CONFERENCE AGENDA
FEBRUARY 23–25, 2015 • TORONTO
ERM 2015:
Driving
Performance
with a Risk
Management
Culture.
Christopher Eaton
Director, Enterprise
Risk Management
Enbridge Inc.
Richard Muzikar
Director,
Enterprise Risk
Management,
Consolidated
Edison Company
Carol Ann
Northcott
Vice-President and
Chief Risk Officer,
Canadian Payments
Association
Greg Richards
Director, MBA
Program and Centre
for Business Analytics
and Performance,
Telfer School of
Management,
University of Ottawa
#CBoCRisk
Are your people fully engaged in ERM?
The ultimate success of any enterprise risk management (ERM) program depends
on how well people actually apply ERM discipline in their decisions. The innovators
have realized the greatest challenge of implementing and sustaining ERM is one of
engaging people across the organization.
Have you heard these questions
from decision-makers that may
indicate the need for a more
risk-aware culture?
• what does ERM mean to me in my role?
• how do I participate in ERM?
• can ERM increase value and make a contribution to
the business?
• how much does ERM cost?
• isn’t risk management just common sense?
• how do I know I’m taking the right amount of risk, too
much, or not enough?
No matter how advanced your ERM initiatives are, an ERM
culture is essential to ensure enterprise-wide application of
risk management principles and approaches.
Learn from case
studies, your
peers, and experts
from a wide range
of industries.
This highly interactive conference
combines ERM case studies,
insightful keynote presentations,
expert panels, and a ‘master
class.’ There will also be a
structured peer-to-peer dialogue
session to help you identify the
untapped value of ERM for your
organization.
Don’t miss this opportunity to
connect with senior corporate,
government, and not-for-profit risk
management and performance
leaders, and benefit from their
experiences.
To register, visit www.conferenceboard.ca/conf
Meet the innovators who are using ERM to enhance
their organization’s performance.
Find out from experienced ERM leaders how they’re evolving their ERM programs to:
• apply change management techniques to keep ERM fresh and exciting, and not merely
a checklist or reporting exercise
• link risk appetite and risk culture to enhance risk conduct and risk involvement
• go beyond passive reporting, to dynamic communication of risk information to the board
DAY # /
of directors, senior executives, and frontline managers
• integrate ERM with strategic and business planning to improve performance Date
• measure ERM value and express it in a compelling way, tailored to the business
• develop and apply key risk indicators to anticipate risks and enhance performance
• integrate ERM with performance management systems
• support innovation and appropriate risk-taking
To register, visit www.conferenceboard.ca/conf
3
Advisory Board
The Conference Board of Canada would like to acknowledge the contribution of the
following individuals and organizations to the development of this conference:
Bonnie Andriachuk
Tikiri Herath
Senior Director, Risk, Compliance &
Integrated Management
Enbridge Pipelines Inc.
Manager, Integrated Risk Management
Fisheries and Oceans Canada
Carol Ann Northcott
John Delaney
Manager, RCN Integrated Risk Management
Department of National Defence, Royal
Canadian Navy
Paul Forgues
Principal Manager, Executive Networks
The Conference Board of Canada
Vice-President and Chief Risk Officer
Canadian Payments Association
William Onuwa
Senior Vice President and Head,
Insurance Risk Management
RBC Insurance
Rob Quail
James Haney
Provincial Leader, Quality, Safety and Risk
Saskatchewan Cancer Agency
Vice-President, Customer Care
Hydro One Inc.
