP for Pillar 1 under
SUGGESTED SOLUTION FINAL MAY 2019 EXAM. Test Code - FNJ 7081
SUGGESTED SOLUTION FINAL MAY 2019 EXAM SUBJECT- SCM & PE Test Code - FNJ 7081 BRANCH - () (Date :) Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666
SCCE 2012 COMPLIANCE & ETHICS INSTITUTE. Workshop Agenda
SCCE 2012 COMPLIANCE & ETHICS INSTITUTE October 14, 2012 l Las Vegas, NV Ethics & Compliance Risk Management 101: Program Essentials and Effective Practice Key Steps to Implementing and Championing an
Enterprise Risk Management Program
Enterprise Risk Management Program David W Sundvall, Risk Manager 3/2/2016 Page 0 of 12 Table of Contents Introduction... 2 Approach... 2 Risk Appetite... 3 Roles and Responsibilities... 3 Process... 4
2018 THE STATE OF RISK OVERSIGHT
2018 THE STATE OF RISK OVERSIGHT AN OVERVIEW OF ENTERPRISE RISK MANAGEMENT PRACTICES 9 TH EDITION MARCH 2018 Mark Beasley Bruce Branson Bonnie Hancock Deloitte Professor of ERM Director, ERM Initiative
Senior Director, Fire Life Safety & Risk Management
Page 1 of 3 Enterprise Risk Management Policy Item 4 November 15, 2018 Building Investment, Finance and Audit Committee Report: To: From: BIFAC:2018-66 Building Investment, Finance and Audit Committee
Leveraging an organization s current risk management to create a sustainable ERM program. Thursday, January 15, 2015
Leveraging an organization s current risk management to create a sustainable ERM program Thursday, January 15, 2015 Augustine Doe Ron Marx AGENDA Pg 1 Pg 2 Pg 3 Pg 4 Pg 5 Pg 6 Pg 7 Pg 8 Pg 9 Pg 10 Pg 11
Disruption or Disrupted. How Digital Transformation is changing IT?
Disruption or Disrupted How Digital Transformation is changing IT? Is there a Digital Transformation Leader in the house? DISRUPTION DIGITAL ECONOMY where IT IS THE BUSINESS Change is Inevitable The ability
Enterprise Risk Management
Enterprise Risk Management Dave Heller Vice President and Chief Compliance Officer Qwest Risk Management September 21, 2004 Acknowledgement The information contained within the first half of this presentation
Center for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members
Report September 20, 2017 Center for Plain English Accounting AICPA s National A&A Resource Center available exclusively to PCPS members ASU 2016-14 Focusing on Functional Expense Allocations By: Mike
Enterprise Risk Management Sources. Universe. Tolerance. Appetite
Sources. Universe. Tolerance. Appetite Presentation Made at the ICPAK ERM Conference Wednesday, 20 th March 2013 Hilton Hotel, Nairobi Kenya Jona Owitti, CISA (jona.owitti@yahoo.com) Membership Director
The Risky Business of. Risk Management
The Risky Business of Risk Management 1 About Me: Jan Holt, PMP Project Management Professional (PMP) since 2005 Project Management Institute (PMI) Michiana Chapter President PMP Prep Class Instructor
Practical aspects of determining and applying a risk appetite for SMEs
Practical aspects of determining and applying a risk appetite for SMEs By Tim Timchur acis, Director, ActivePro Consulting Pty Ltd Important to determine appetite for risk before determining what risk
RETURN ON RISK MANAGEMENT. Financial Services
RETURN ON RISK MANAGEMENT Financial Services RETURN ON RISK MANAGEMENT The global financial crisis revealed major risk management deficiencies across the banking industry. Governments and regulators have
Achieving convergence of finance, risk and actuarial functions: beyond transformation
Achieving convergence of finance, risk and actuarial functions: beyond transformation Achieving convergence of finance, risk and actuarial functions Beyond transformation 1 Achieving convergence of finance,
THE LEADING SWEDISH RESIDENTIAL DEVELOPER WITHIN SMART & AFFORDABLE HOUSING CAPITAL MARKETS DAY 2017
THE LEADING SWEDISH RESIDENTIAL DEVELOPER WITHIN SMART & AFFORDABLE HOUSING CAPITAL MARKETS DAY 2017 THE LEADING SWEDISH RESIDENTIAL DEVELOPER WITHIN SMART & AFFORDABLE HOUSING CAPITAL MARKETS DAY 2017
