ACRP Enterprise Risk Management
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1 Direct Effect Solutions ACRP Enterprise Risk Management Focus Group ACI-NA Leadership, Knowledge, Solutions Worldwide.
2 VOTE Prior to today, how would you rate your familiarity with the concept of Enterprise Risk Management (ERM)? I am not familiar with the ERM concept I have heard of the ERM concept, but have no immediate plans to implement My organization is considering implementation of ERM My organization has an ERM program in place Other Marsh Leadership, Knowledge, Solutions Worldwide. 2
3 VOTE How would you describe the development stage of your organization s ERM program? My organization does not have an ERM program Aspects of ERM exist informally Infancy of formal ERM development Mature ERM program, with opportunities for improvement Mature ERM program, and fully optimized Marsh Leadership, Knowledge, Solutions Worldwide. 3
4 ERM Project Assessing Best Practices US Airports International Airports Best in class from other industries ERM Framework adaptable scalable Guidebook & Electronic Tool Marsh Leadership, Knowledge, Solutions Worldwide. 4
5 What is ERM Risk management progressing from insurance and safety concerns to a consistent and continuous process that applies across the organization A holistic understanding of the critical risks how well they are monitored and managed, and how they are linked to the achievement of the strategic objectives. Opportunities as well as risks The systematic and comprehensive review of a changing operating context the consideration of a full range of potential events To position the organization to identify and proactively realize emerging opportunities. Marsh Leadership, Knowledge, Solutions Worldwide. 5
6 VOTE What do you consider to be the most significant categories of risk to airports today? Safety /operation risks Business continuation risks Financial risks Market risks (e.g. passenger/air service) Strategic risks People risks (e.g. recruiting/retention) Legal/regulatory risks Technological risks Marsh Leadership, Knowledge, Solutions Worldwide. 6
7 Sample Risk Map Impact Selected Impact criteria (e.g., Revenue Loss, Reputation) will determine specific impact ratings High M L I B J H A K G C D E F A. Airline Concentration B. Compliance C. Fuel Supply D. Inclement Weather E. Employee Recruitment and Ret ent ion F. Securit y G. Labor Negotiations H. Cash Flow Management I. Airport Expansion J. Baggage Systems (Technology) K. Environmental/ Noise Pollution L. Debt/Interest Rate Changes M. Disaster Recovery Low Likelihood Selected Time Period (e.g., 1 year, 3-5 years) determines specific likelihood ratings High Marsh Leadership, Knowledge, Solutions Worldwide. 7
8 VOTE Is there a well-established approach for identifying, assessing and reporting risk in your organization? Yes No Marsh Leadership, Knowledge, Solutions Worldwide. 8
9 VOTE Has your organization developed a formal Safety Management System (SMS)? An active, formal SMS program exists Elements of an SMS program exist on an informal basis An SMS program does not exist Marsh Leadership, Knowledge, Solutions Worldwide. 9
10 VOTE Does your organization have a strategic and/or business planning process in place? An active strategic and/or business planning process exists Elements of a strategic and/or business planning process exist on an informal basis A strategic and/or business planning process does not exist Marsh Leadership, Knowledge, Solutions Worldwide. 10
11 VOTE How well are risk management considerations factored in to the strategic and/or business planning process? Risk considerations are very well integrated into strategic and/or business planning Risk considerations are partially integrated into strategic and/or business planning Risk considerations are not integrated into strategic and/or business planning Marsh Leadership, Knowledge, Solutions Worldwide. 11
12 Sample ERM Process Integration Strategic Planning Process Mission Strategy ERM Risk appetite Ensure strategies are aligned with risk appetite Ensure that risks fall within appetite Guide for setting risk for specific initiatives Objectives Initiatives Risks Identify and prioritize risks to strategic initiatives Analyze risks Risk management action plans guided by risk appetite Marsh Leadership, Knowledge, Solutions Worldwide. 12
13 VOTE Does your organization have a separate risk management division/department? Yes No Marsh Leadership, Knowledge, Solutions Worldwide. 13
14 VOTE If so, how many dedicated risk management staff exist? Marsh Leadership, Knowledge, Solutions Worldwide. 14
15 Sample ERM Org Chart Marsh Leadership, Knowledge, Solutions Worldwide. 15
16 ERM Framework Identify & & Assess Identific ation and assessment of all risks with prioritization to provide rank order understanding Planning & Managet Pla nning & Ma na ge ment Detailed analysis of the identified risks wit h evaluation of t he root c auses and ability to manage Measure, Monitor & Report Assess net ris k position and provide data to management and team members on a continuous basis Supporting Framework Risk Based Culture Risk appetite, and tolerance, alignment wit h wit perfomance h performance incentive incentives ans pl and ongoing s trategic education goals Technology & System s Means and met hods of managing t he E RM process Policies & Procedures Consistent communic ation about a sust ainable ERM process ac ross the organization Governance & Compliance Leveraging Fost ering accountability and integrating through the ERM a defprocess, ined governance risk committee struct ure Operational Compliance Financial SOX Compliance Regulatory Compliance Marsh Leadership, Knowledge, Solutions Worldwide. 16
17 Project Deliverables A practical, easy-to-understand guidebook a thorough description of the process to implement ERM, the benefits, costs and strategies to overcome hurdles of implementation. The audience for the guidebook -- CEOs/aviation directors and senior management of airports, regardless of size, region or governance structure (e.g. municipal department or authority) who wish to consider implementation or enhancement of ERM programs. Stakeholders will include: Policymakers and senior management Those responsible for developing risk management policy within their airport system Those accountable for ensuring that all risks are effectively managed within the airport system as a whole or within a specific area, project or activity Those who need to evaluate the airport system s effectiveness in managing risk Those responsible for planning including strategy and budgeting An electronic tool to assist airports in assessing their risks. Marsh Leadership, Knowledge, Solutions Worldwide. 17
18 Implementation Realistic assessment and strategies to overcome impediments to successful implementation of ERM including lack of organization-wide senior level commitment to the process, lack of resources (time and/or money) lack of understanding of the benefits of ERM Guidebook and electronic tool will be scalable equally usable by medium and small hub, non-hub and general aviation airports. Marsh Leadership, Knowledge, Solutions Worldwide. 18
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