How to Develop Successful Enterprise Risk and Vendor Management Programs
|
|
- Percival Young
- 8 years ago
- Views:
Transcription
1 Project Management Institute New York City Chapter January 2014 Chapter Meeting How to Develop Successful Enterprise Risk and Vendor Management Programs Christina S. Kite Senior Vice President Corporate Group Strategy and Operations Federal Reserve Bank of New York January 15,
2 Opening Thought. They don t put brakes in race cars so they can go slower; they put brakes in race cars so they can go faster. 2
3 Introduction to Risk Businesses continuously seek to forecast tomorrow in order to make better decisions today. Risk Management is the process of dealing with uncertainty. 3
4 Introduction to Risk Effective Risk Management includes: Identifying and recognizing sources of uncertainty; Measuring and assessing the frequency of occurrence and severity impact of the risk; and, Evaluating alternative approaches to wear, transfer, mitigate, or take advantage of the risk 4
5 New Approach to Managing Risk Increasing business complexity, globalization, competition, innovation and technological advances Financial crisis and the inability to quantify and understand the risk early enough to avoid the impact Increased focus on Corporate Governance and Shareholder value protection and creation New regulatory and reporting requirements Eighty percent of the risks can not be transferred through traditional insurance products Expanded set of sophisticated risk management tools and big data capabilities available and growing 5
6 Approach to Risk Management Business Risk Monitoring Risk Responsiveness Risk Tolerance and Appetite Business Risk Analytics Risk Assessment Compliance Business Resilience Insurance Infrastructure Enterprise Risk Management Innovation Community Employees Disciplined Decision Making Risk Taking and Timing Business & Technology Innovation 6
7 Key Partnerships: Network of Networks BOARD Oversight and Sponsorship Full Board Compensation Committee Audit Committee RISK OWNERS Measure, Manage and Improve Business Unit Executives Line Management Outsourced 3 rd Parties EXECUTIVE MANAGEMENT Policy, Strategy and Appetite CFO, COO and CGO CEO and Operating Group Auditors RISK MANAGEMENT Monitor, Report and Educate Global Risk Officer Risk Review Group External Risk Partners 7
8 Integrated Risk Strategy Program Identify inter and intra-enterprise-wide risks and opportunities Assess the magnitude of risks and opportunities Aggregate business unit risk assessments and determine risk tolerance and appetite Communicate key risks and risk response strategies Empower business units in risk management Embed risk consideration in long range planning, budgeting and forecasting processes 8
9 Integrated Approach to Risk Management Info HR Security Finance (FP&A, Tax, SOX) Audit Sales Risk Review Group Tax ERM Quality Legal Engineering And Mfg IT Risk Assessments Coordinated approach to conduct interviews and use outcomes to drive initiatives and work flow (i.e., ERM initiatives, Audit Plan, etc.). Risk Review Group Oversight body to share information that is comprised of a cross functional team. Risk Analytics Database that is developed to capture and categorize risks as well as predict new risks for scenario analysis. Improves the overall management and tracking of risk but, more importantly, analyzes the trends, patterns and interdependencies among risks. 9
10 Ecosystem Risk Management Customers, Shareholders, and Investors Risk Process Response Ecosystem Risk Management Risk Quantification Partners, Suppliers and Vendors Regulators, Government and Community 10