Ingrid Suurmann
Vice-President Corporate Services and
Chief Financial Officer
St. Mary’s General Hospital
Catherine A. Taylor
Director, Risk
Kinross Gold Corporation
To register, visit www.conferenceboard.ca/conf
Agenda
Day 1/ Monday, February 23, 2015
AT A GLANCE
1:00 p.m. Pre-Conference Optional Workshop
4:00 p.m. Pre-Conference Optional Workshop
Adjourns
1:00 p.m. Pre-Conference Optional Workshop
Fundamentals of Analyzing Interdependent Risks
Rory Kilburn, Vice-President, Risk and Resilience Solutions,
RiskLogik
Nick Martyn, Chief Executive Officer, RiskLogik
Dr. Philip O’Neill, Chief Scientist, RiskLogik
DAY # /
Date
Over the past 15 years, the discipline of enterprise risk management has made significant progress in encouraging organizations
to identify and address their most significant risks. Most organizations analyze their risks by assessing the likelihood and impact of
each risk in isolation. Approaching risks individually works well
when risks are truly independent.
However, in today’s world an accelerating pace of change and
globalization have produced an increasing level of interdependence
between risks. The traditional approach to risk analysis fails to take
into account the potential for multiple risks to interact and cascade.
When organizations don’t analyze the web of interconnected risks
in their internal and external business environment, they can end
up with a distorted view of their risk exposures. This can cause
them to greatly underestimate and/or overestimate the combined
effect of certain risks.
History has shown that catastrophic failures of organizations are
rarely due to a single risk and are instead caused by several risks
that combine. An examination of organizational failures also demonstrates the inability of traditional risk analysis methods to anticipate how interdependent risks can trigger each other in a domino
effect to rapidly bring down the value of an entity. For example,
think of the collapse of organizations such as Lehman Brothers, or
the massive changes to BP that were both thought to be well managed entities right up until they faced their respective crises.
Leading organizations recognize that another lens is required to
understand and effectively manage complex risk situations.
Network risk analysis is a method that is aimed at understanding
the behavior of interconnected risks. It allows you to more
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5
DAY 1 / Monday, February 23, 2015
realistically model the complexity of the real world by taking the two
dimensions of traditional risk analysis (likelihood and consequence)
and adding a third dimension (dependency). Analyzing the interdependency between risks allows you to see what each risk is connected to and the cascaded effects within a system. The output of
network risk analysis reveals cumulative risk exposures that are not
visible from a traditional analysis that only considers risks individually. As a result, it can expose potential “black swan” events that
have extremely low likelihood but catastrophic consequences. It
also provides a more accurate basis for prioritizing your risk management resources.
By applying systems thinking, network analysis helps you to look at
your risks as an eco-system of interdependent factors that are part
of a larger environment. As a result, you can gain a deeper understanding of your true risk exposures and of how to prioritize risks in
complex environments. Network risk analysis brings clarity to complex and ambiguous risk situations and is particularly well suited for
exploring issues of operational effectiveness, business continuity,
and organizational resilience.
This workshop will introduce the foundational concepts behind network risk analysis. Through case examples and hands-on exercises, you will learn:
• why interdependence between risks matters
• how to construct a network dependency model that provides a
realistic map of the network of risks in an organization
• how software tools can be used to analyze the interdependencies
between risks to reveal hitherto unknown “black swan” scenarios
• how the results of a network risk analysis can be applied to
identify the relationships between risk owners that must be forged
to effectively manage risks that cross organizational silos and
boundaries
4:00 p.m. Pre-Conference Optional Workshop Adjourns
To register, visit www.conferenceboard.ca/conf
6
Agenda
Day 2/ Tuesday, February 24, 2015
AT A GLANCE
8:00 a.m. Registration and Continental Breakfast
8:30 a.m. Opening Remarks
8:45 a.m. Plenary Session 1
9:30 a.m. Plenary Session 2
10:15 a.m. Networking Break
10:45 a.m. Plenary Session 3
12:15 p.m. Luncheon and Keynote Presentation
1:45 p.m. Plenary Session 4
3:15 p.m. Refreshment Break
3:30 p.m. Plenary Session 5
4:15 p.m. Closing Remarks from the Co-Chair
4:30 p.m. Networking Reception
8:00 a.m. Registration and Continental Breakfast
8:30 a.m. Opening Remarks
Program Developer:
Diana Del Bel Belluz, Program Developer,
The Conference Board of Canada
Conference Co-Chair:
Dr. Michel G. Maila, President and Chief Executive Officer,
Global Risk Institute
DAY # /
Date
8:45 a.m. Plenary Session 1
Opening Keynote: Fostering a Healthy
Risk Management Culture
David Benjamin, Principal, The Syntegrity Group
Most organizations begin their ERM programs focusing
on risk identification and assessment, to develop a profile
of their top enterprise risks. However, many hit a wall when
it comes to bringing ERM to life due to the complexity of how
risks arise and are managed.
