5 Min read
CEATI, collaborative research and best practice sharing organization focused on the utilities industry, engaged METSCO to identify enterprise risk management (ERM) implementation best practices to foster innovation and increase the utility industry’s level of understanding to achieve a comprehensive benchmark.
The study included surveying and workshopping with multiple participants structured around the four major phases of ERM implementation: context & objective setting, risk assessment, risk treatment & monitoring and communication &reporting.
The outputs of the project provided recommended best practices for ERM implementation. With the study now complete, METSCO provides insights to utilities to successfully embed corporate risk frameworks into their business operations.
A few major findings include:
· Approximately 60% of utilities stated that they are following the ISO 31000 Risk Management Framework
· 45%of surveyed utilities assess their corporate risks on a quarterly or more frequent cycle
· 65%of utilities indicated that they are not currently using Key Risk Indicators (KRIs)to track different categories of risk
· Only30% of change programs are considered fully successful
P. Eng., CAMA