11 Vendor Management - Risk Category? Strategic Risk Competitors Business Model and Portfolio Reputation and Brand Intellectual Property Strategic Partners Cash Flow Interest Rate Credit Rating Debt Financial Risk VENDOR MANAGEMENT External Risk Regulatory Disease Weather Legal Business Process Information Security Human Resources Supply Chain Operational Risk 11
12 Vendor Management Considerations VENDOR CRITICALITY and SEGMENTATION PERFORMANCE MEASUREMENT and MONITORING VENDOR RISK MANAGEMENT INFORMATION CLASSIFICATION AND SHARING GLOBALIZATION CONTRACT INCENTIVES vs PENALTIES 12
13 Robust Vendor Management Program Resilient Create a vendor readiness state that leads to less volatility, greater predictability and fewer surprises. Make the capability scalable, flexible, modular and agile. Integrated Identify vendor concentrations, criticality and interdependencies as well as offsetting risk patterns to optimize scarce resources and to ensure superior vendor performance and value. Adaptable Design a vendor management program whose approach is real time, driven by dynamic data and the ability to self-correct. 13
14 Vendor Management Program Capability Culture Ensure the vendor or partner understands the organization s risk appetite, performance expectations and common language Strategy Link to overall strategic mission of the organization, including risk appetite, performance standards, and measurement framework Process Tools Understand and assign clear roles and responsibilities, develop consistent performance assessment methodologies and outline communication channels and escalation paths Develop real-time performance measurement monitoring including governance and reporting that is transparent and consistent 14
15 Closing Thought. Organizations make money taking risk. They also lose money taking the wrong risks. Create efficiencies and gain value from integrating existing risk management activities including designing a culturally acceptable process for managing vendor risk. 15
16 Thank You.? 16
Tying It All Together: Practical ERM Integration. Richard Scanlon Vice President Enterprise Risk Management CIGNA Corporation
Tying It All Together: Practical ERM Integration Richard Scanlon Vice President Enterprise Risk Management CIGNA Corporation November 16, 2007 1 Agenda Basis for ERM Integration ERM Objectives ERM Focus
More informationENTERPRISE RISK MANAGEMENT AN OVERVIEW. November 2011
ENTERPRISE RISK MANAGEMENT AN OVERVIEW November 2011 Overview Overview of Enterprise Risk Management (ERM) Risk Assessment Process Identifying Business Risks Consideration of Impact and Likelihood Soliciting
More informationPlacing a Value on Enterprise Risk Management ADVISORY
Placing a Value on Enterprise Risk Management ADVISORY Placing a Value on Enterprise Risk Management 1 In turbulent economic times, the case for investing in an enterprise risk management (ERM) program
More informationThe PNC Financial Services Group, Inc. Business Continuity Program
The PNC Financial Services Group, Inc. Business Continuity Program subsidiaries) 1 Content Overview A. Introduction Page 3 B. Governance Model Page 4 C. Program Components Page 4 Business Impact Analysis
More informationRisk Management Policy
Risk Management Policy June 2015 1 2 Contents 1. Policy Objectives and Background... 4 1.1. Policy Background... 4 1.2. Policy Objective... 4 1.3. Policy Sponsor and Maintenance... 4 2. Risk Types and
More informationEnterprise-Wide Risk Assessment
Enterprise-Wide Risk Assessment Agenda 1. Definition of risk. 2. Risk drivers in higher education today. 3. Implementing an enterprise-wide risk management (ERM) program to effectively assess, manage,
More informationCommodity Price Risk Management (CPRM) - Trends and Challenges for Corporates
Advisory Commodity Price Risk Management (CPRM) - Trends and Challenges for Corporates May 2014 Agenda Industry Challenges CPRM A Business Case CPRM Maturity Model CPRM Trends What Should Companies Do?