Without a deliberate approach for engaging and mobilizing
people, organizations find they’re unable to embed ERM in
business decisions, practices, and culture. David Benjamin will
share strategies for increasing ERM understanding, buy-in, and
application across the organization, and beyond the annual risk
profiling exercise.
9:30 a.m. Plenary Session 2
Case Study Topic 1: Deep Culture—Unlocking the Full Value
of ERM
Christopher Eaton, Director, Enterprise Risk Management,
Enbridge Inc.
Early in their ERM journeys, most organizations focus on
To register, visit www.conferenceboard.ca/conf
7
DAY 2 / Tuesday, February 24, 2015
integrating ERM with strategy and governance. Recent studies
and extensive experience together suggest that significant additional value can be gained by integrating ERM more deeply—into
an organization’s operations and its values and assumptions.
Christopher Eaton will share how Enbridge is integrating ERM
into operations to change its culture and, ultimately, enhance its
performance. Find out the “lessons learned” from Enbridge’s effort
to unlock the full value of ERM, within the context of a large and
diverse organization in a complex and dynamic environment.
10:15 a.m. Networking Break
Earn Directors’ College
credits!
The Directors’ College has
approved this program for
Continuing Education credits.
10:45 a.m. Plenary Session 3
Peer-to-Peer Dialogue and Panel: ERM Truth or Myth?
Susan Lawson, Senior Audit Manager,
Ontario Treasury Board Secretariat
Melanie Lockwood Herman, Executive Director,
Nonprofit Risk Management Center
Rob Quail, Director, Customer Care, Hydro One Inc.
Catherine A. Taylor, Director, Risk, Kinross Gold Corporation
Since enterprise risk management development began in the late
1990s, many approaches, theories, and concepts have been put
forth by practitioners and management experts. Some of these
ideas proved useful, others failed to provide value or gain traction,
and some persisted despite being largely ineffective.
Join your peers and this panel of ERM leaders to discuss
fundamental truths about the value of ERM, and put to rest
common myths that can waste your time and resources.
For example, can you tell which of these statements are
true and which are myths?
• heat maps are an essential ERM tool
• the main purpose of ERM is risk minimization
• the main purpose of ERM is assurance
• auditors make good risk managers
• ERM is the same as governance, risk, and compliance (GRC)
• ERM can’t work without explicit decision criteria, such as risk
appetite and tolerance
• ERM requires executive support
To register, visit www.conferenceboard.ca/conf
8
DAY 2 / Tuesday, February 24, 2015
DAY 2 / Tuesday, October 21, 2014
12:15 p.m. Luncheon and Keynote Presentation
Foresight—an Essential Skill for Navigating Future Risks
Dr. Satyamoorthy Kabilan, Director, National Security and
Strategic Foresight, The Conference Board of Canada
In a recent issue of Harvard Business Review, Roger L. Martin,
Professor and former Dean at the Rotman School of Management,
said strategy is about “placing bets and making hard choices”
about “where to play” and “how to win” over the long term. He
explains that strategic decisions are difficult, because they
“explicitly cut off possibilities and options.”
In times of uncertainty, it’s easy for executives and ERM leaders
to succumb to short-termism by jumping too quickly to planning
and focusing on immediate challenges, well-known risks, and
consensus opinions. Martin went on to assert that “this is a truly
terrible way to make strategy. It may be an excellent way to cope
with fear of the unknown, but fear and discomfort are an essential
party of strategy making.”
