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Enterprise Risk Management Tom Sorel Commissioner Minnesota Department of Transportation

Enterprise Risk Management Tom Sorel Commissioner Minnesota Department of Transportation. Enterprise Risk Management. Supports organizational vision Improves internal communication Maximizes capital investments Maximizes operational investments Optimizes organizational resources

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Enterprise Risk Management Tom Sorel Commissioner Minnesota Department of Transportation

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  1. Enterprise Risk ManagementTom SorelCommissioner Minnesota Department of Transportation

  2. Enterprise Risk Management Supports organizational vision Improves internal communication Maximizes capital investments Maximizes operational investments Optimizes organizational resources Optimizes size of organization Provides for nimble responsiveness

  3. Enterprise Risk Management Results in Integrated: • Risk Assessment • Market Research • Performance Management • Quality of Life

  4. Workforce Products and Services Market Research Performance Measures Quality of Life Indicators

  5. Organizational Risk Management • Congruency with vision • Established risk tolerance • Power wheel application • 30 diverse workshops related to organizational decisions • EJAM (E-magination Jam)

  6. Programmatic Risk Management • Balanced Program Risk Assessment • Linkage to Investment Principles and Performance Measures • Investments Mitigate Risks • Rate of Recovery Approach • Assess STIP • Bridge Risk-Based Planning System (Bridge Risk Profiles)

  7. Project Risk Management • Respond to risk levels of each project • Adjust design and performance • Adjust Resources • Examples: • 169-494 Performance Based Design • Paynesville Bypass

  8. Operations Risk Management • Snow and Ice Control • Highway Systems Operations Plan • Challenged proposed funding levels for needs • Resulted in $189 million in proposed cuts • Recommended acceptance of more risk • Prioritized budget risks and will help future evaluations for budget cut and increase scenarios • The #1 investment priority need with current budget is to increase funding level for road salt due to price increases

  9. Enterprise Risk Management • Helps maximize efficiencies in tough times • Provides the framework for an organization to be nimble and respond to ever-changing risks • Transforms culture • Provides focus on sustainable solutions • Enhances performance management • Responds to Quality of Life

  10. MnDOT is on a journey!

  11. Thank You! Thomas K. Sorel, MnDOT Commissioner Thomas.Sorel@state.mn.us 651-366-4808

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