Enterprise Risk Management Program Overview 1 Enterprise Risk - - PowerPoint PPT Presentation

Enterprise Risk Management Program Overview

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Enterprise Risk Management: An Overview

ERM connects existing risk management efforts being carried out by individual divisions/units by providing a common language for risk, risk appetite and risk management strategies across the corporation

Strategic Goals and Objectives Strategic Risks

Reputational Risks Legal & Compliance Risks Business Environment Risks

Financial Risks Operational

• r Program

Risks IT Risks

Strategic and Business Planning

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Value of Enterprise Risk Management

• Helps TCH proactively identify risks to ensure they are

properly assessed and considered during the business planning process

• Promotes better understanding of how risks may be inter-

related and affect TCH on a broader scale

• Enterprise-level view of risk adds rigor to strategic and

divisional planning process

• In alignment with strategic and divisional planning, assists

TCH to allocate resources to mitigate most critical risks

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Risk Identification

• What can go wrong?
• What are the root

causes?

• What is impacted?
• What controls are in

place currently to reduce risk? Risk Monitoring & Reporting Risk Assessment Risk Identification Risk Assessment

• How likely is the risk to
• ccur?
• What is the potential

impact of the risk to the corporation?

• How effective are we at

controlling the risk? Risk Response

• What will reduce the risk?
• What are our “just in case”

contingency actions?

• Who is the risk owner?

Risk Monitoring & Reporting

• Who wants to know and when

do they want to know?

• How are we going to

communicate it?

• How do we ensure policies and

controls are followed? Risk Response

Strategic Goals & Objectives

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u w x v

Enterprise Risk Management Framework

Enterprise Risk Management Process

Enterprise Risk Management – Current Status at TCHC

• Initiative is led by the Legal – Compliance unit and the Risk

Management & Insurance unit

• Risk Assessment Workshop held Q3 of 2016, building upon

work started in 2015

• Objectives and tactics in divisional plans help with proactive

mitigation to address these risks

• Process is iterative and will be ongoing

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Enterprise Risk Management - Top 10 Strategic Risks

Capital Funding Operational Funding Operating Practices IT Systems Brand/Reputation Mandate Records Management Change Management Stakeholder Relations Data Standardization

• Risk owners identified responsible for monitoring, reviewing

and updating top risks

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Enterprise Risk Management – Next Steps

• Draft Enterprise Risk Policy is being reviewed internally
• Work with Risk owners to develop risk mitigation workplans

to ensure mitigation efforts are incorporated into divisional planning process

• Work with Strategic Planning and Stakeholder Relations and

Audit to develop aligned reporting tool/report to monitor compliance

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