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RIMS Risk Maturity Model (RMM) Webinar with RIMS Chapter Officers. A Mutual Opportunity. A Virtual Presentation for Your Chapter. Randy Besse – Saskatchewan Chapter Carol Fox – RIMS Steven Minsky – LogicManager. Answering the basic questions. A “Win-Win” Proposition. Chapter Wins.

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a virtual presentation for your chapter
A Virtual Presentation for Your Chapter
  • Randy Besse – Saskatchewan Chapter
  • Carol Fox – RIMS
  • Steven Minsky – LogicManager
a win win proposition
A “Win-Win” Proposition

Chapter Wins

RIMS Wins

Greater use of the RIMS Risk Maturity Model

Encourage “friendly competition” through regional benchmarking

Build more mature risk management practices overall

Delivers on its mission to make your organizations more successful

  • “Ready” presentation
  • Delivered virtually
  • Something different
  • Build chapter camaraderie
  • Build more mature risk management practices within the chapter
  • Encourage continuing dialogue
poll have you taken the rims rmm assessment
Poll: Have you taken the RIMS RMM Assessment?

Yes, multiple times

Yes, one time

Started once, but did not finish

No, never

Never heard of it before today

slide7

Agenda

  • The Landscape
  • The Plan
  • Taking the RMM Assessment
  • Using the Output
  • A Proposition
  • Questions
the risk professional balancing risk and reward
The Risk Professional: Balancing Risk and Reward

Used with permission per RIMS license agreement with The Official Dilbert Store

the evolving role of the risk professional
The Evolving Role of the Risk Professional

Source: RIMS and The IIA Risk Management and Audit: Forging a Collaborative Alliance 2012

slide11

What are the Implications for Risk Management?

Expanding organizational risk management competencies

what are your top risks to successful erm
What Are Your Top Risks to Successful ERM?

What stands in the way of successful ERM at your organization?

slide14

You Need a Plan!

Shape the risk principles and policies of the company, track the capital risk capacity of the company, define who is responsible for managing the specific risks within the organization, and provide a framework for judging the effectiveness of risk-taking

Make sure that there is a risk management system in place in each business that includes effective risk-control mechanisms as well as information systems that flow up to senior management

What else?

Quote Sources: Spencer Stuart

why use the rims risk maturity model
Why Use the RIMS Risk Maturity Model?
  • Bridges the gap between theory and practice
  • Guide to incremental improvement over time
  • Measurable ERM value, based on priorities
  • Addresses rating agency criteria on key attribute areas
  • Can be used to build an ERM blueprint
  • Creates value for the organization
  • Career development tool
  • Breadth of use
    • Over 2,000 organizations
    • Across multiple industries
slide17

Common Elements from RIMS Review

Source: RIMS Executive Report: An Overview of Widely Used Risk Management Standards and Guidelines, 2011

slide18

Elements from RIMS RMM

determine Your RMM Score

slide19

Leverage risk-reward tradeoffs

Silo’d

Activities

Goals

slide22

Begin from RIMS website

RIMS Risk Maturity Model

slide25

Completing the RMM assessment

ERM assessment (example)

Factor: Executive ERM support

Indicators

RIMS RMM indicators provide context for review

Evaluation criteria

Effectiveness

Partially Ad Hoc

Select each of the 25 Factors

Select a score for each of the 3 evaluation criteria

Proactivity

Somewhat Reactive

Coverage

Partially Uncertain

rims risk maturity model structure
RIMS Risk Maturity Model Structure

Attributes

  • Seven core areas of ERM that drive effectiveness
  • Compatible with various specialized frameworks

Risk competency measurement

  • 25 factors and 68 indicators
  • Objective evaluation criteria
  • Key issues that differentiate maturity levels

Maturity levels

  • Five maturity levels
  • Detailed descriptions unique for each attribute
  • Measure to help reach goals for improvement

Benchmarking

  • Standing in peer group
  • Highlights ERM trends and priorities

Leadership

Managed

Repeatable

Initial

Ad hoc

slide29

Based on Your Responses

Assessment describes the next level

Each attribute is assigned a level

slide31

Strategic Objectives

Audit & Proactive Management

Business Continuity

Information Security

Vendor Management

Financial Reporting Compliance

Compliance

Business Process

Manage

Response

Options

Monitor

Identify &

Assess

Business Results

slide33

Let’s Make a Deal, Saskatchewan Chapter!

  • Each of you complete the RIMS Risk Maturity Model Assessment by December 20th.
  • We will provide you with an aggregate Chapter Benchmarking Report for your January meeting
    • Standing in peer group
    • Highlighting ERM trends and potential priorities in your area
contact information
Contact Information

Steve Minksy

CEO

LogicManager

+1 (617) 649-1321

Steven.Minsky@logicmanager.com

Carol Fox, ARM

Director of Strategic and Enterprise Risk Practice

RIMS

+1 212.655.6004

cfox@rims.org

www.rims.org