Risk Management Task Force - ERM Working Group Minutes

Risk Management
Task Force

Enterprise Risk Management (ERM) Minutes

Enterprise Risk Management (ERM) – Working Group Minutes
September 15, 2004
1:00 p.m. Central Time

Participants: Jenny Bowen (Leader), Renee Cassel, Charlene Collins, Armand de Palo, Valentina Isakina (SOA), Juan Kelly, Zenaida Samaniego, Steve Craighead, Greg Slone, Matt Lantz

ERM Specialty Guide

Section 1: Introduction
Kevin Dickson is still working on this, with the help of Juan Kelly.

Section 2: Why is ERM important?
Subsection 2a: Aspects of ERM that could have mitigated certain recent disasters
Jose Siberon is still working on this, with the help of Charlene Collins.

Subsection 2b: Drivers of change and development of the discipline of ERM
Zenaida Samaniego has prepared an initial draft, with the help of Charlene Collins and Jose Siberon.

Subsection 2c: ERM Impact on Management Practices
Charlene Collins has prepared an initial draft.

Subsection 2d: Other ways that ERM can contribute to value creation
Steve Craighead and Greg Slone volunteered to lead the effort to draft this subsection. Suzanne Wille has volunteered to provide assistance.

Subsection 2e: Organizational objectives for pursuing ERM
A leader is still needed. Steve Meyers has volunteered to provide assistance.

Section 3: Risk Management Process
Dave Ingram is still working on this, with the help of Steve Meyers.

Section 4: Decision-making
Renee Cassel has prepared an initial draft, with the help of Dave Ingram and Matt Lantz.

Section 5: ERM Implementation
Steve Meyers has prepared an initial draft, with the help of Dave Ingram.

Section 6: Examples of real-life situations in which implementing ERM has added value and/or avoided significant losses
A leader is still needed. Hubert Mueller and Rajeev Dutt has volunteered to provide assistance. All ERM working group members are encouraged to submit examples to the leader, as soon as this person has been designated.

Section 7: Glossary
Suzanne Wille has prepared an initial list of words to include. She encourages ERM working group members to continue to send her words and/or definitions as she continues work on this section.

Section 8: Annotated bibliography
A leader is still needed.

* * * * *
The initial section drafts are being submitted to Jenny bowen. Jenny will collate the sections and send a consolidated draft to the group [subsequent to the meeting, the target was changed to October 5th]. Everyone is encouraged to comment on any and all sections; those providing the initial drafts are relying on the group’s input. Please email your comments to Jenny.

If differences of opinion arise in editing the guide, we have several avenues for obtaining resolution. The viewpoints can be discussed on a conference call, an expert can be consulted, both points of view can be clearly represented or compared in the guide, or an appendix can contain alternate views. Jenny will be the final arbiter.

Next Call
The next call will take place on October 6th at 1 p.m. Central Time.