ERM leaders know that determining if a strategic choice is
solid requires a good understanding of the potentials threats
and opportunities that lie ahead. Strategic foresight can
counteract the short-termism that often accompanies annual
corporate risk profile exercises, by helping executives understand
how the world is changing around their organization, and using
that intelligence to generate a broader palette of strategic choices.
Dr. Kabilan will explore how strategic foresight techniques are used
to shift decision-makers’ attention from the rear-view mirror of past
experience and refocus it squarely on future risks. He will present
case studies that illustrate how leading private and public sector
organizations have successfully used this technique to identify
and select the right opportunities, and develop robust strategies
to deal with potential threats.
1:45 p.m. Plenary Session 4
Case Study Topic 2: Integrating ERM with Strategic Planning
Carol Ann Northcott, Vice-President and Chief Risk Officer,
Canadian Payments Association
Nancy Rhéaume, Enterprise Risk Management Leader
Many ERM programs focus on risks to the achievement of
corporate objectives. Therefore it’s becoming more common
to see a strong link between ERM and strategic planning.
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9
DAY 2 / Tuesday, February 24, 2015
Carol Ann Northcott and Nancy Rhéaume will describe how
their organizations went about applying risk management discipline
in their strategic planning processes. They will also explain how
organizational culture is influenced by discussion of risks to
strategic objectives and organizational performance.
3:15 p.m. Refreshment Break
3:30 p.m. Plenary Session 5
Case Study Topic 3: Applying Risk Appetite to Drive
Performance and Culture
Bem Case, Senior Advisor, Strategic Initiatives, Toronto Transit
Commission
Mohamed Ismail, Principal Risk Advisor, Toronto Transit
Commission
As many ERM leaders have discovered, it’s difficult, if not
impossible, for employees to make consistent decisions about
risk without clear criteria, such as corporate risk appetite and
risk tolerance.
Bem Case and Mohamed Ismail will share the TTC’s journey
to explicitly articulate its appetite for risks to the organization’s
strategic objectives. They’ll also describe the method TTC
developed to translate its risk appetite into consistent criteria for
evaluating business cases for major projects. Find out how the
articulation of risk appetite is influencing organizational culture
on risk taking and risk management.
4:15 p.m. Closing Remarks from the Co-Chair
Dr. Michel G. Maila, President and Chief Executive Officer,
Global Risk Institute
4:30 p.m. Networking Reception
Connect with the presenters and your peers, reflect on the day’s
sessions, and discuss your toughest ERM questions with the
experts and others who face the same challenges.
To register, visit www.conferenceboard.ca/conf
10
Agenda
Day 3/ Wednesday, February 25, 2015
AT A GLANCE
7:45 a.m.
8:15 a.m.
8:30 a.m. 9:15 a.m.
10:00 a.m.
10:15 a.m.
Continental Breakfast
Opening Remarks from the Co-Chair
Plenary Session 6
Plenary Session 7
Refreshment Break
Plenary Session 8
11:45 a.m. Closing Remarks from the Co-Chair
12:00 p.m. Luncheon for Post-Conference Optional
Workshop Participants
12:45 p.m. Post-Conference Optional Workshop
4:00 p.m. Post-Conference Optional
Workshop Adjourns
7:45 a.m. Continental Breakfast
8:15 a.m. Opening Remarks from the Co-Chair
Michael Stramaglia, Executive in Residence, Global Risk Institute
DAY # /
Date
8:30 a.m. Plenary Session 6
Keynote: Using ERM to Drive Performance
Dr. Greg Richards, Director, MBA Program and Centre for
Business Analytics and Performance, Telfer School of
Management, University of Ottawa
ERM is about understanding the effect of uncertainty on objectives
and future performance to guide decisions today. Professor Greg
Richards will explore how the latest research and practices in
Business Analytics, Business Intelligence, and Performance
Management can be harnessed to turbocharge your ERM program.
9:15 a.m. Plenary Session 7
Case Study Topic 4: Using Key Risk Indicators to Enhance
Organizational Performance and ERM Culture
Richard Muzikar, Director, Enterprise Risk Management,
Consolidated Edison Company
Key risk indicators (KRIs) provide an early warning system
that signals when the direction of a risk may be changing.
