Implementing A Risk Management Framework
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1 Implementing A Risk Management Framework Dennis J Clark Clark Corporate Consulting Pty Ltd Room Day, Date Saturday 26 February 2011 Time 11.00am pm Proudly supported by Blackbaud
2 Session Outline Presenter Risk Management AS/NZS 4360 & AS/NZS ISO Enterprise Risk Management Organisational Risk Assessment Business Continuity, Disaster Recovery & Crisis Management
3 Presenter Auditor - Epilepsy Foundation of Victoria Inc. & Chronic Illness Alliance Inc. Company Secretary Kalkadoon Community Pty Ltd Company Secretary Australian Association For Cognitive and Behaviour Therapy Ltd Risk Management Vision Australia Risk Management TEAMHealth Risk Management Melbourne College Of Divinity Member Department Of Immigration & Citizenship Audit Committee
4 Risk Management An Essential Element Of Good Governance Provides Comfort To Funding Bodies, Donors, Volunteers And Staff Provides Framework For Good Planning Allows Prioritisation Of Key Tasks Links To Quality Frameworks Increasingly Required For Compliance
5 AS/NZS 4360:2004 Growing recognition of the importance of an holistic and more importantly simple risk management process resulted in the development of the generic standard for managing risks, AS/NZS This diagram displays the key steps in undertaking a risk management exercise. Communicate and consult Establish Context Identify Risks Analyse Risks Evaluate Risks Assess Risk Treat Risks monitor and review This part of the standard has been incorporated into a new Australian & International standard.
6 AS/NZS ISO Risk Management Executive Leadership and Management 5.2 Mandate & Commitment 5.3 Designing The Framework 5.6 Continual Improvement of the Framework 5.4 Implementing Risk Management Risk Management Process Clause Monitoring & Reviewing The Framework
7 Enterprise Risk Management (ERM) ERM Framework Context Executive Leadership and Management Example of the defined levels of risk context Business Unit Level Enterprise Level Significant & High Risks 1. Major Projects 2. Major Contracts Functional / Specific Reviews Enterprise Level (defined cycle) (top 10 to 20 high & significant risks) Business Unit (defined cycle) Functional/Specific (as required) -OHS -IT - Security - Fundraising Major Projects/Contracts (as required) ERM levels of risk assessment
8 Definition Risk - effect of uncertainty on objectives NOTE 1 An effect may be positive, negative, or a deviation from the expected. NOTE 2 An objective may be financial, related to health and safety, or defined in other terms. NOTE 3 Risk is often described by an event, a change in circumstances, a consequence, or a combination of these and how they may affect the achievement of objectives. Risk can be expressed in terms of a combination of the consequences of an event or a change in circumstances, and their likelihood.
9 Definition Hazard - potential source of harm NOTE Hazard can be a source of risk
10 Key Concepts Executive Leadership and Management Vision/Mission Organisation Defined Strategy Business Objective Business Objective Business Objective Risks Risks Risks Risks Risks Risks Controls Controls Controls Controls Controls Controls Strategies Strategies Strategies Strategies Strategies Strategies
11 Process Establish Context Communicate and consult Identify Risks Analyse Risks Evaluate Risks Assess Risk monitor and review Process for Managing Risks Treat Risks
