Enterprise Risk Management A Cross-Functional Approach to Risk Identification

IMC-2018 Learning Zone 50:01

by Craig Edlund, Metropolitan Council Environmental Services and Deb Rose, Jacobs

A Cross-Functional Approach to Risk Identification, Evaluation: Is your organization executing well, with highly engaged staff focusing on the right things? Does senior management fully understand what could go wrong? Is your organization focused at all levels on the things that could impact success the most? A comprehensive Enterprise Risk Management Plan is an essential part of any organizations Asset Management strategy. Often the risk identification, risk evaluation and risk response strategies are performed at the executive or senior management levels with little or no front-line interaction or input. This workshop is intended to show how utilizing a cross functional team approach with input from all levels of an organization can create a proactive and sustainable Enterprise Risk Management Plan that has line of sight top down/bottom up. Through facilitated hands on learning in small groups, workshop attendees will learn: • The basics of cross functional team creation and dynamics • The importance of executive sponsorship • Establishing roles and accountabilities for managing and reporting risk • How to identify and rank top asset, operational and management, and corporate risks • How to develop risk response strategies that align with organizational objectives • Gain understanding on applying risk principles and tools to lifecycle asset management decisions • Understand the major benefits of a comprehensive Enterprise Risk Management Plan to an organization: Enables risk-based decision-making from a position of knowledge • Transparent and consistent decision-making with alignment to organizational objectives • A line of sight top down/bottom up on organizational priorities • Optimized use of organizational resources by prioritizing based on risk.