An organization can use this intelligence to optimize its ERM
performance, by determining when and how to intervene to
mitigate a risk, and when to sit tight.
Rich Muzikar will use an example to illustrate the approach
used by ConEd to identify, select, and monitor key risk indicators.
He’ll also share how the use of KRIs has helped to shape ConEd’s
ERM culture.
10:00 a.m. Refreshment Break
To register, visit www.conferenceboard.ca/conf
11
Day 3/ Wednesday, February 25, 2015
10:15 a.m. Plenary Session 8
Master Class Panel: Using Reporting to Drive ERM Culture
Derek Baas, Principal, Enterprise Risk Management, Export
Development Canada
Monica Merrifield, Vice-President, Risk Intelligence, YMCA
of Greater Toronto
Richard Muzikar, Director, Enterprise Risk Management,
Consolidated Edison Company
Michelle Williamson, Team Leader, Enterprise Risk Management/
Internal Audit, Technical Standards and Safety Authority
In his groundbreaking book, Enterprise Risk Management:
From Incentives to Controls, James Lam stressed the importance
of reporting, to establish and support management feedback, and
to optimize risk/return tradeoffs and a risk management culture.
The panel of ERM leaders from diverse sectors will describe the
reporting and communications they’re using to establish ERM
feedback loops between executives and decision-makers at all
levels, and align risk management culture and behaviour. The
panellists will also share their experiences and leading practices
for ERM reporting to the board of directors.
11:45 a.m. Closing Remarks from the Co-Chair
Michael Stramaglia, Executive in Residence, Global Risk Institute
12:00 p.m. Luncheon for Post-Conference Optional Workshop
Participants
12:45 p.m. Post-Conference Optional Workshop
Strategic Foresight for ERM Leaders: Developing the Tools
to Envision Your Organization’s Future
Dr. Satyamoorthy Kabilan, Director, National Security and
Strategic Foresight, The Conference Board of Canada
Imagine being able to create plausible scenarios for the future, and
using that knowledge to help make decisions today that influence
the future you want for your organization, your industry, or even
your country. Models exist that can help you do just that.
This in-depth and interactive workshop is based on the U.K.
government’s renowned foresight program. You’ll learn about
To register, visit www.conferenceboard.ca/conf
12
Day 3/ Wednesday, February 25, 2015
tools and methods to help you identify future scenarios, analyze
the impacts of those futures, better prepare, and make appropriate
decisions today.
Learn how to use strategic foresight to plan the future of your
organization, and guide today’s decisions that will help that
future become a reality. Don’t miss this unparalleled opportunity
to explore innovative strategic foresight techniques with an
internationally respected practitioner, and find out how to plan
now for the future success of your organization.
What is strategic foresight?
Strategic foresight arises from the premise that the future is not
predictable, nor is it pre-determined, and that future outcomes can
be influenced by our choices in the present. Its goal is to create
plausible scenarios to help you make decisions today that steer
you toward your preferred future.
The Facilitator: Dr. Kabilan is a global expert on Strategic
Foresight. As Head of Strategic Futures at the Home Office of
the U.K. government, he led two cross-government foresight
groups on many high profile issues. He provides strategic foresight
expertise to law enforcement, security, and intelligence services,
and other government departments. He is a qualified trainer for
a range of foresight techniques, and pioneered and refined new
foresight approaches.
Dr. Kabilan co-authored Energy Futures for Canada, and
works with many public and private sector organizations on their
strategic foresight capabilities. He has trained senior government
representatives in strategic foresight, and recently launched a
security and intelligence foresight group. His private sector work
includes initiatives on future skills needs, and retail strategies for
the customer of the future.
4:00 p.m. Post-Conference Optional Workshop Adjourns
To register, visit www.conferenceboard.ca/conf
13
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ERM 2015: Driving Performance with a Risk Management Culture
FEBRUARY 23–25, 2015 • TORONTO
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