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Implementation of an Enterprise-Wide Risk Management Framework

Implementation of an Enterprise-Wide Risk Management Framework. Stuart Lovell Manager HR and Risk Glenorchy City Council. The Risk Management Journey. Insurance Driven OH&S and Public Liability focus Conducted “Business Risk Review” Identified the need to focus on Strategic Risk

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Implementation of an Enterprise-Wide Risk Management Framework

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  1. Implementation of an Enterprise-Wide Risk Management Framework Stuart Lovell Manager HR and Risk Glenorchy City Council

  2. The Risk Management Journey • Insurance Driven • OH&S and Public Liability focus • Conducted “Business Risk Review” • Identified the need to focus on Strategic Risk • Strategic Risk Register Developed • CMP Liability Audit • Role of Risk Management Committee • Risk Management Policy • Risk Management Framework • Audit and Risk Committee

  3. Business Risk Review • Initially conducted in 2001, operationally focussed. • Register produced. • Reviewed Register Annually. • Conducted complete Risk Review in 2006 using Council’s Strategic Plan as reference. • Risk Register Records Updated. • Risk Review 2009 conducted using Risk Framework • 2013 Framework and Register Reviewed

  4. Strategic Risk • Focus on Council’s Strategic Plan and key operational areas. • Expanded understanding of types of risk – • Environmental, public liability, OH&S, Industrial Relations, Financial Sustainability, Reputation, Emergency Management, Business Continuity, Social Responsibility • Explore opportunities. • Move from risk mitigation to value creation

  5. Risk Register • Centralised • Separate sections to reflect organisational structure • Allocation of resources, roles and responsibilities • Dashboard reporting to give “real time” snapshot of risk mitigation strategies

  6. Liability Audit • Useful tool to introduce the concept of risk management • Use of recommendations • Focus of the Risk Management Committee • Targeted Risk Appraisals

  7. Risk Management Committee • Develop a charter including membership • Move from operational to strategic focus • Responsible for implementation of mitigation strategies from Risk Register • Report ALL risk issues to ELT

  8. Risk Management Policy • Based on ISO 31000:2009 • Relevant to the organisation • Provides appropriate responsibility, resources and authority • Outlines administrative structure to support policy and organisational responsibilities • Ongoing process that requires regular review

  9. Risk Management Framework • Based on ISO 31000:2009 • Establishing the context • Identify risks • Analyse and evaluate risks • Treat and manage risks • Monitor, review and reporting • Communication and consultation • Appropriate allocation of Resources

  10. Audit and Risk Committee • Governance function of Organisational Risk Management • Provide independent assurance to Council on risk, control and compliance framework and external accountabilities • Consists of 3 Aldermen and 2 independent members • Meet at least 4 times per year

  11. Conclusion • Risk Management is a journey • Learn form mistakes • Grasp opportunities • Ongoing process • Sound Management Tool

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