Embedding ERM into Strategic Planning at City of Edmonton

Embedding ERM into Strategic Planning at City of Edmonton

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Embedding ERM into Strategic Planning at City of Edmonton

DISUSSION-1

RE: Chapter 15: Embedding ERM into Strategic Planning at the City of Edmonton

COLLAPSE

Top of Form

The two strategic processes

The two strategic processes which are tightly connected to ERM in the current scenario of Edmonton City ERM implementation are:

Results based budgeting and Performance measurement.

Results based budgeting (RBB):

ERM helps organizations to allocate the resources based on the requirement for completing the tasks and to produce the desired output. The RBB assists to determine the funding allocation requirements which are mandatory to fulfill the strategic objectives of organization. This budget formulation is performed based on predefined objectives such as priority, resource availability and expected results etc. here the expected results represents the desired outputs which organization expects to meet its strategic goals. In simple words the Results-based budgeting is about emphasizing performance and accountability.

Performance measurement:

The continuous performance measurement helps organizations to drive the progress in risk mitigation and it provides insights where additional attention is required. The Key performance indicators (KPIs) can be used to measure the effectiveness of risk management activities. The Performance measurement in ERM sends the list of desired outcomes to RBB and receives list of prioritized programs and costs to ensure ERM works at its full potential (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).

Two criteria’s must be balanced in a successful ERM model

The two criteria are model power and user-friendliness. The powerful model can provide large amount of information and lets the organization to compare the results and risks, effectiveness’ of current program and impact of future initiatives. The user friendliness program helps to easily add information, add new features and easy to understand by the user with simple steps. The user friendliness also includes if needed some unnecessary steps could also be removed without losing model robustness (Fraser, J., Simkins, B. J., & Narvaez, K., 2015).

Thank you

References

Fraser, J., Simkins, B. J., & Narvaez, K. (2015). Implementing enterprise risk management: Case studies and best practices. Hoboken: Wiley.

Bottom of Form

DISCUSSION-2

1. What the other strategic processes are closely tied to ERM?

The strategic processes may have success strategy which is linked to the command of risk and organization understanding. The selection of strategy is an exercise of high-stakes. Approx. 80% of the underperformer may against the industry who have lost their wat over the prior 10 years because of blunder who are strategic and the business and strategy magazine. It may blame on failure on operations errors and the external event or compliance fault.

2. What are three kinds of risks are identified within the city of Edmonton?

There may be three risks which may involve avoidance or risk termination, tolerance or acceptance of risk, the risk-sharing or transfer via the insurance. Another arrangement or a joint venture may mitigate or reduce the risk through internal procedures of control.

3. What two criteria must be balanced in a successful ERM model?

The term ERM may have associate several people with something which is too burdensome, unnecessary, and formal and a big enterprise initiative for the particular organization which would take on. It is also not limited to the size company or one industry. The ERM may provide a small and large organization which shouldn’t be overlooked. The ERM is imperative as this environment may have unprecedented risk (Ash, 2017).

 

References:

Frank Martens Risk through the eyes of strategy, Retrieved from https://www.pwc.com/gx/en/services/advisory/consulting/risk/resilience/connecting-risk-and-strategy-in-the-coso-erm-framework.html

Ash Noah  (2017) 6 tips for successful enterprise risk management, Retrieved from

https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/05/6-tips-for-successful-enterprise-risk-management.html

DISCUSSION – 3

1.How do Key Risk Indicators help companies identify emerging risks?

A powerful risk management features chances that an organizationfaces, however can likewise lessen their effect or help turn away them inside and out. This is just conceivable in the event that one can look into the future to perceive what dangers and openings might be not too far off. Yet, Risk indicators (KRIs) are measurements that your organization can use to help foresee patterns that may demonstrate future hazard. This is what you have to comprehend so as to build up a suite of significant KRIs for your organization.

2. How do Key Performance Indicators help companies to manage existing risks?

Key performance indicators are measurements that help the business center around key information. Nonetheless, what works for one specialty unit may not work for another. The measurements that help the business shift by industry, organization, division, and job. Study picking the privilege KPIs for your business in our article. To convey the appropriate measure of supportive information to the ideal individuals, you’ll have to make a culture for KPI checking and detailing.KRI helps in identifying the below aspects for an organization.

• Identify current risk exposure and emerging risk trends.
• Highlight control weaknesses and allow for the strengthening of poor controls.
• Facilitate the risk reporting and escalation process.
• Operational risk management adds value to the firm.

