Provide assistance to management and the Board in preparation of ERM Standards. This could include Board ERM standards and Management ERM standards.
Enterprise Risk Management (ERM) is a structured, consistent and continuous organizational process for identifying, assessing, responding to, and reporting on opportunities and threats that may affect the achievement of an organization’s strategic objectives. The Board has overall responsibility to ensure an adequate risk management framework is in place, while Management is responsible for implementing practices to identify, evaluate, mitigate, and report on risk exposures.
We evaluate the adequacy of your organization’s ERM framework and risk management practices against recognized risk management requirements. ERM leading practices (e.g. ISO 31000 & COSO ERM standards) will be considered where practical to identify potential opportunities for enhancement for the future. Key review areas include: Mandate, Organizational Structure, Resources, Methodology & Practices, Reporting, and Senior Management & Board Oversight.
In 2015, PRA led the development and formation of the Risk Management Alliance (RMA) in BC, which is a Credit Union services organization comprised of 10 Credit Unions. The vision of the RMA is to collectively develop enhanced risk management and oversight practices for each individual Credit Union. PRA has not only provided overall project management to the RMA but also led the development of much of the risk framework being implemented along with supporting materials and reporting tools.