More informationEnterprise Risk Management
Cayman Islands Society of Professional Accountants Enterprise Risk Management March 19, 2015 Dr. Sandra B. Richtermeyer, CPA, CMA What is Risk Management? Risk management is a process, effected by an entity's
More informationwww.pwc.co.uk Cyber security Building confidence in your digital future
www.pwc.co.uk Cyber security Building confidence in your digital future November 2013 Contents 1 Confidence in your digital future 2 Our point of view 3 Building confidence 4 Our services Confidence in
More informationPrinciples for An. Effective Risk Appetite Framework
Principles for An Effective Risk Appetite Framework 18 November 2013 Table of Contents Page I. Introduction... 1 II. Key definitions... 2 III. Principles... 3 1. Risk appetite framework... 3 1.1 An effective
More informationCHAPTER 7 PLANNING THE AUDIT: IDENTIFYING AND RESPONDING TO THE RISKS OF MATERIAL MISSTATEMENT
A U D I T I N G A RISK-BASED APPROACH TO CONDUCTING A QUALITY AUDIT 9 th Edition Karla M. Johnstone Audrey A. Gramling Larry E. Rittenberg CHAPTER 7 PLANNING THE AUDIT: IDENTIFYING AND RESPONDING TO THE
More informationThe PNC Financial Services Group, Inc. Business Continuity Program
The PNC Financial Services Group, Inc. Business Continuity Program 1 Content Overview A. Introduction Page 3 B. Governance Model Page 4 C. Program Components Page 4 Business Impact Analysis (BIA) Page
More informationRISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY
RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY PRESENTED BY: LEN WIATR, CHIEF RISK OFFICER Len s Risk Management Philosophy Build a
More informationModel Risk, A company perspective Peter K. Reilly, FSA Valuation Actuary & Head of Actuarial Strategic Initiatives Aetna, Inc
Model Risk, A company perspective Peter K. Reilly, FSA Valuation Actuary & Head of Actuarial Strategic Initiatives Aetna, Inc 1 Agenda Thoughts/Observations on Model Risk Practical Considerations Aetna
More informationFlyntGroup.com. Enterprise Risk Management and Business Impact Analysis: Understanding, Treating and Monitoring Risk
Enterprise Risk Management and Business Impact Analysis: Understanding, Treating and Monitoring Risk 2012 The Flynt Group, Inc., All Rights Reserved FlyntGroup.com Enterprise Risk Management and Business
More informationZurich s approach to Enterprise Risk Management. John Scott Chief Risk Officer Zurich Global Corporate
Zurich s approach to Enterprise Risk Management John Scott Chief Risk Officer Zurich Global Corporate Agenda 1. The risks we face 2. Strategy risk and risk tolerance 3. Zurich s ERM framework 4. Capital
More informationEnterprise Risk Management
Enterprise Management ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (risks and opportunities),
More informationRemarks by. Carolyn G. DuChene Deputy Comptroller Operational Risk. at the
Remarks by Carolyn G. DuChene Deputy Comptroller Operational Risk at the Bank Safety and Soundness Advisor Community Bank Enterprise Risk Management Seminar Washington, D.C. October 22, 2012 Good afternoon,
More informationDesigning an Operational Risk Program for a Community Bank Stephan Salvador Managing Director, Risk Management Consulting
Consulting and Professional Services Designing an Operational Risk Program for a Community Bank Stephan Salvador Managing Director, Risk Management Consulting Designing an Operational Risk Program for
More informationBeyond risk identification Evolving provider ERM programs
Beyond risk identification Evolving provider ERM programs March 2016 At a glance PwC conducted research to assess the state of enterprise risk management (ERM) within healthcare providers and found many
More informationManaging Risk at Bank of America Corporation. Overview
Managing Risk at Bank of America Corporation Overview Risk is inherent in every material business activity that we undertake. Our business exposes us to strategic, credit, market, liquidity, compliance,
More informationOrganization transformation in times of change
Organization transformation in times of change Insurance is sold, not bought is a phrase of unknown attribution, but common wisdom for decades. Thus, insurers and most financial services organizations
More informationCorporate Governance and Enterprise Risk Management Derek Jackson, Senior Manager 5 September 2005
Corporate Governance and Enterprise Risk Management Derek Jackson, Senior Manager 5 September 2005 Corporate Governance Services 0 Overview Hong Kong Code on Corporate Governance Practices Corporate Governance
More informationEnterprise Risk Management & Information Technology
Enterprise Risk Management & Information Technology Presented by Scott Perry and Gary Ross Slalom Consulting, San Francisco Agenda Introductions Session Objectives Overview of Enterprise Risk Management
More informationConsumer Goods and Services
Accenture Risk Management Industry Report Consumer Goods and Services 2011 Global Risk Management Point of View Consumer Goods and Services 2011 Global Risk Management Point of View Consumer Goods and
More informationTailoring enterprise risk management strategies to the Main-Street insurer
