Highlights from Chapter 4:
Strengthening Risk Management
As with any megaproject or large-scale capital program, risk is inherent in the work. Actively managing risk is critical to objectively frame and guide decision making at all levels of the organization and to achieve the program’s strategic objectives. By establishing a process of continuous improvement, identifying what has worked well and what could be improved upon, the Authority’s risk management function seeks to reduce risk impacts and maximize opportunities.
This chapter outlines the Authority’s Enterprise Risk Management (ERM) program, including program objectives, progress since the 2020 Business Plan and the next steps for the program.
Key Facts
- Progress since the 2020 Business Plan
- Completed a two-part maturity assessment focusing on cost, schedule and budget risk management
- Formalized the Enterprise Risk Committee (ERC) membership and charter
- Conducted workshops across the Authority to identify and assess risks to each office
- Evaluated available risk registers for completeness and process alignment
Risk Management Efficiency and Collaboration Across the Authority
Text description of the Risk Management Efficiency and Collaboration Across the Authority
Overview
This chart summarizes the Enterprise Risk Management (ERM) program components and the timeline of the ERM, Capital Insurance and Program Controls. The ERM was initiated between October 2020 and July 2021. The Risk Management Organization (RMO) Team was activated between August and October 2021. Operationalizing ERM is a present and ongoing process.
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