Recommendations to enhance ERM Program (Create a project plan on how you will remediate the consent order; project Team
Structure (representatives from different groups) and Governance; performance measures for ERM plan)Details Below:
Imagine you have a consent order form the regulators to enhance/ transform the capabilities of your Risk management Governance/ Framework and Risk
capabilities (Risk Appetite with KRIs, Lines of Defense, Maturity of Principal risk types).
(10 points) Create a project plan on how you will remediate the consent order. Specify Executive Sponsor(s) – resource & financial support, Steering
Committee responsible. Identify stakeholders (internal and external) and resources needed, such as, outside counsel, clients, staff and business leaders
responsible for mitigating, cascading tasks and activities/ information down through the organization
(10 points) Propose a project Team Structure (representatives from different groups) and Governance – Steering Committee and periodic status reporting to
the Risk Committee. Propose project implementation plan in phases- I, II, III, etc. (18 months minimum). Identify and establish Key Governance controls for
assurance (how will you demonstrate controls are working?)
(10 points) Establish performance measures for ERM plan: (Key Risk Indicators & Key Performance Indicators) to ensure that the plan is working as
expected. Propose Resources and tools needed: GRC technology, staff, budget- rough estimate. Describe End State: What are the benefits of your ERM plan?
You must complete the work based on Milestone 3 and 4