Tailoring enterprise risk management strategies to the Main-Street insurer Prepared by: Jay Golonka, Partner, McGladrey LLP 816.751.1830, jay.golonka@mcgladrey.com Discussions of Enterprise Risk Management
More informationDriving business performance with enterprise risk management
Driving business performance with enterprise risk management Empowering business managers to make smarter decisions that maximize value, reduce costs and balance risk with returns Contents: 1 Executive
More informationMatthew E. Breecher Breecher & Company PC November 12, 2008
Applying COSO s Enterprise Risk Management Integrated Framework Matthew E. Breecher Breecher & Company PC November 12, 2008 The basic outline for this presentation was provided by: Objectives for the session:
More informationPART A: OVERVIEW...1 1. Introduction...1. 2. Applicability...2. 3. Legal Provisions...2. 4. Effective Date...2
PART A: OVERVIEW...1 1. Introduction...1 2. Applicability...2 3. Legal Provisions...2 4. Effective Date...2 PART B: INTERNAL CAPITAL ADEQUACY ASSESSMENT PROCESS...3 5. Overview of ICAAP...3 6. Board and
More informationGUIDANCE NOTE FOR DEPOSIT-TAKERS. Operational Risk Management. March 2012
GUIDANCE NOTE FOR DEPOSIT-TAKERS Operational Risk Management March 2012 Version 1.0 Contents Page No 1 Introduction 2 2 Overview 3 Operational risk - fundamental principles and governance 3 Fundamental
More informationEnterprise Risk Management in Colleges and Universities
Enterprise Risk Management in Colleges and Universities Cherry Bekaert & Holland, L.L.P. Neal Beggan, CISA, CRISC Shane Hester, CPA, CISA Cherry, Bekaert & Holland, L.L.P. The Firm of Choice. 1 Cherry,
More informationRisk Management. Did you know? What is Risk Management?
Risk Did you know? Financial services organizations help people buy houses, build businesses and protect their families financially. Banks, insurance companies, asset managers, pension administrators and
More informationLeveraging bank risk management practices for the insurance industry
Leveraging bank risk management practices for the insurance industry Executing disciplined risk and compliance programs that deliver sustained compliance Contents: 1 Executive overview 2 Embedding risk
More informationTHE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK
THE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK ACCOUNTABLE SIGNATURE AUTHORISED for implementation SIGNATURE On behalf of Chief Executive Officer SAHRA Council Date Date
More informationThe College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only January 2012
The College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only Agenda Introduction Basic program components Recent trends in higher education risk management Why
More informationEnhanced Portfolio Management in uncertain times
Enhanced Portfolio Management in uncertain times How businesses can generate and protect value through enhanced, risk return techniques improving portfolio and capital allocation decisions Contents Executive
More informationEnterprise Risk Management A View. Clive Kelly CRO Zurich Insurance plc/zfs Europe (GI)
Enterprise Risk Management A View Clive Kelly CRO Zurich Insurance plc/zfs Europe (GI) Topics ERM some basics Responsibilities CRO evolution Challenges and priorities Conclusion Introduction 3 Zurich s
More informationThe New International Standard on the Practice of Risk Management A Comparison of ISO 31000:2009 and the COSO ERM Framework
The New International Standard on the Practice of Risk Management A Comparison of ISO 31000:2009 and the COSO ERM Framework Dorothy Gjerdrum, ARM-P, Chair of the ISO 31000 US TAG and Executive Director,
More informationRisk Assessment & Enterprise Risk Management
Risk Assessment & Enterprise Risk 1 Healthcare Corporate Governance Today s environment requires building a culture of risk awareness and management of risk across the organization, while formulating less
More informationwww.pwc.com Business Resiliency Business Continuity Management - January 14, 2014
www.pwc.com Business Resiliency Business Continuity Management - January 14, 2014 Agenda Key Definitions Risks Business Continuity Management Program BCM Capability Assessment Process BCM Value Proposition
More informationLeveraging Information For Smarter Business Outcomes With IBM Information Management Software
Leveraging Information For Smarter Business Outcomes With IBM Information Management Software Tony Mignardi WW Information Management Sales IBM Software Group April 1 2009 Agenda Our Smarter Planet and
More informationwww.pwc.com Developing a robust cyber security governance framework 16 April 2015
www.pwc.com Developing a robust cyber security governance framework 16 April 2015 Cyber attacks are ubiquitous Anonymous hacker group declares cyber war on Hong Kong government, police - SCMP, 2 October
More informationTHE ROLE OF FINANCE AND ACCOUNTING IN ENTERPRISE RISK MANAGEMENT
THE ROLE OF FINANCE AND ACCOUNTING IN ENTERPRISE RISK MANAGEMENT Let me begin by thanking Baruch College for giving me the opportunity to present this year s prestigious Emanuel Saxe Lecture in Accounting.