Enterprise Risk Management Integrated Framework
ISACA S IT Audit, Information Security & Risk Insights Africa 2014, Alisa Hotel Enterprise Risk Management Integrated Framework Tony Bediako May 20, 2014 Today s organizations are concerned about: Risk
ERM: Lessons Learned and Tools Used from One University's Nearly 10-Year Implementation Journey. University Risk and Compliance
ERM: Lessons Learned and Tools Used from One University's Nearly 10-Year Implementation Journey Margaret Peggy Zapalac Director University Risk and Compliance Larry Keller Management Advisor Objectives
CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY GROUP RISK AND ASSURANCE SERVICES GROUP RISK MANAGEMENT POLICY
CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY Effective Date 1 July 2015 TABLE OF CONTENTS 1. POLICY STATEMENT... 3 2. POLICY CONTEXT... 4 3. PURPOSE... 5 4. POLICY SCOPE AND APPLICATION... 6 5. RISK
Enterprise Risk Management Symposium. Embedding ERM in the DNA of an insurer
Enterprise Risk Management Symposium Embedding ERM in the DNA of an insurer Charlie Shamieh; Group Chief Risk Officer Munich Re Group Chicago, 29 March 2007 Integrated Risk management at Munich Re: Integral
Supplementary Regulatory Capital Disclosure
Supplementary Regulatory Capital Disclosure For the period ended January 31, 2015 For further information, please contact: Geoff Weiss, Senior Vice-President, Corporate CFO and Investor Relations (416)
Annual Report. For the year ended September 30, Access Capital Community Investment Fund
Annual Report For the year ended September 30, 2017 Access Capital Community Investment Fund RBC Funds About Your Annual Report Table of Contents This annual report includes detailed information about
Enterprise Risk Management (ERM) A Business Enabler or a Compliance Issue? Prepared by Nico Snyman MBA, FIRMSA, M.I.S) Chief Executive Officer (CEO)
Enterprise Risk Management (ERM) A Business Enabler or a Compliance Issue? Prepared by Nico Snyman MBA, FIRMSA, M.I.S) Chief Executive Officer (CEO) Agenda Points History of ERM Risk Management Drivers
Statement of Intent healthalliance (FPSC) Ltd. Incorporating the Statement of Performance Expectations
Statement of Intent healthalliance (FPSC) Ltd Incorporating the Statement of Performance Expectations 2016-2020 Contents About healthalliance (FPSC) Limited... 2 Our Environment & Focus... 3 Role... 4
ENTERPRISE RISK MANAGEMENT IN HEALTH CARE. April 27, 2017
ENTERPRISE RISK MANAGEMENT IN HEALTH CARE April 27, 2017 Presenters Adam Marshall Director, Risk Advisory Services Jessika Garis Manager, Risk Advisory Services RSM US LLP Adam.Marshall@rsmus.com +1 410
Risk Evaluation, Treatment and Reporting
Chapter 8 Risk Evaluation, Treatment and Reporting In the previous chapter we looked at how risks are identified, described and estimated using a likelihood and consequences matrix. This is an essential
Implementing A Risk Management Framework
Implementing A Risk Management Framework Dennis J Clark Clark Corporate Consulting Pty Ltd Room Day, Date Saturday 26 February 2011 Time 11.00am 12.00 pm Proudly supported by Blackbaud Session Outline
The fast track to the cloud
Interim Report 3 The fast track to the cloud JANUARY SEPTEMBER The group is reporting a positive operating profit and completing its restructuring with impairment of a holding in its Brazilian associated
ULTIMUS INSIGHTS. The Trust Tale of the Tape. Comparing Series Trusts to Standalone Trusts and Making the Right Decision for Your Business
The Trust Tale of the Tape Comparing Series Trusts to s and Making the Right Decision for Your Business By Dave Carson, VP, Director of Client Strategies, Ultimus Fund s The Ultimate Mutual Fund Service
Schaeffler Group Mobility for tomorrow Klaus Rosenfeld Chief Executive Officer
Schaeffler Group Mobility for tomorrow Klaus Rosenfeld Chief Executive Officer Capital Markets Day July 20 th, 2016 London Agenda 1 Overview 2 Our Strategy 3 Our Action Plan 4 Our Financial Ambitions 5
