Highlights from Chapter 6:
Building Confidence Through Risk Management
The Authority faces a variety of internal and external risks which have the potential to affect the success of our stated goals and objectives. The Risk Management Office was established, including the formal development of an Enterprise Risk Management program, to increase risk awareness and management capabilities through an established risk management function to ultimately improve decision making.
This chapter outlines the Authority’s Enterprise Risk Management program and how it coordinates with the Authority’s other offices and branches to manage and monitor risk through the Enterprise Risk Committee.
- The Authority has developed seven key risk management process areas carried out across the entire organization, which enables cross-functional collaboration to achieve operational excellence in reducing threats and enhancing opportunities.
- Recognizing that not all risks are the same, the Authority’s treatment of risks reflects the differences in the magnitude and level of controls or mitigations already in place:
- Risks are not limited to downside risk exposure, but also opportunities;
- Risks are tied to the Authority’s objectives;
- The Authority uses standardized risk rating criteria; and
- Risk profiles are mapped rating impact, likelihood and management preparedness.
- Risks and mitigation strategies to address those risks in this chapter include:
- Funding Uncertainty;
- Track and Systems and other Major Procurements;
- Third Party Schedule Management; and
- Management of Change Orders.
The Authority’s Enterprise Risk Management Process Framework
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