More informationBoard oversight of risk: Defining risk appetite in plain English
www.pwc.com/us/centerforboardgovernance Board oversight of risk: Defining risk appetite in plain English May 2014 Defining risk appetite in plain English Risk oversight continues to be top-of-mind for
More informationTransforming risk management into a competitive advantage kpmg.com
INSURANCE RISK MANAGEMENT ADVISORY SOLUTIONS Transforming risk management into a competitive advantage kpmg.com 2 Transforming risk management into a competitive advantage Assessing risk. Building value.
More informationDriving Operational Risk Management Into the Customer/Product Value Chain
Driving Operational Risk Management Into the Customer/Product Value Chain Eric Staffin, MBCI, CISSP Vice President, Global Head of Product & Infrastructure Risk Management Thomson Reuters, Investment &
More informationClient Relationship Management When does an organisation need to formalise its processes?
Client Relationship Management When does an organisation need to formalise its processes? Most senior executives at organisations with large client bases believe that they have relationship management
More informationwww.pwc.nl/cybersecurity Cyber security Building confidence in your digital future
www.pwc.nl/cybersecurity Cyber security Building confidence in your digital future 2015 Contents 1 Confidence in your digital future 2 Our point of view 3 Building confidence 4 Our services Confidence
More informationSTANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES. ENTERPRISE RISK MANAGEMENT Framework
STANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES ENTERPRISE RISK MANAGEMENT Framework September 2011 Notice This document is intended as a reference tool to assist Ontario credit unions to develop an
More informationRisk management + Strategic planning IT TAKES AN ENTIRE ORGANIZATION
1 Risk management + Strategic planning IT TAKES AN ENTIRE ORGANIZATION Background 2 Technology has become the central component of business operations Businesses have become more vulnerable to risks associated
More informationOperational Risk Management - The Next Frontier The Risk Management Association (RMA)
Operational Risk Management - The Next Frontier The Risk Management Association (RMA) Operational risk is not new. In fact, it is the first risk that banks must manage, even before they make their first
More informationTypes of Fraud and Recent Cases. Developing an Effective Anti-fraud Program from the Top Down
Types of and Recent Cases Developing an Effective Anti-fraud Program from the Top Down 1 Types of and Recent Cases Chris Grippa (404-817-5945) FIDS Senior Manager with Ernst & Young LLP Works with clients
More informationFrom ICAAP/ORSA to ERM: Board and Senior Management Oversight. Leon Bloom, Partner, Deloitte & Touche LLP lebloom@deloitte.ca
From ICAAP/ORSA to ERM: Board and Senior Management Oversight Leon Bloom, Partner, Deloitte & Touche LLP lebloom@deloitte.ca Agenda Basel II ICAAP Solvency II ORSA ERM From ICAAP/ORSA to ERM: Governance
More informationUniversity of St. Gallen Law School Law and Economics Research Paper Series. Working Paper No. 2008-19 June 2007
University of St. Gallen Law School Law and Economics Research Paper Series Working Paper No. 2008-19 June 2007 Enterprise Risk Management A View from the Insurance Industry Wolfgang Errath and Andreas
More informationSABPP IT GOVERNANCE COMMITTEE TERMS OF REFERENCE
SABPP IT GOVERNANCE COMMITTEE TERMS OF REFERENCE PREAMBLE The purpose of the IT Governance Committee is to ensure that IT is effectively governed at SABPP in accordance with the King III Code of Governance
More informationLinking Risk Management to Business Strategy, Processes, Operations and Reporting
Linking Risk Management to Business Strategy, Processes, Operations and Reporting Financial Management Institute of Canada February 17 th, 2010 KPMG LLP Agenda 1. Leading Practice Risk Management Principles
More informationArticle from: The Actuary Magazine. June/July Volume 12, Issue 3