3. If measuring performance is not a component of an ERM program, what is the effect on the overall quality of the program?

Firm execution and worth are upgraded by high‐quality controls that incorporate hazard the board endeavors over the firm, empowering better oversight of administrators’ risk‐taking conduct and adjusting that conduct to the vital course of the organization. The general nature of the program depends on finding developing dangers and handling them head on before they become too huge. Being proactive about approaching dangers is the greatest factor in ensuring ERM is a proficient method to oversee dangers. Venture hazard the board (ERM) goes past security and controls. Despite the fact that it’s unrealistic to create security and controls to address each danger that an undertaking may look by distinguishing, surveying, and moderating dangers, it has been appeared to deliver better business execution.

 

Refernces:

https://www.logicmanager.com/erm-software/2018/09/05/how-to-measure-your-enterprise-risk-management-effectiveness/

https://www.workiva.com/blog/operational-risk-key-risk-indicators-kris

 

D

Discussion -4

1.How do Key Risk indicators help companies identify emergency risks?

Key Risk Indicators:

This can be defined as an important tool within risk management and are used to enhance the monitoring and mitigation of risks and facilitate risk reporting. KRIs are measures that enable risk managers to identify potential losses before they happen. The metrics act as indicators of changes in the risk profile of a firm.

KRIs play an important role in risk management by predicting potential high-risk areas and enabling timely action.

KRIs enable firms to:

• Identify current risk exposure and emerging risk trends.
• Highlight control weaknesses and allow for the strengthening of poor controls.
• Facilitate the risk reporting and escalation process.
• Operational risk management adds value to the firm.

Regulatory Expectations:

The choice of each factor needs to be justified as a meaningful driver of risk and whenever possible, and the factors should be translatable into quantitative measures that lend themselves to verification. The sensitivity of a firm’s risk estimates to changes in the factors and the relative weighting of the various factors need to be well reasoned. Periodic tracking of KRIs (monthly, weekly, depends on what the KRI represents). KRIs should be reported regularly and escalation procedures should be in place (as part of the KRI framework) to ensure timely reporting to management and board. Reporting of KRIs to head of business units by KRI owners. Head of business units then reports into risk management. Risk management reports to risk board and when applicable, the full board.

2.How do Key performance indicators help companies to manage existing risks?

KRIs and KPIs:

KRIs are metrics which evaluate and measure the efficiency of an organization’s risk management program. By analyzing KRIs and KPIs in concert, and over an extended period, you will be able to show actual or probable deviations from a given standard or goal. An enterprise risk management program should identify gaps across the organization, it should also include processes and methodologies that quantify and measure the value of the ERM program. An incident or risk event in one area of the business will affect other areas within the business. If a risk or activity changes, organizations have no way of knowing if and how the change will impact their metrics. With a tolerance level, this gap analysis will also serve to identify emerging risks as they rise out of tolerance, indicating that current mitigation activities are no longer enough.

By tracking these metrics, organizations can more effectively mitigate existing risks and detect emerging risks long before they are able to have a detrimental impact on the organization.

3.If measuring performance is not a component of an ERM program, what is the effect on the overall quality of the program?

Key elements include the following

1. Process
2. Integration
3. Culture
4. Infrastructure

Risk professionals today are facing an unprecedented level of scrutiny. Risk managers are not only responsible for protecting and securing their organizations, they also must provide evidence that their risk management programs are effective at managing risk. At the very minimum, risk managers must prove they are meeting the expectations of not only regulators. Without meaningful metrics, the value of the company’s ERM program, or the degree to which previously unidentified risks.

KPIs are metrics which evaluate the components of a business deemed crucial for its success, revealing how consistently the company achieves key business objectives.As more process owners become involved in risk assessments, the more accurate and forward-looking information is more likely to be collected.

 

 

References

Kseniya Strachnyi ( October , 2015 ) Operational Risk : Key Risk Indicators Retrieved . https://www.workiva.com/blog/operational-risk-key-risk-indicators-kris

Steven Minsky (September 2018)  , How to measure your Enterprise Risk management effectiveness Retrieved   https://www.logicmanager.com/erm-software/2018/09/05/how-to-measure-your-enterprise-risk-management-effectiveness/

Steven Minsky (September 2018) , How to Measure your enterprise Risk Management Effectiveness   https://www.logicmanager.com/erm-software/2018/09/05/how-to-measure-your-enterprise-risk-management-effectiveness/

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