Good planning requires an understanding of risk. The development of an Enterprise Risk Management (ERM) program creates a conversation about the challenges that could beset the organization, and facilitates a measured response. An ERM system can be supported by a simple spreadsheet, or a more comprehensive program leveraged across the organization. Once size does not fit all. It’s about having the conversation and embedding this practice within your culture.
Since 2014 KeeferAngus has worked with Vancouver International Airport Authority (YVR) to support their ERM program. KeeferAngus collaborated with management and other resources to evolve the program to include feedback on emerging risks from all levels of the organization. The program is supported by a relational database developed by KeeferAngus that allows management to track their risk register and keep the status of individual risks current. Processes were also developed to include a consideration of risk in all decision making. In addition, a reporting system was created to keep the Board of Directors informed and engaged. In 2016, YVR was presented with the Governance Professionals of Canada (GPC) Excellence in Governance Award in the ‘Best Practice in Enterprise Risk Management’ category as a result of this program.