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ERM Business Plan

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WHO: Risk Management

WHAT: Implement an Enterprise Risk Management system whose goals include:

WHEN: Implementation of Enterprise Risk Management is not a “quick-fix”. It is a six step process spanning a 60 month period. Progress is largely sequential but there some overlap among the steps. In the initial Step is time consuming, often with little visible progress. The pace can be glacial. Progress becomes more apparent in Steps 2 and 3. Initial success determines subsequent progress.

Timeline:
Step 1: 0-18 months
Step 2: 12-30 months
Step 3: 24-42 months
Step 4: 36-54 months
Step 5: 48-60 months
Step 6: 60-60 months

WHERE: Activity chiefly occurs in Plano. Some outside travel may be undertaken to observe functioning municipal programs.

WHY: An enterprise-wide view of risk will ensure that the City is able to meet its strategic objectives and plan for its future.

HOW:
•   Develop support for an enterprise-wide approach to risk management.
•   Educate all employees to become risk owners and risk problem-solvers.
•   Reporting and communication will be robust and continual, so that
•   All strategic decisions will be made within a framework of the City’s risk tolerance, and
•   There will be full knowledge of the risks and rewards of each decision.

Benefits:

•   Protect the City from risks that would prevent it from achieving its strategic objectives
•   Increase the efficiency and effectiveness of Operations by decreasing the
     frictional costs associated with risks and optimizing the allocation of resources.
•   Increase opportunities by bringing risks within the City’s risk appetite
•   Reduce uncertainty
•   Increase stakeholder value.
•   Improve the City’s competitive advantage.

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