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THE ROLE OF RISK MANAGERS, CHAMPIONS, AND COMMITTEES



BCLC's risk management program would not have been possible without the two risk
managers, the ERMAC group and its champions, and the initial drive from the head
of Internal Audit to implement ERM. Although most risk managers will state that
the most important prerequisite for a successful risk management program is
active endorsement by senior management, the provision of operational managerial
resources is also essential. At BCLC, as with most organizations, the greatest
progress has been made when there has been a designated risk manager assigned to
the ERM program.

The role of the central risk function at BCLC, Risk Advisory Services, has not
been to manage any specific risks, but rather to provide expert facilitation,
coordination, and advice to management. The accountability for individual risks
remains with the manager responsible for the program where the risk originates.

The two managers who have supported the ERM program came from very different
backgrounds and brought different approaches to the program. Initially the
program was initiated within Internal Audit and the first risk manager brought
both extensive internal audit experience and, as an internal appointment, an
understanding of BCLC's culture and approach. The second risk manager came with
a more operationally focused risk management background and from a very
different sector. Enterprise risk management is a developing discipline, and
practitioners come from a wide variety of backgrounds (including finance, audit,
health and safety, quality assurance, engineering, insurance, etc.), each with
their own slightly different approach. Where risk management programs are
supported by a single individual, change in personnel can be an opportunity to
revitalize programs but also has the potential for discontinuity.



During the initial establishment of the program in 2007-2008, the active
engagement of the ERMAC group of risk champions supported adoption of risk
management across BCLC, bringing their knowledge and enthusiasm to both the
enterprise risk assessments and the development of the program as a whole.

Risk champions are frequently advocated as a way to embed risk management into
functional areas through their existing personal and professional relationships,
and also as a group with diverse backgrounds and operational experience to
assist with articulating a more holistic enterprise-level view of risk. However,
there are some issues with the concept:

• Those selected may be the usual suspects – individuals who are chosen for
every initiative either because they are felt to be particularly capable, in
which case they may be overly stretched, or conversely because they are
underutilized at present, leading to the possibility that they may not have the
required influence to be effective.



• There may be a perception that the champion is responsible for risks in his or
her division or functional area, even though other individuals hold the
appropriate managerial or oversight role. This issue may lead to risks being
identified but not effectively managed with formal treatment plans, and
potentially to difficulties with monitoring and follow-up. Over time, champions
may feel that they are put in a difficult position, or may become frustrated
that their concerns are not taken forward and acted upon.

During the establishment of the ERM program, the role of the champions on the
ERM Advisory Committee was clear, but as the program progressed, and in
particular following the changes in 2009, the mandate became less clear and
members began to feel a degree of frustration. The 2010 Internal Audit ERM
review picked up on these concerns, and a new model was proposed that led to the
disbanding of the committee in 2011.

The new model recognized the high level of engagement of senior management
across BCLC and the more dynamic role of the Executive and the board, and also
picked up on the developing concept of linking governance, risk, and compliance
(GRC) matters into an integrated approach. The previous mandates of both ERMAC
and a compliance committee that BCLC had established in early 2010 were brought
together into the new Risk Management Planning Group (see Exhibit 10.7). This
group consists of the leads from key BCLC programs, such as business planning,
portfolio management, business continuity, enterprise architecture, internal
audit, and policy management, with the primary role to share knowledge and
improve coordination across the functions.



Early accomplishments for the group included the development and adoption of a
shared lexicon of key risk management terms, and a jointly developed compliance
management proposal and business case. Currently, the group is focused on
developing a broad-based GRC-type dashboard, which will bring together
information about the status of risks, audits, policies, regulations,
performance indicators, incidents, and issues at a divisional level.



Exhibit 10.7 ERM Governance Structure, 2012-2013



 



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