The State of Enterprise Risk Management for Power Companies. January 17, 2013
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1 The State of Enterprise Risk Management for Power Companies NAPCO Conference Scottsdale, AZ January 17, 2013
2 Outline What is Enterprise Risk Management (ERM) Program? Key Business Risk Areas Industry Standards for Risk Management ERM External and Internal Frameworks Power Utilities Risk and Compliance Energy Trading Risk Management (ETRM) Risk Management Challenges Reference Sources 2
3 Enterprise Risk Management (ERM) Program Why do power utilities need ERM program? To identify and increase awareness of risk events To ensure that risk prevention and mitigation plans are effective ERM is integrated into day-to-day responsibilities of employees and management. It involves every entity exists to provide value to stakeholders ERM allows management to effectively deal with uncertainty and identify associated opportunities, enabling a utility to Realize operational efficiencies Reap financial gains Achieve lasting competitive advantages Power and Utilities Fact Sheet: Enterprise Risk Management, PwC,
4 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
5 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Laws and legislation Litigation Global economy Climate change Changing work force Homeland security Customers and their economics Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
6 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Rate policies margins and reserves Power supply costs Support of policy makers Budget management Maintaining status as low cost provider Renewable portfolios Reliability of power supply Customer focus Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
7 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Board governance Ethics Safety and safety training Communication Aging workforce Employee retention Trust Qualifications of workforce and continuing education Culture Relations with outsiders vendors and other utilities Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
8 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Media relations Territorial issues Performance analysis Governance Reputation risk Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
9 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Non-payment customer practices Building permit management Utility billing controls Theft of services Line extension practices and management Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
10 Key Business Risk Areas External Environment Business Strategies People Analysis & Reporting Business Process Execution Technology & Data Technology failure risk (SCADA, IT Networks, Load Management) Investing in correct systems Control of proprietary data processes Technology obsolescence Data theft Data integrity Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights,
11 Outline What is Enterprise Risk Management (ERM) Program? Key Business Risk Areas Industry Standards for Risk Management ERM External and Internal Frameworks Power Utilities Risk and Compliance Energy Trading Risk Management (ETRM) Risk Management Challenges 11
12 Industry Standards for Risk Management 1. Enterprise Risk Management Integrated Framework By Committee of Sponsoring Organizations (COSO) Released in ISO 31000: Risk Management Principles and Guidelines By the International Standards Organizations Released in AS/NZS 4360: Australia / New Zealand Risk Management Standard By a Joint Technical Committee of the Council of Standards Australia and the Council of Standards New Zealand First released in 1995 and last updated in 2004 Issues - Competing standards - Vague definitions of critical terms - Often impractical in public corporation setting - Fail to connect risk management to corporation s objective of maximizing shareholder wealth - Do not lead to improved quality of decision making involving risks The Flawed Foundation of Corporate Risk Management [pending publication], John Lehman, Strategic Decisions Group, Inc. 12
13 Committee of Sponsoring Organizations (COSO) Model Compliance A compliance with applicable laws and regulations Strategic A high-level goals, aligned with and supporting its mission Reporting A reliable and timely report Operations An effective and efficient use of resources Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16,
14 How Does ERM Improve the Quality of Decisions Involving Risk? Corporate Shareholder Value Management Decisionmaking Capital Structure & Cost of Capital Risk Management Reveal and analyze Black Swan opportunities to increase expected revenue or reduce cost De-bias and improve estimates to achieve more accurate information for decision-making Re-evaluate and determine desirable capital structure as well as cost of capital Improved Quality of Decisions Involving Risks The Flawed Foundation of Corporate Risk Management [pending publication], John Lehman, Strategic Decisions Group, Inc. 14
15 Outline What is Enterprise Risk Management (ERM) Program? Key Business Risk Areas Industry Standards for Risk Management ERM External and Internal Frameworks Power Utilities Risk and Compliance Energy Trading Risk Management (ETRM) Risk Management Challenges 15
16 ERM Framework External Risk Tolerance & Culture Stakeholders Policies Board Regulator Appetite Governance Metrics Capital Allocation Customer Appetite Measures & Reporting Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16,
17 ERM Framework Internal Business Strategy & Objective Document Risk and Magnitude Document Response Risk Inventory Risk Evaluation & Response Process Design & Implement Mitigation Controls if Applicable Risk Tolerance Monitor Risk and Mitigation Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16,
18 Outline What is Enterprise Risk Management (ERM) Program? Key Business Risk Areas Industry Standards for Risk Management ERM External and Internal Frameworks Power Utilities Risk and Compliance Energy Trading Risk Management (ETRM) Risk Management Challenges 18
19 Power Utilities Risks Compliance Commodity Trading Risk Commodity Price Volatility Weather Risk Securing Fuel Supply Long-term Supply Contracts & Capacity Arrangements Changing Customer Services Generation Optimization Intertwined: the Physical and the Financial Commodity Risk in the Oil and Gas, Power Utility, and Mining Sectors, PwC,
