Building Enterprise Risk Management into Agency Processes and Culture

Drawn from the experience of Ontario's government-owned electric utility Hydro One, this chapter provides advice for embedding Enterprise Risk Management (ERM) into processes and culture of an agency, using a small central corporate risk office, reinforcing line accountability for risk management, and encouraging constructive conversations about strategy and risk among decision makers and stakeholders. ERM will work well in organizations where the leadership values openness and transparency and encourages employees to function as a team and to be engaged and resilient, but may not work in all organizational cultures. ERM requires only a small office to be a facilitator, and does not remove accountability from line managers to manage risk or tell them how to manage their operations. Techniques for engaging the governing body, management, and staff are described. ERM's simple, focused approach gives every organization, large and small, and even countries, a method to return to basics of good management.

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Source
Managing Risk and Performance: A Guide for Government Decision Makers
Author
John Fraser
Date Published
Publication Type
book
Resource Type
academic

ResourceID: 142319

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