Article from: The Actuary Magazine June/July Volume 12, Issue 3 OPERATIONAL RI AND WHAT DO 36 THE ACTUARY JUNE/JULY 2015 SK WHAT IS IT? I DO ABOUT IT? JUNE/JULY 2015 THE ACTUARY 37 It s time to get really
More informationThe Allstate Corporation
The Allstate Corporation Bank of America Merrill Lynch 2015 Insurance Conference Thomas J. Wilson: Chairman and Chief Executive Officer February 12, 2015 Forward-Looking Statements and Non-GAAP Financial
More informationIntel Reports Fourth-Quarter and Annual Results
Intel Corporation 2200 Mission College Blvd. P.O. Box 58119 Santa Clara, CA 95052-8119 CONTACTS: Reuben Gallegos Amy Kircos Investor Relations Media Relations 408-765-5374 480-552-8803 reuben.m.gallegos@intel.com
More informationIntegrating Risk and Capital Management into Strategy and Planning. Key to Assessing Risk and Reward for Insurers
Integrating Risk and Capital Management into Strategy and Planning Key to Assessing Risk and Reward for Insurers 1 Tough Times for Insurers Many insurance company board members face the challenge of satisfying
More informationSupplier Management for Complex Outsourced Services: A Strategic Framework
Supplier Management for Complex Outsourced Services: A Strategic Framework Chris O D Malone, Director Shared Services Expense Management Solutions, Inc. 508-460-7014; malone@expensemanagement.com 93 rd
More informationCapital Requirements Directive Pillar 3 Disclosure. December 2015
Capital Requirements Directive Pillar 3 Disclosure December 2015 1. Background The purpose of this document is to outline the Pillar 3 disclosures for BlueBay Asset Management LLP ( BlueBay ). BlueBay
More informationThe Essentials of Enterprise Risk Management. Steven C. Tourek, Senior Vice President, General Counsel & Secretary, The Marvin Companies
The Essentials of Enterprise Risk Management Steven C. Tourek, Senior Vice President, General Counsel & Secretary, The Marvin Companies Introduction How should an organization think about the management
More informationSuccessfully identifying, assessing and managing risks for stakeholders
Introduction Names like Enron, Worldcom, Barings Bank and Menu Foods are household names but unfortunately as examples of what can go wrong. With these recent high profile business failures, people have
More informationGUIDELINES ON RISK MANAGEMENT AND INTERNAL CONTROLS FOR INSURANCE AND REINSURANCE COMPANIES
20 th February, 2013 To Insurance Companies Reinsurance Companies GUIDELINES ON RISK MANAGEMENT AND INTERNAL CONTROLS FOR INSURANCE AND REINSURANCE COMPANIES These guidelines on Risk Management and Internal
More informationTapping the benefits of business analytics and optimization
IBM Sales and Distribution Chemicals and Petroleum White Paper Tapping the benefits of business analytics and optimization A rich source of intelligence for the chemicals and petroleum industries 2 Tapping
More informationProject Governance A N T I C I P A T I N G A N A U D I T
Project Governance A N T I C I P A T I N G A N A U D I T Public sector Project Management characteristics Multi-million rand projects Often National interest projects Subject to intense scrutiny Uncertainty
More information3 rd Party Vendor Risk Management
3 rd Party Vendor Risk Management Session 402 Tuesday, June 9, 2015 (11 to 12pm) Session Objectives The need for enhanced reporting on vendor risk management Current outsourcing environment Key risks faced
More informationApplying Risk Assessment to Your Audit Plan Break-out Session T3, Tuesday, October 26 2:00-2:50pm
Applying Risk Assessment to Your Audit Plan Break-out Session T3, Tuesday, October 26 2:00-2:50pm Mike Brown Senior Vice President, Corporate Audit State Street Corporation Rich Reynolds Partner PricewaterhouseCoopers
More informationINTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS
Press Release INTERACTIVE DATA REPORTS FOURTH-QUARTER AND FULL- YEAR 2014 RESULTS New York February 12, 2015 Interactive Data Corporation today reported its financial results for the fourth quarter and
More informationERM Symposium. ERM in Corporate Decision Making April 25, 2006 J. Chris Karow. Where is Risk Relevant in Corporate Decision Making?