20 Power Utilities Compliance Risk Compliance to Regulations in the Utility Sector Has Become a Prominent Risk in Itself FERC Order 741 requires certain ISO/RTO market participants to provide compliance certifications on risk management (1) NERC Establishes 14 reliability standards for all US utilities (2) Resource and Demand Balancing (BAL) Communications (COM) Critical Infrastructure Protection (CIP) Emergency Preparedness and Operations (EOP) Facilities Design, Connections, and Maintenance (FAC) Interchange Scheduling and Coordination (INT) Interconnection Reliability Operations and Coordination (IRO) Modeling, Data, and Analysis (MOD) Nuclear (NUC) Personnel Performance, Training, and Qualification (PER) Protection and Control (PRC) Transmission Operations (TOP) Transmission Planning (TPL) Voltage and Reactive (VAR) PwC Power and Utilities Fact Sheet: Enterprise Risk Management, 2012 Managing Risk and Compliance in the Electric Utility Environment, Corporate Integrity, LLC,
21 Power Utilities Compliance Risk Power Utilities Are Rethinking How They Approach Compliance Economically And Strategically Power utilities are under increasing pressure for accountability for reliability and protection of infrastructure and transmission. FERC / NERC FTC Red Flags Rule Payment Card Industry Data Security Standard (PCI DSS) State Mandatory Disclosure Laws (for example, in MA and CA) Sarbanes-Oxley As part of ERM program, it is crucial that utilities integrate and monitor compliance risk as part of enterprise risk management initiatives. Managing Risk and Compliance in the Electric Utility Environment, Corporate Integrity, LLC,
22 Outline What is Enterprise Risk Management (ERM) Program? Key Business Risk Areas Industry Standards for Risk Management ERM External and Internal Frameworks Power Utilities Risk and Compliance Energy Trading Risk Management (ETRM) Risk Management Challenges 22
23 Energy Trading & Risk Management (ETRM) What Is ETRM? Trading Floor Price Transparency Accounting Function Integrated Information Exchanges Operations Market Monitoring Controlled Access Contract Function Credit Function Regulatory Compliance ETRM systems involve commercial decision making and market execution using an integrated system that enables data exchanges among trade floor, operations, credit, contract and accounting functions. Energy Trading And Risk Management (ETRM) Definition, Gartner, Inc.,
24 Energy Trading & Risk Management (ETRM) What Are The Major Risks Associated With Energy Trading? Mark-to-market Valuation Portfolio Management & Balancing Regime Reporting & Compliance Delivery & Capacity Bottlenecks Energy Trading Risks Physical Trading & Financial Trading Location risk Time risk Quality risk Contract Management Clearing & Settlement In-depth Energy Trading & Risk Management, EnergyForum, November
25 Outline What is Enterprise Risk Management (ERM) Program? Key Business Risk Areas Industry Standards for Risk Management ERM External and Internal Frameworks Power Utilities Risk and Compliance Energy Trading Risk Management (ETRM) Risk Management Challenges 25
26 Risk Management Challenges The types and magnitude of risks are increasing Broader spectrum of risks, including trading, operations, supply chain, regulations, reputation Examples conventional risks versus emerging risks Traditional Risks Emerging Risks Flat price FERC 741 Volumetric Periodic Ratemaking Illiquid market tenures Etc. Gas market integration More complicated energy commodities or derivatives products Aging professional workforce Etc. Utilities Industry Report, Accenture Risk Management,
27 Risk Management Challenges Critical exposures persist despite major investment in risk capabilities JP Morgan s lost $6 billion in risky credit derivative trades Amaranth (a Calgary-based hedge fund) lost $6.5 billion in natural gas trades UBS lost $2 billion in equity trades despite large investments made in risk management Utilities Industry Report, Accenture Risk Management,
28 Risk Management Challenges Organizational silos and outdated information systems prevent effective integration of risk management structures A move from spreadsheets to a serious quantitative modeling platform Spreadsheet applications often times lack transparency, efficiency, flexibility, and adequate handling of multiple dimensions and uncertainty. Utilities Industry Report, Accenture Risk Management,
29 Enterprise Risk Management Challenges for Energy Cos. Adding the cost of risk capital - well studied and implemented in financial institutions and in hedging decisions but limited in application to the wider activities of energy companies Cost reduction and alignment of risks management with overall business strategy Avoiding pitfalls of ERM of over emphasis on avoiding losses or other singular goals at expense of missing opportunities to utilize the system for enhancing shareholder value (or vice versa) Utilities Industry Report, Accenture Risk Management,
30 Houston Energy Practice Charles River Associates 1600 Smith Street, Suite 3700 Houston, TX 7702 Vernon Jones Principal (713)
31 References Charles River Associates - Enterprise Risk Management for Public Power Utilities, Federal Emergency Management Agency, June 16, 2012 Effectively Managing Business Risk in Utilities, Baker Tilly Industry Insights, 2009 The Flawed Foundation of Corporate Risk Management [pending publication], John Lehman, Strategic Decisions Group, Inc. Contact : John Lehman, Strategic Decisions Group, Inc., johnlehman@att.net Intertwined: the Physical and the Financial Commodity Risk in the Oil and Gas, Power Utility, and Mining Sectors, PwC, 2008 Managing Risk and Compliance in the Electric Utility Environment, Corporate Integrity, LLC, 2012 Energy Trading And Risk Management (ETRM) Definition, Gartner, Inc., 2012 In-depth Energy Trading & Risk Management, EnergyForum, November 2012 Utilities Industry Report, Accenture Risk Management, 2011 GRC Integration with Strategy to CCRO, February, 2012 by Brenda Boultwood, CRO Constellation Energy Power and Utilities Fact Sheet: Enterprise Risk Management, PwC, 2012 Trends in Risk Capital Allocation for Energy Companies V. Jones & L. Cross, Oil & Gas Monitor, March,
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