Work together to address risk

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A successful enterprise risk management (ERM) program requires the board, senior leadership team, and committees to work together to identify and mitigate an organization’s risks by ensuring processes are in place and are followed correctly.“An ERM program won’t achieve maximum effectiveness unless you use it for strategic planning purposes as well as more tactically to mitigate operational risks,” says Scott Hood, strategy, risk, and assurance partner with Rochdale Paragon Group.Q: What role do boards, the supervisory committee, and internal audit personnel play with ERM?A: Boards play a key role in supporting an effective risk management culture throughout the credit union. They do this by establishing an ERM policy, asking for information on the organization’s largest risks, ensuring the ERM process includes the right groups throughout the organization, and using the information in setting strategy. Internal audit personnel and the supervisory committee participate in the ERM process by validating that the credit union’s processes for mitigating risks function properly and result in the targeted residual risk benefits.Q: Which group plays the biggest role in this?A: ERM is an important source of information the board uses to understand the organization’s key risks and the processes the credit union uses to mitigate those risks. It provides the board with confidence that management is taking the steps necessary to manage the credit union’s overall risk.Also, the board uses ERM information in setting and evaluating strategies, and ensuring initiatives are within the credit union’s risk appetite. The supervisory committee oversees the testing and analysis that internal audit personnel conduct. That testing is critical to ensure the credit union’s responses to mitigate risk are working as anticipated. Internal audit work also provides confidence to the board and management that risk management processes are appropriate and effective. The supervisory committee oversees the internal audit work.Q: How can the three groups work together?A: The board and supervisory committee should nurture a culture that supports effective risk management processes by setting the tone at the top of the organization, demonstrating interest in risk management activities, and securing adequate resources for effective risk management.These groups need to lead by example that they value the risk management and internal audit activities, and benefit from the work of ERM and internal audit personnel. Internal audit has always performed risk assessments as part of their work in identifying processesto review. ERM personnel now also conduct slightly different risk assessments that go beyond the traditional internal audit assessments by, for example, identifying risks or achieving strategic objectives and opportunity cost exposures.It’s probably not realistic or even desirable for internal audit personnel to stop doing their riskassessment work. But they should use the ERM risk assessments to supplement their risk assessments in identifying the organization’s key risks.Then they should feed their findings back to ERM personnel so ERM can update the credit union’s risk profile and understand the changes in procedures that need to occur.This article initially appeared in Credit Union Directors Newsletter, which provides strategic insights for board & committee members. Subscribe now to the print or PDF versions.last_img read more

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WHO seeking $76 mln for Lebanon after Beirut blast, concerned about coronavirus

first_img“A week after the blast, the World Health Organization is still concerned about the health and wellbeing of people who were injured, lost loved ones, or became homeless, and it’s expected (that) recovery from the psychological pain from the blast will last much longer,” said Rana Hajjeh, WHO’s regional programme director.”In particular, we are concerned about the return of COVID-19 in Lebanon. We have launched an appeal for $76 million, and ask the international community to support the Lebanese people and show solidarity with them in every way possible.”The loss of hospital beds had “clear implications for the management of COVID as well as other medical conditions”, said Richard Brennan, WHO’s regional emergency director.Initial results from an assessment of 55 primary healthcare clinics and centers across Beirut showed just over half are not functioning, with the remainder functioning at varying levels, Brennan said.The WHO has so far brought in 25 tons of personal protective equipment (PPE), distributed trauma and surgical supplies to 2,000 patients at 10 hospitals, and is working with at least 11 emergency medical teams that have arrived from overseas, officials said. Topics : The World Health Organization (WHO) said on Wednesday it had appealed for $76 million in aid for Lebanon after last week’s massive explosion in Beirut destroyed or damaged hospitals, clinics and medical supplies.Lebanon was already struggling with a financial crisis and a rise in the number of new coronavirus cases before the Aug. 4 explosion in the capital’s port area that left at least 171 dead and injured some 6,000.The blast put three hospitals out of operation and has left three others working at partial capacity, reducing the number of beds in public and private hospitals by 500-600, WHO officials told an online press conference.last_img read more

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Girls face charges over school bullying attack

first_imgNZ Herald 19 Dec 2011Two 14-year-old girls will face “serious” assault charges after a brutal bully attack on a classmate that left the girl with spinal injuries. Fourteen-year-old Adriana Kemp is recovering in hospital from surgery in which screws were inserted in her skull to keep her spine straight. She was repeatedly punched by two girls at Flaxmere College in Hastings three weeks ago. The assault was filmed by another student on a cellphone. Adriana has been in and out of hospital for checks and scans since the attack.…. Flaxmere police constable Greg Andrews said two 14-year-olds had been interviewed and referred to Youth Aid. The case was being reviewed, but Mr Andrews expected the pair would appear in court. Charges were being finalised but it was a “serious level of assault”.http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10774037last_img read more

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