ERM Symposium t ERM in Corporate Decision Making April 25, 2006 J. Chris Karow in Corporate Decision Making Where is Relevant in Corporate Decision Making? Simple answer is everywhere.. Strategic planning
More informationRISK MANAGEMENT REPORT (for the Financial Year Ended 31 March 2012)
RISK MANAGEMENT REPORT (for the Financial Year Ended 31 March 2012) Integrated Risk Management Framework The Group s Integrated Risk Management Framework (IRMF) sets the fundamental elements to manage
More informationGuiding Principles for Implementing Enterprise Risk Management (ERM)
1 Guiding Principles for Implementing Enterprise Risk Management (ERM) SEAC Conference New Orleans November 15-17, 2006 Hubert Mueller (860) 843-7079 Towers Towers Perrin Perrin 0 ERM raises many implementation
More informationA Framework for Managing Crime and Fraud
A Framework for Managing Crime and Fraud ASIS European Security Conference & Exhibition Gothenburg, April 15, 2013 Torsten Wolf Group Head of Crime and Fraud Prevention Agenda Introduction Economic Crime
More informationCOMPARATIVE STUDY BETWEEN TRADITIONAL AND ENTERPRISE RISK MANAGEMENT A THEORETICAL APPROACH
COMPARATIVE STUDY BETWEEN TRADITIONAL AND ENTERPRISE RISK MANAGEMENT A THEORETICAL APPROACH Cican Simona-Iulia Management, Faculty of Economics and Business Administration, West University of Timisoara,
More informationRisks and uncertainties
Risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal risks that
More informationBusiness Process Services. White Paper. Effective Credit Risk Assessment Strengthening the Financial Spreading with Technology Enablers
Business Process Services White Paper Effective Credit Risk Assessment Strengthening the Financial Spreading with Technology Enablers About the Author Vijay Muppavarapu Vijay is a subject matter expert
More informationBusiness Continuity Management
Business Continuity Management Factsheet To prepare for change, change the way you prepare In an intensely competitive environment, a permanent market presence is essential in order to satisfy customers
More informationBuilding Competence in Reputation Risk Management
Building Competence in Reputation Risk Management PRSA International Conference 16 October 2012 Linda Locke, Reputare Consulting What keeps you up at night? 2 What keeps your board up at night? Reputational
More informationRisk Mapping A Risk Management Tool with Powerful Applications in the New Economy
Risk Mapping A Risk Management Tool with Powerful Applications in the New Economy By Todd Williams and Steve Saporito What if your company s major business risks, obstacles to strategic objectives, and
More informationunlocking the True Potential of Enterprise Risk Management Six steps to improve your company s financial performance
unlocking the True Potential of Enterprise Risk Management Six steps to improve your company s financial performance Authors Alex Wittenberg Mark Pellerin, CFA Damian West 1. Risk appetite: Add greater
More informationIntegration of Risk Management and Internal Audit. Chartered Institute of Management Accountants, New Zealand
Integration of Risk Management and Internal Audit Chartered Institute of Management Accountants, New Zealand Contents Understanding the three lines of defense governance model What is Risk? Risk Management
More information2013 Insurance Megatrends Survey Final Results
2013 Insurance Megatrends Survey Final Results 2013 Towers Watson. All rights reserved. About the Study Towers Watson s 2013 Insurance Megatrends survey was fielded online from March 19 th through April
More informationProfile. Business solutions with a difference
Profile Business solutions with a difference Overview ITeM Group was founded in 1999 and has a successful history of delivering IT solutions in Australia, New Zealand, Indonesia, China and Canada. We specialise
More informationEnterprise Risk Management (ERM): In Action. January 2010. Co-presented by: Michael Yip, Marsh Risk Consulting Norma Essary, DFW International Airport
January 2010 Enterprise Risk Management (ERM): In Action Co-presented by: Michael Yip, Risk Consulting Norma Essary, DFW International Airport www.marsh.com Discussion Topics Enterprise Risk Management
More informationIT Governance Regulatory. P.K.Patel AGM, MoF