OMB Update Enterprise Risk Management. April, 2018
OMB Update Enterprise Risk Management April, 2018 1 Current Risk Environment Facing Federal Government The Federal government is facing greater change than at any other point in time Current budget realities
Enterprise Risk Management. Contents are subject to change. For the latest updates visit
Enterprise Risk Page 1 of 10 Why Attend Enterprise Risk known as (ERM) has evolved considerably since the seventies. From simply 'buying' insurance, it has now grown in importance to become a prime function
Risk Management at Central Bank of Nepal
Risk Management at Central Bank of Nepal A. Introduction to Supervisory Risk Management Framework in Banks Nepal Rastra Bank(NRB) Act, 2058, section 35 (a) requires the NRB management is to design and
Insurance Contracts for 831(b) Enterprise Risk Captives Policies and Pooling Agreements
Insurance Contracts for 831(b) Enterprise Risk Captives Policies and Pooling Agreements Jeffrey K. Simpson John R. Capasso Brian Johnson Gordon, Fournaris & Mammarella, P.A. Captive Planning Associates,
Risk Management in Italy: State of the art and perspectives. PMI Rome Italy Chapter
Risk Management in Italy: State of the art and perspectives Marco Giorgino, Full Professor of Global Risk Management, Politecnico di Milano PMI Rome Italy Chapter November, 5 th 2009 Agenda 2» What is
BRAIN INJURY ASSOCIATION OF MINNESOTA DBA: MINNESOTA BRAIN INJURY ALLIANCE AND CONSOLIDATED AFFILIATE Roseville, Minnesota
Roseville, Minnesota CONSOLIDATED FINANCIAL STATEMENTS Including Independent Auditors' Report TABLE OF CONTENTS Independent Auditors' Report 1-2 Financial Statements Consolidated Statements of Financial
Actuarial Transformation The Future Actuary
Actuarial Transformation The Future Actuary Prepared by: Rick Shaw Kaise Stephan Presented to the Actuaries Institute General Insurance Seminar Sydney This paper has been prepared for the Actuaries Institute
VERSION /11/2017 BANKCOIN WHITE PAPER. By Bankcoin Team Website: bankcoin.io
VERSION 1.0 21/11/2017 BANKCOIN WHITE PAPER By Bankcoin Team Website: bankcoin.io BANKCOIN WHITE PAPER Table of Contents Bankcoin white paper... 1 1. The Next Generation Banking Solution For The Next Era...
IAASB Teleconference (April 24, 2018) Proposed ISA 540 (Revised) Selected Paragraphs Clean
Agenda Item 1-B Introduction Scope of this ISA Proposed ISA 540 (Revised) Selected Paragraphs Clean 1. This International Standard on Auditing (ISA) deals with the auditor s responsibilities relating to
Executive Board Annual Session Rome, May 2015 POLICY ISSUES ENTERPRISE RISK For approval MANAGEMENT POLICY WFP/EB.A/2015/5-B
Executive Board Annual Session Rome, 25 28 May 2015 POLICY ISSUES Agenda item 5 For approval ENTERPRISE RISK MANAGEMENT POLICY E Distribution: GENERAL WFP/EB.A/2015/5-B 10 April 2015 ORIGINAL: ENGLISH
L E A D I N G T H R O U G H D I S R U P T I O N W E B I N A R :
H E A L T H W E A L T H C A R E E R L E A D I N G T H R O U G H D I S R U P T I O N W E B I N A R : B U I L D I N G A H U M A N - C E N T E R E D T E C H N O L O G Y T A L E N T M O D E L W E L C O M E!
FROM 12 TO 21: OUR WAY FORWARD
FROM 12 TO 21: OUR WAY FORWARD MESSAGE FROM THE BOARD Weldon Cowan, chair of the board of directors The board of directors shares the corporation s excitement about the next phase of the From 12 to 21
DIVYA PILLAI, SUBJECT MATTER EXPERT, LIFE & HEALTHCARE INSURANCE THROUGH THE LENS OF AGILE SYSTEMS THINKING
DIVYA PILLAI, SUBJECT MATTER EXPERT, LIFE & HEALTHCARE INSURANCE THROUGH THE LENS OF AGILE SYSTEMS THINKING INSURANCE THROUGH THE LENS OF AGILE SYSTEMS THINKING DIVYA PILLAI, SUBJECT MATTER EXPERT, LIFE
Kanis Saengchote, PhD Department of Banking and Finance. Financial Services in the Digital Age
Kanis Saengchote, PhD Department of Banking and Finance Financial Services in the Digital Age Money is intricately linked to trade, investment and productive activities. Let s travel back in time to see