ITS 835 University of the Cumberlands Enterprise Risk Management Discussion

Description

Chapter 12 presented the approach Intuit uses to measure the effectiveness of their ERM, and chapter 15 presented the process the City of Edmonton employed to develop and deploy their ERM. You are an ERM consultant, retained by Intuit to re-implement their ERM. They have decided to start over and develop a new ERM for their current organization. Would you recommend that the base their new ERM on PM2 Risk Scorecard or ISO 31000? Explain why you would choose one over the other. You must use at least 2 paragraphs (of you own words) to justify your answer.To complete this assignment, you must do the following:A) Create a new thread. As indicated above, assume that you are an ERM consultant, retained by Intuit to re-implement their ERM. They have decided to start over and develop a new ERM for their current organization. Would you recommend that the base their new ERM on PM2 Risk Scorecard or ISO 31000? Explain why you would choose one over the other. You must use at least 2 paragraphs (of you own words) to justify your answer.NOTE: These discussions should be informal discussions, NOT research papers. If you MUST directly quote a resource, then cite it properly. However, I would much rather simply read your words.NO PLAGARISM should be detected in the answer.

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ITS 835
Chapter 15
Embedding ERM into Strategic Planning at the City of
Edmonton
Enterprise Risk Management
Professor Michael Solomon
Introduction
• Edmonton – Past and present ERM
• Links to strategic plan and to other strategic tools
• Selecting and testing tools and framework
• Recommended strategic ERM approach
• Lessons learned
Edmonton – Past and Present ERM
• Edmonton – Capital of Alberta, Canada
•
Over 800,00 population
• ERM piloted in 2005
• CORPORATE Business Risk Planning (CBRP) model
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Not fully implemented
Based on COSO
• Adopted strategic plan
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The Way Ahead
Strategic ERM
Links to Strategic Plan
Selecting and Testing Tools and
Framework
Selecting and Testing Tools and
Framework
Strategic Goals and Objectives
Risks and Strategic Objectives
ISO 31000 Risk Management
PM2 versus ISO 31000
Proposed ERM Framework
Lessons Learned
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Key success factors
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Senior management buy-in
Culture of innovation
Consistency of model across goals
Resource requirements for department SMEs
Department accountability for key risks
Process of selecting and implementing framework
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Takes linger than expected
No system is perfect
Do not roll out all at once
Clearly define all milestones and deliverables
ITS 835
Chapter 12
Measuring Performance at Intuit
Enterprise Risk Management
Professor Michael Solomon
Introduction
• Intuit’s ERM Journey
• ERM Maturity Model
• Benefits of Measuring Performance in ERM Models
• ERM Performance Measurement and Reporting
• Conclusion
Intuit’s ERM Journey
• Began with ad hoc risk management
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Very common entry point
Escalated to ERM when seminal event occurred
• Desire was to stop firefighting and start prevention
• Intuit ERM Core Principles
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Enterprise-wide risk framework
Risk assessment is ongoing
Focus on most significant risks
Ownership and accountability
Measure and monitor performance
ERM Maturity Model
Benefits of Measuring Performance in
ERM Models
• Key Performance Indicators (KPI)
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Based on business objectives
Quantitative and qualitative KPI
Leading and lagging indicators
Input, process, and output indicators
• KPIs must be
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Tangible
Flexible
Standardized
Outcome or objective focused
ERM Performance Measurement and
Reporting
• First evolution – ERM process adoption
• Second evolution – Risk Mitigation Process Management
• Third Evolution – Multidimensional Risk Management
Performance Measurement
ERM Process Adoption
Risk Mitigation Process Management
Multidimensional Risk Management
Performance Measurement
Conclusion
• At Intuit, risk management is everyone’s responsibility
• ERM must be a core business competency
• Coordination is a key to success
• Recognizes
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Upside opportunity
Downside risk
• ERM process is regularly audited
• ERM is an integral part of Intuit’s operating model

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Explanation & Answer:
2 paragraphs

Tags:
management

Risk

Enterprise

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