ERM: Risk Maps and Registers. Performing an ISO Risk Assessment
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1 ERM: Risk Maps and Registers Performing an ISO Risk Assessment
2 Agenda Following a Standard? Framework First Performing a Risk Assessment Assigning Risk Ownership Data Management Questions?
3 Following a Standard?
4 ISO The International Risk Management Standard ISO Provides the Architecture
5 ISO The International Risk Management Standard Scalable and Tailorable
6 Principles ISO Risk Management Model Framework Process Creates value Integral part of organizational processes Part of decision making Explicitly addresses uncertainty Systematic, structured and timely Based on best available information Tailored Takes human and cultural factors into account Transparent and inclusive Dynamic, iterative and responsive to change Facilitates continual improvement and enhancement of the organization Continually improve the framework Mandate & Commitment Design framework for managing risk Monitor and review the framework Implement risk management Communicate and consult Establish the context Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review
7 Framework First
8 Written Risk Management Framework Best way to get everyone on board Answers the questions: Why do we manage risk at ABC? How do we manage risk at ABC? Sections can cover: - Framework objective - Mandate & commitment - Risk appetite - Guiding principles - Roles & accountabilities - Applying the framework - Performance monitoring - Reporting - Quality & improvement - Committee charge
9 Incorporated Into Strategy, Operations & Decisions Three levels of risk to consider Strategic Operational Decision- Making
10 Risk as Pillar of Governance Governance
11 Risk as Pillar of Governance Mission Governance Mission The board sets the overall mission and objectives of the organization and insists that its culture and values are aligned with that mission.
12 Risk as Pillar of Governance Mission Strategy Governance Strategy Senior leadership, in conjunction with the board, develop strategic plans to carry out the organization s mission and objectives.
13 Risk as Pillar of Governance Mission Strategy Governance Stewardship Stewardship Financial resources are developed and maintained to ensure the mission and strategic plans are adequately funded.
14 Risk as Pillar of Governance Mission Strategy Governance Stewardship Quality Quality The quality of the organization s programs are planned for and tested in order to maintain demand for the product in the long-term.
15 Risk as Pillar of Governance Mission Strategy Governance Stewardship Quality Risk Risk Risks to the organization in meeting its organizational objectives, including threats and opportunities, are identified, assessed, and treated.
16 Risk as Pillar of Governance Mission Strategy Governance Stewardship Quality Risk Compliance Compliance Risks to the organization for failing to comply with its legal, regulatory, industry, and internal standards are identified, assessed, and managed.
17 Risk as Pillar of Governance Mission Strategy Governance Stewardship Quality Assurance Risk Compliance Assurance A strong management structure and culture is maintained to ensure proper reporting and accountability, and internal and external audits are utilized to bring board assurance.
18 ISO RM Process Establish the context Performing a Risk assessment Risk Assessment Communicate and consult Risk identification Risk analysis Risk evaluation Monitor and review Risk treatment
19 Risk Assessment Considerations What is the context of this risk assessment? Who should be there? - Senior leadership - Risk committee - Ad hoc team - Risk management Identification of internal and external stakeholders How precise to be - ISO details 31 risk assessment methods - But normally looking for reasonable consensus and gut feel Agree on risk criteria
20 Risk Assessment Process Risk Identification - Risk register - Developed through: - Brainstorming - Interviews - Surveys - Other institutions - Associations Risk Analysis - Ranking based on likelihood and consequence (impact) - Use of heat maps Risk Evaluation - Prioritization Communicate and consult ISO RM Process Establish the context Risk assessment Risk identification Risk analysis Risk evaluation Risk treatment Monitor and review
21 Visual tool to plot likelihood and impact scores - Let s the viewer easily identify top risks - Highlights need for risk treatment and to drive risks from top right to bottom left A risk tolerance line can easily be drawn Excellent for senior leadership and Board presentations Risk (Heat) Maps
22 Risk Assessments Day Of Use of technology - Survey tools - Spreadsheet Have placemat ready Usually start with subject matter expert - Then rest of group agrees or challenges Can also agree on risk ownership at same time
23 What Happens After the Risk Assessment? Each risk turned over to owner - To draft risk treatment plan - To determine team needed Risk owners report back to leadership for approval of plan - Through committee - Through management structure Risk owners work their plans with accountability to central oversight Rerank risks as treatment plans are implemented Report to senior leadership, audit committee, and/or full board
24 Assigning Risk Ownership
25 Employment of Ownership Model is Critical Pushing work out to subject matter experts is essential to success Risk owners: - Develop risk treatment plans - Assemble work teams - Communicate and report - Monitor and evaluate At what level of the organization should ownership reside?
26 Central Oversight/Decentralized Implementation Oversight Centralized Decentralized Implementation Centralized Decentralized Where some have developed, but centralized implementation requires significant staff and does not take advantage of current subject matter expertise Oversight is at highest levels, including board, but implementation is pushed out to experienced subject matter experts through risk and compliance ownership Where most institutions have been, although with some limited departmental oversight, but does not incorporate board-level reporting and accountability
27 Central Oversight/Decentralized Implementation Oversight Centralized Decentralized Implementation Centralized Decentralized Where some have developed, but centralized implementation requires significant staff and does not take advantage of current subject matter expertise Oversight is at highest levels, including board, but implementation is pushed out to experienced subject matter experts through risk and compliance ownership Where most institutions have been, although with some limited departmental oversight, but does not incorporate board-level reporting and accountability
28 Central Oversight/Decentralized Implementation Oversight Centralized Decentralized Implementation Centralized Decentralized Where some have developed, but centralized implementation requires significant staff and does not take advantage of current subject matter expertise Oversight is at highest levels, including board, but implementation is pushed out to experienced subject matter experts through risk and compliance ownership Where most organizations have been, although with some limited departmental oversight, but does not incorporate board-level reporting and accountability
29 Central Oversight/Decentralized Implementation Oversight Centralized Decentralized Implementation Centralized Decentralized Where some have developed, but centralized implementation requires significant staff and does not take advantage of current subject matter expertise Oversight is at highest levels, including board, but implementation is pushed out to experienced subject matter experts through risk ownership Where most organizations have been, although with some limited departmental oversight, but does not incorporate board-level reporting and accountability
30 Reporting & Accountability Clearly Addressed Accountability and Surveillance Pushes Down Reporting Flows Up
31 Data Management
32 Administrative Tools Spreadsheets Enterprise software Governance, Risk & Compliance (GRC) software - As part of RMIS - As stand-alone cloud system Functions to look for: Detailed risk and compliance obligation registers with multiple data points Dashboards for each risk and obligation with the ability to rank risks and catalogue treatment plans Risk rankings that flow into interactive, institutional heat maps Ability to manage delegations using assignments and workflow through calendars Reporting tools for use at all levels of the organization
33 Questions?
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