ITS835 ERM Strategic Planning at The City of Edmonton Discussion Chapter 12 presented the approach Intuit uses to measure the effectiveness of their ERM, a

ITS835 ERM Strategic Planning at The City of Edmonton Discussion 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) 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.

250 – 300 Words in with References ITS 835 ENTERPRISE RISK MANAGEMENT
CHAPTER 12
MEASURING PERFORMANCE AT INTUIT
UNIVERSITY OF CUMBERLANDS
1
INTRODUCTION
 Intuit’s ERM Journey
 ERM Maturity Model
 Benefits of Measuring Performance in ERM Models
 ERM Performance Measurement and Reporting
 Conclusion
UNIVERSITY OF CUMBERLANDS
2
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
UNIVERSITY OF CUMBERLANDS
3
ERM
MATURITY
MODEL
UNIVERSITY OF CUMBERLANDS
4
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
5
ERM PERFORMANCE MEASUREMENT AND REPORTING
 First evolution -ERM process adoption
 Second evolution –Risk Mitigation Process Management
 Third Evolution – Multidimensional Risk Management Performance Measurement
UNIVERSITY OF CUMBERLANDS
6
ERM PROCESS
ADOPTION
UNIVERSITY OF CUMBERLANDS
7
RISK MITIGATION PROCESS MANAGEMENT
UNIVERSITY OF CUMBERLANDS
8
MULTIDIMENSIONAL
RISK MANAGEMENT
PERFORMANCE
MEASUREMENT
UNIVERSITY OF CUMBERLANDS
9
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
10
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
2
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
UNIVERSITY OF CUMBERLANDS
3
LINKS TO
STRATEGIC PLAN
UNIVERSITY OF CUMBERLANDS
4
SELECTING AND TESTING TOOLS AND FRAMEWORK
UNIVERSITY OF CUMBERLANDS
5
SELECTING
AND TESTING
TOOLS AND
FRAMEWORKS
UNIVERSITY OF CUMBERLANDS
6
STRATEGIC GOALS
AND OBJECTIVES
UNIVERSITY OF CUMBERLANDS
7
RISK MITIGATION PROCESS MANAGEMENT
UNIVERSITY OF CUMBERLANDS
8
RISKS AND
STRATEGIC
OBJECTIVES
UNIVERSITY OF CUMBERLANDS
9
ISO 31000 RISK
MANAGEMENT
UNIVERSITY OF CUMBERLANDS
10
PM2 VERSUS ISO 31000
UNIVERSITY OF CUMBERLANDS
11
PROPOSED
ERM
FRAMEWORK
UNIVERSITY OF CUMBERLANDS
12
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
13

Purchase answer to see full
attachment