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Adding Value Through ERM

Adding Value Through ERM. Fred Shane, Chief Risk Officer Charlotte Allen, Supervisor ERM Commonwealth Financial Network. IMPACT 2016. “ It takes 20 years to build a reputation and 5 minutes to ruin it .”. Warren Buffet. Enterprise Risk Examples. What’s Your Goal?. Key Objectives.

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Adding Value Through ERM

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  1. Adding Value Through ERM Fred Shane, Chief Risk Officer Charlotte Allen, Supervisor ERM Commonwealth Financial Network IMPACT 2016

  2. “ It takes 20 years to build a reputation and 5 minutes to ruin it.” Warren Buffet

  3. Enterprise Risk Examples

  4. What’s Your Goal?

  5. Key Objectives

  6. ERM Framework

  7. The Risk Matrix

  8. Building a Risk Matrix • Identify Risk Themes* • Departments • Partner with Management • Set Clear Objectives • Educate Management/Staff • Assist • Continuously Assess • Collaborative Effort

  9. Key Risk Themes • Cyber Risk • Fraud Risk • Operational Risk • Financial Risk • Legal Risk • Regulatory/Compliance Risk • Strategic Risk • Competition Risk

  10. Risk Reporting

  11. Benefits of Risk Reporting • Tells a Story • Tailored to Audience • Evidence (Regulators and/or Litigation) • Visualize Progression • Easily Identify Risk Gaps • Simplifies Complex Data • Manageable

  12. Sample Risk Reporting • High Risk reports • Risks without mitigations • Master Matrix reports • Mitigation improvement pie charts • Quarterly departmental change reports • Heat Maps • Customization

  13. Example *This is an example only

  14. Be Creative • Analyze Data • Determine Parameters • Collaborate with LogicManager • Ask Questions

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