ITS835 Enterprise Risk Management Journal Reflection Review the chapters from this week’s lesson and provide a 1-2 page summary reflecting on how content f

ITS835 Enterprise Risk Management Journal Reflection Review the chapters from this week’s lesson and provide a 1-2 page summary reflecting on how content from it can be used in your professional career.

Your writeup should include:

1. Title Page

2. Content

3. References (if applicable) ITS 835 ENTERPRISE RISK MANAGEMENT
CHAPTER 12
MEASURING PERFORMANCE AT INTUIT
UNIVERSITY OF CUMBERLANDS
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INTRODUCTION
 Intuit’s ERM Journey
 ERM Maturity Model
 Benefits of Measuring Performance in ERM Models
 ERM Performance Measurement and Reporting
 Conclusion
UNIVERSITY OF CUMBERLANDS
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INTUIT ERM JOURNEY
 Began with ad hoc risk management

Very common entry point

Escalated to ERM when seminal event occurred
 Desire was to stop firefighting and start prevention
 Intuit ERM Core Principles

Enterprise-wide risk framework

Risk assessment is ongoing

Focus on most significant risks

Ownership and accountability

Measure and monitor performance
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ERM
MATURITY
MODEL
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BENEFITS OF MEASURING PERFORMANCE IN ERM MODELS

Key Performance Indicators (KPI)

Based on business objectives

Quantitative and qualitative KPI

Leading and lagging indicators

Input, process, and output indicators
 KPIs must be

Tangible

Flexible

Standardized

Outcome or objective focused
UNIVERSITY OF CUMBERLANDS
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ERM PERFORMANCE MEASUREMENT AND REPORTING
 First evolution -ERM process adoption
 Second evolution –Risk Mitigation Process Management
 Third Evolution – Multidimensional Risk Management Performance Measurement
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ERM PROCESS
ADOPTION
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RISK MITIGATION PROCESS MANAGEMENT
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MULTIDIMENSIONAL
RISK MANAGEMENT
PERFORMANCE
MEASUREMENT
UNIVERSITY OF CUMBERLANDS
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CONCLUSION
At Intuit, risk
management is
everyone’s
responsibility
ERM must be a
core business
competency
Coordination is a
key to success
Recognizes
ERM process is
regularly audited
ERM is an integral
part of Intuit’s
operating mode
Upside opportunity
Downside risk
UNIVERSITY OF CUMBERLANDS
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ITS 835 ENTERPRISE RISK MANAGEMENT
CHAPTER 15
EMBEDDING ERM INTO STRATEGIC PLANNING AT THE CITY OF EDMONTON
UNIVERSITY OF CUMBERLANDS
1
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
UNIVERSITY OF CUMBERLANDS
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EDMONTON PAST AND PRESENT ERM
 Edmonton –Capital of Alberta, Canada

Over 800,00 population
 ERM piloted in 2005
 CORPORATE Business Risk Planning (CBRP) model

Not fully implemented

Based on COSO
 Adopted strategic plan

The Way Ahead

Strategic ERM
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LINKS TO
STRATEGIC PLAN
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SELECTING AND TESTING TOOLS AND FRAMEWORK
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SELECTING
AND TESTING
TOOLS AND
FRAMEWORKS
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STRATEGIC GOALS
AND OBJECTIVES
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RISK MITIGATION PROCESS MANAGEMENT
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RISKS AND
STRATEGIC
OBJECTIVES
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ISO 31000 RISK
MANAGEMENT
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PM2 VERSUS ISO 31000
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PROPOSED
ERM
FRAMEWORK
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LESSONS LEARNED
 Key success factors

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

Takes linger than expected

No system is perfect

Do not roll out all at once

Clearly define all milestones and deliverables
UNIVERSITY OF CUMBERLANDS
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