IT Governance Regulatory Perspective P.K.Patel AGM, MoF Agenda What is IT Governance? Aspects of IT Governance What banks should consider before implementing these aspects? What banks should do for implementation
More informationPOLICY. Number: 7311-10-005 Title: Enterprise Risk Management. Authorization
POLICY Number: 7311-10-005 Title: Enterprise Risk Management Authorization [ ] President and CEO [ X] Vice President, Finance and Corporate Services Source: Director, Enterprise Risk Management Cross Index:
More informationHewlett-Packard Separation Will Create Two New Industry-Leading Public Companies
Hewlett-Packard Separation Will Create Two New Industry-Leading Public Companies Investor Presentation October 6, 2014 Safe harbor This presentation contains forward-looking statements that involve risks,
More informationKnowing the customer: this time it s personal. How analytics can help banks achieve superior CRM, secure growth and drive high performance
Knowing the customer: this time it s personal How analytics can help banks achieve superior CRM, secure growth and drive high performance Table of Contents Introduction How advanced analytics changes customer
More informationENTERPRISE. - David L. Olson University of Nebraska, USA. Desheng Dash Wu University of Toronto, Canada. World Scientific
Financial Engineering and Risk Management Vol.1 ' ENTERPRISE T - David L. Olson University of Nebraska, USA Desheng Dash Wu University of Toronto, Canada World Scientific NEW JERSEY LONDON SINGAPORE BEIJING
More informationRISK MANAGEMENT POLICY
RISK MANAGEMENT POLICY 1. INTRODUCTION 1.1 This Policy sets out Marindi Metals Ltd ( Marindi or the Company ) system of risk oversight, management of material business risks and internal control. 1.2 Marindi
More informationENTERPRISE RISK MANAGEMENT FOR BANKS
ENTERPRISE RISK MANAGEMENT FOR BANKS Seshagiri Rao Vaidyula, Senior Manager, Governance, Risk and Compliance Jayaprakash Kavala, Consultant, Banking and Financial Services 1 www.wipro.com/industryresearch
More informationEffective risk management
Effective risk management Our holistic and disciplined risk management program is designed to mitigate risks at all levels of our business in order to protect our clients interests. 2 Vanguard > Effective
More informationDTZ Corporate Finance Limited Pillar 3 Disclosures as at 30 April 2009
DTZ Corporate Finance Limited Pillar 3 Disclosures as at 30 April 2009 16 March 2010 Contents OVERVIEW 1 Introduction 1 Structure and principal activities 1 Basis of disclosures 1 Frequency of disclosures
More informationBEST PRACTICES IN CYBER SUPPLY CHAIN RISK MANAGEMENT
BEST PRACTICES IN CYBER SUPPLY CHAIN RISK MANAGEMENT John Deere Supply Chain Risk Management INTERVIEWS Glen Schwab Director of Supply Management Robert Smola Manager, Supply Chain Risk The Next New Things
More informationOperational Risk Management Program Version 1.0 October 2013
Introduction This module applies to Fannie Mae and Freddie Mac (collectively, the Enterprises), the Federal Home Loan Banks (FHLBanks), and the Office of Finance, (which for purposes of this module are
More informationCOMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Considerations
DRAFT FOR COMMENT Additional Tools: COMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Considerations Class 2 Institutions April 2013 This document is also available in French. COMMERCIAL CREDIT POLICY
More informationOAC Presentation to UNESCO Member States
OAC Presentation to UNESCO Member States Scope and Purpose of Audit and Risk Committees 29 June 2016 1 Content: 1. Context 2. Audit and Risk Management in UNESCO today 3. Relationship between Entreprise
More informationEffective Supplier Relationship Management
Northeast Supply Chain Conference Effective Supplier Relationship Management Joseph C. Black Director, Corporate Administrative Services Expense Management Solutions, Inc. Presentation Outline Importance
More informationCyber security: Are consumer companies up to the challenge?
Cyber security: Are consumer companies up to the challenge? 1 Cyber security: Are consumer companies up to the challenge? A survey of webcast participants kpmg.com 1 Cyber security: Are consumer companies
More information