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MCR’s ERM Diagnostic is designed
to provide our clients with a comprehensive understanding of its current ability
to identify and manage risks. The diagnostic is based on a combination of the
COSO framework and the Standard & Poor’s PIM methodology for assessing
risk in utilities.
The diagnostic starts by addressing
a company’s ERM process, including the ability to identify risks, assess
risks, quantify risks, develop risk management strategies, implement these strategies
and report on progress or deficiencies. Each of the elements of the ERM process
are assessed from a process/procedure, data, tools, skills and organizational
perspective relative to both utility industry standards and best practices from
other industries (e.g., financial services). From this assessment, MCR works
with our clients to develop specific recommendations to improve the ERM process.
The diagnostic also includes development of a risk map. The risk map captures
all strategic risks of the company and assesses them at a high level from several
standpoints, including the potential impact. This part of the diagnostic creates
a roadmap for conducting more detailed risk analysis and the development of
risk strategies. Diagnose your risk today!
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