12 Establish Context What Are Our Objectives? Strategic Plan/Business Plans? CEO PD?
13 Risk Identification Legal & Commercial Governance Volunteers Financial Environmental Initial presentation/ meeting to set the scene Build the Risk Wheel Data collection Human Resources Systems Communicate and consult Establish Context Identify Risks Analyse Risks Evaluate Risks Assess Risk monitor and review Treat Risks
14 Risk Identification Brainstorm the risk issues. Develop the risk wheel for each context categories/ risk issues ISSUE Compliance Compliance Compliance The risk of non The risk of non compliance with compliance with environmental laws / environmental laws / regulations regulations Establish Context Communicate and consult Identify Risks Analyse Risks Evaluate Risks Assess Risk monitor and review Treat Risks
15 Risk Analysis The need to consider two key attributes: Consequence Likelihood Analysis- Key Attributes Establish Context Communicate and consult Identify Risks Analyse Risks Evaluate Risks Assess Risk monitor and review Treat Risks
16 Risk Analysis Risk Quantification
17 Risk Analysis Determine Level of inherent risk Score Descriptor Likelihood A. Almost Certain B. Likely C. Possible D. Unlikely E. Rare Consequence 5. Severe 4. Major 3. Moderate 2. Minor 1. Negligible
18 Risk Evaluation Inherent risk Effectiveness of existing control environment to mitigate risk exposures Residual risk Effectiveness of Controls Establish Context Opportunity for further risk reduction strategies Communicate and consult Identify Risks Analyse Risks Evaluate Risks Assess Risk monitor and review Treat Risks
19 Risk Evaluation Determine Level of residual risk Score Descriptor Likelihood A. Almost Certain B. Likely C. Possible D. Unlikely E. Rare Consequence 5. Severe 4. Major 3. Moderate 2. Minor 1. Negligible
20 Risk Appetite Risk Appetite Amount and type of risk (3.1) an organization is prepared to pursue or take (ISO 31000)
21 Risk Treatment ACCEPT Setting Treatment Risk Strategy Accept the risk and do nothing OPTIONS REDUCE SHARE AVOID CONSEQUENCE LIKELIHOOD SPREAD TRANSFER Reduce either one or both Spread the risk to a third party Develop contingency arrangements Insure for financial loss Do not participate with the activity Communicate and consult Establish Context Identify Risks Analyse Risks Evaluate Risks Assess Risk monitor and review Treat Risks
22 Risk Treatment Treating risk will usually apply to situations where risks are beyond risk appetite Accept Avoid Reduce Spread Transfer
23 Risk Action Plan Key Is Risk Owner No Shared Risks Risk Owner Responsible For The Risk, Not Necessarily The Work Risk Owner Responsible For The Development Of Risk Action Plan Ongoing Refinement Of: Risk Score Risk Detail Risk Controls Risk Strategies
24 Risk Action Plan The Risk Action Plan Documents How Risk Treatment Options Are To Be Implemented The Action Plan Needs to Include: Responsibilities Schedules Expected Outcomes Budgeting Performance Measures Review Process
25 Risk Profile FMIS Implementation Traffic light systems are effective
26 Risk Profile RISK ISSUE POTENTIAL RISK FACTORS (CAUSES) POTENTIAL EFFECT(S) IMPACT(S) CONTROLS AND FUTURE RISK STRATEGIES FMIS Implementation Failure to effectively implement the Oracle Financial System C 5 L 3 R H Insufficient current resources and capability Inadequate project management support Limited technical skills either OHIS, Oracle Insufficient hardware functionality provided by OHIS Inefficient system Project budget overrun Accounts qualified Inability to report on and manage financial performance Unable to comply with required statutory reporting and compliance requirements. CONTROLS IS Governance Committee oversight FMIS Steering Committee reporting Oracle / OHIS technical working group STRATEGIES Implementation Plan/ Scope -end March Detailed Implementation Project Plan-end April RISK OWNER: Dennis Clark
27 Organisational Risk Assessment Risk Management System Gather Background Material Prepare Risk Management Policy Develop Framework Documents Conduct Organisation Risk Assessment Prepare Risk Management Plan Governance Interface: Committee SubCommittee Prepare Organisation Risk Profile Prepare Organisation Risk Register Develop Tailored Training Materials Develop Risk Systems Rollout Guide Document Subsidiary Risk Systems
28 Risk Process & Outputs Executive Leadership and Management Organisational Risk Assessment Organisation Risk Register Priority Areas For Risk Treatment Risk Treatment Strategies Risk Management Standard Options Risk Owners & Risk Action Plans Ongoing Reporting & Monitoring
29 Organisational Risk Profile High Level Risks Linked To Organisational Objectives Charities Risk Wheel
30 Risk Issues For Charities Volunteers & Donors Financial Environment OHSE Government Policy Skills Shortage Compliance Society Priorities Image & Positioning Marketing Taxes Knowledge Management Health & Ageing Social Media Investments
31 Business Continuity, Disaster Recovery & Crisis Management Topical In Light Of Drought, Flood, Cyclone, Volcanos, Locusts, Pandemics, Air Disasters Interlinked Concepts Business Continuity Planning To Reduce Risk Of Business Disruption Disaster Recovery Planning To Overcome Significant Disruptive Event Crisis Management Plan To Cope With Onset And Duration Of Significant Disruptive Event
32 Contact Points & Research
33 Conference Partner Principal Sponsor Major Sponsors Media Supporters National Corporate Partner National Principal Sponsor FIA Corporate Supporter Awards Sponsors
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