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Week 6 Reflection Journal (Due October 6th 11:59PM ET)

Locate an article or example of a real use case based on this week's lesson. If you can't find an article or use case example make one up. Write a summary of the use case and describe how it is similar or different from the use case in the textbook.  

Your writeup should include:

1. Title Page

2. Content

3. References (if applicable)

Note

Need 600 words in APA….Title, body, conclusion, references

Please find attached for reference

ITS 835 enterprise risk management Chapter 15

Embedding ERM into Strategic Planning at the City of Edmonton

University of Cumberlands

1

introduction

Edmonton –Past and present ERM

Links to strategic plan and to other strategic tools

Selecting and testing tools and framework

Recommended strategic ERM approach

Lessons learned

2

University of Cumberlands

Edmonton past and present erm

Edmonton –Capital of Alberta, Canada

Over 800,00 population

ERM piloted in 2005

CORPORATE Business Risk Planning (CBRP) model

Not fully implemented

Based on COSO

Adopted strategic plan

The Way Ahead

Strategic ERM

3

University of Cumberlands

Links to strategic plan

University of Cumberlands

4

Selecting and testing tools and framework

5

University of Cumberlands

Selecting and testing tools and frameworks

University of Cumberlands

6

Strategic goals and objectives

University of Cumberlands

7

Risks and strategic objectives

University of Cumberlands

8

Iso 31000 risk management

University of Cumberlands

9

Pm2 versus iso 31000

University of Cumberlands

10

Proposed erm framework

University of Cumberlands

11

Lessons learned

Key success factors

Senior management buy-in

Culture of innovation

Consistency of model across goals

Resource requirements for department SMEs

Department accountability for key risks

Process of selecting and implementing framework

Takes linger than expected

No system is perfect

Do not roll out all at once

Clearly define all milestones and deliverables

University of Cumberlands

12