![]() Incorporates risk management into their planning, processes, and management activities.Identifies new risks and reports on changes to existing risks when planning projects, launching new initiatives, and when evaluating operations.Monitors the effectiveness of the risk management process.Develop the organizations risk reports and.Ensures integration of risk management into strategic plans and project plans.Supports and endorses the ERM policy, framework, and process.Allocates appropriate resources to support the risk management process.Delegates risk management to their management teams.In its role to ensure that risk management is integrated into all organizational activities and decision-making.Reviews the risks identified by management.Approves the ERM policy and amendments to the policy and.Reviews key risks and determines if they are within WorkSafeNB’s risk appetite.Defines the risk management philosophy, risk appetite, and risk criteria for WorkSafeNB.As part of their oversight role the Board of Directors:.While the WorkSafeNB ERM framework reflects its unique internal and external environments, it aligns with recognized international standards, such as those published by ISO (International Organization for Standardization) and COSO (Committee of Sponsoring Organizations). The Executive Leadership Team is responsible for ensuring that risk management is integrated into all organizational activities and decision-making. WorkSafeNB’s Board of Directors is responsible for oversight of WorkSafeNB’s risk management. WorkSafeNB periodically reviews its ERM framework and makes changes and updates as required. In addition, projects of significant scope or size require risk identification and management to be incorporated into the project management process. At a minimum, WorkSafeNB engages in a comprehensive, organization-wide risk identification and assessment activity in conjunction with its annual strategic planning process. ![]() Risks are identified through the risk management process, which is integrated into WorkSafeNB’s planning processes and management activities. As part of that commitment WorkSafeNB has established an Enterprise Risk Management (ERM) framework and risk management processes. Additional internal capabilities have been developed to assist in managing other areas of risk using IBM’s advanced risk solutions such as IBM Watson technology for reputation risk and Algorithmics ® for treasury risk.WorkSafeNB is committed to managing risks that may impact WorkSafeNB’s ability to achieve its goals and objectives. In 2015, we expanded the analytics to assess the risks to our business partners within their respective countries and to assist our country leaders in maintaining responsible business controls. Analytics is the next big frontier for risk management, which, when coupled with the abundance of data, provides the ability to infuse insight into risk management. We also continued our focus-country risk summaries that provide just-in-time, robust, end-to-end views of situations of emerging risk. This past year we built upon the success of the award-winning Country Financial Risk Scorecard, which leverages big data automation to monitor trends and help develop intelligent and actionable insights. IBM is focused on applying technology, tools and analytics to support risk management. Participants share risk-mitigating actions that are taken in one part of the business so that these best practices may be standardized and applied across units globally. Our Enterprise Risk Management (ERM) Executive Council, comprised of 16 senior managers representing different units, functions and geographies, meets regularly to help improve the management of enterprise risks. Risk management is also an element of executive compensation plans, designed to motivate our leaders to deliver superior business performance without encouraging excessive risk-taking.Ī key aspect of senior management leadership in risk management is to identify and deploy a governance model and management system that fosters collaboration and transparency in managing risk across the entire enterprise. This includes periodic reviews and interaction with the board of directors and the audit committee, which oversee the company’s enterprise risk management framework, program and associated processes. ![]() This leadership team continued its collaborative process of identifying, evaluating and managing enterprise-level risks in 2015. Senior management is responsible for assessing and managing IBM’s various exposures to risk on a day-to-day basis, including the creation of appropriate risk management programs and policies. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |