Calendar·Risk Management·Enterprise Risk
Building an Enterprise Risk Framework
FACULTY OF RISK MANAGEMENTEnterprise Risk • ~50 min

How to design and implement an enterprise risk management framework for a Canadian organization — the key components, governance structure, and how to connect the framework to strategic decision-making.

Building an Enterprise Risk Framework

Price
$149
Lessons
6
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What this course covers

01What Enterprise Risk Management Is and How It Differs From Operational Risk Control
02The Major ERM Frameworks: COSO, ISO 31000, and How Canadian Organizations Apply Them
03Designing the Framework: Components, Governance, and Ownership
04Connecting Risk Management to Strategic Planning and Board Oversight
05Common ERM Implementation Failures and How to Avoid Them
06Building a Risk-Aware Culture: The Human Dimension of Enterprise Risk

Scenario

A regional non-profit organization in southern Alberta that provides employment training and supportive housing services has operated for 22 years, growing from a small charitable initiative into an organization with an annual operating budget of $4.8 million, 47 full-time staff, and 3 service locations across 2 municipalities. The organization holds service contracts with 2 provincial ministries, receives funding from 4 corporate donors and a community foundation, and maintains a portfolio of 6 residential properties that house program participants. Its board of directors consists of 9 volunteer members drawn from the local business, legal, and social services communities.

During a board governance review conducted in response to concerns raised by the organization's external auditor, directors discovered that risk management across the organization existed in disconnected pockets with no coordinating structure. The finance team maintained a spreadsheet tracking accounts receivable aging and cash flow projections. The housing program manager kept an informal log of building maintenance issues and tenant complaints. The human resources coordinator had developed a checklist for workplace safety incidents. The information technology contractor who visited twice monthly had flagged cybersecurity vulnerabilities in 3 separate reports over 18 months without receiving a formal response from management. None of these activities connected to one another, to the organization's strategic plan, or to regular board deliberations.

The governance review also revealed that 2 of the organization's ministry contracts contained new provisions requiring funded agencies to demonstrate formalized risk management practices by the next contract renewal period, now 14 months away. The board chair, a retired manufacturing executive, recalled that the company where she had spent her career had implemented an enterprise risk management framework after a supply chain crisis, but she was uncertain how such an approach would translate to a non-profit context with different stakeholders, funding structures, and accountability relationships.

The executive director, who had led the organization for 8 years, acknowledged that risk conversations tended to arise only after problems materialized rather than through any systematic anticipation. A recent incident illustrated the point: a data breach affecting 340 client records had prompted a reactive scramble rather than an execution of pre-established protocols, because no such protocols existed. Staff members in different departments had responded based on their own judgment, with inconsistent messaging to affected clients and no clear escalation path to the board.

The board directed the executive director to develop a proposal for implementing an enterprise-wide approach to risk management, with attention to available frameworks, governance structures, resource requirements, and the cultural changes necessary to embed risk awareness throughout the organization.

More in this program

Risk Identification and the Risk Register
~30 min · $79
Risk Appetite and Tolerance: Setting the Parameters
~30 min · $79
Risk Monitoring, Reporting, and Escalation
~50 min · $149

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