Identify
The possibility that an event could occur and negatively impact strategic objectives or operations.
What is a risk?
A process of analyzing and evaluating identified risks that could affect strategic objectives.
What is risk assessment?
A missing or weak area in controls, processes, or capabilities that increases risk exposure.
What is a gap?
This PwC consultant, who shares a first name with the President of CHS, is the day-to-day contact for all things ERM.
Who is Pete Taylor?
This process tests or reviews controls to ensure they work as intended.
What is control validation?
***A recurring structured process organizations use to identify, assess, manage, and monitor risks across the entire organization.***
What is an Enterprise Risk Management program?
This term measures on a scale of 1 to 5 the potential consequences if a risk occurs.
What is impact?
A set of defined steps management develops to reduce or respond to a gap within a sub-risk.
What is a Risk Action Plan?
***The ERM delivery team provides an update to the CHS Board of Directors this many times each year.***
What is 3?
This term indicates areas where processes, controls, or practices can be strengthened to reduce risk.
What is an opportunity for improvement?
The process of finding and describing risks that could affect strategic objectives.
What is risk identification?
This term measures the probability of a risk occurring in the next 12 months, on a scale of 1 to 5.
What is likelihood?
***A policy, process, or activity put in place, based on management capabilities, to reduce or manage risk and help ensure the achievement of strategic objectives and operations.***
What is a control?
If you have any questions about the ERM program, you can reach out to Rebecca or Derek, or this new ERM team member from OGC.
Who is Kylie Hershey?
***These critical predictors of unfavorable events that can adversely impact an organization are important metrics used to assess and measure risk exposure.***
What are Key Risk Indicators (KRIs)?
A group of leaders or stakeholders who oversee risk-related decisions and governance.
What are risk committees?
A process by which risks are ranked by by combined impact and likelihood to focus attention.
What is risk prioritization?
A central document that tracks identified risk descriptions, sub-risk definitions, sub-risk drivers, and current management capabilities.
What is a risk register?
I'll give you a thumbs up if you can correctly pronounce this person's name, generally the lead ERM presenter for the CHS Board of Directors.
Who is Tamil Sriram?
This visual tool shows key risk metrics in one place for monitoring.
What is a KRI dashboard?
The underlying factors or root causes that increase the likelihood or potential impact of a risk, explaining why a risk exists or what is contributing to it.
What are risk drivers?
***This term rates on a scale of 1 to 5 how well a risk is currently managed, given people, processes, technology and governance.***
What is Management Capability?
A process of reviewing and updating controls to ensure they remain effective and relevant.
What is a control refresh?
Last year, CHS management and the PwC Delivery Team created a KRI dashboard for this risk category.
What is Community Partnership and Student Enrollment?
This team member, with seemingly too many consonants in one name, is heavily involved in the control validation process.
Who is Matt Szleszynski?