Insurance Underwriters Roadshow 2012 January - Petrotrin

ERM 3 Year Plan (RIMS Risk Maturity Model)
2010/11 Level 3 2011/12 Level 4 2012/13 Level 5
Cementing of ERM Process
�ERM integrated into core processes
– Risk plans included for all
significant projects, new
products, changes in business
practices
– Integration into Business
planning, Performance
management and Insurance
�Management Reporting
– Use of ERM Process to report
on risk issues company –wide
– Defined Reports generated
�Closure of gaps between current and
desired risk states
�Enterprise risk assessments
– Tracking implementation of
actions
– Gathering of Risk Metrics
and trending data
•Governance
– Executive Risk Committee
established with regular
meetings to actively review
risk plans
– reporting cadence
established
�Communication
–Basic Risk Awareness
training offered to targeted
levels of the organization
Enhancement of ERM Process
�ERM Integration into Core activities
–Process gaps closed
–Linked processes
–Specific measures of success
defined
�Quantification of Risk
–Creation of simple model to
track and assess risk in
monetary terms, measured
against tolerance and risk
appetite
–Measurements linked to value
creation - organization
measures
�Management Reporting
–Reports reflect “futuristic”
reporting of risks, not just past
events
�Completion of Enterprise Risk
assessments for Strategic Plan 2012-16
�Communication
–Risk Culture fostered in
increasing levels of the
organization
Optimizing ERM Process
�Full integration of ERM into Business
planning processes
�ERM inputs (opportunities and
threats) into Strategic Planning
Process
�Improved Management Reporting
�Communication
–Risk Culture embedded
throughout the organization
at all levels
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