5. What is the likely risk that would interfere with the objectives? Thus, Edmonton required a risk analysis that would help them in identifying occurrences that would hinder the city from reaching its strategic objectives and goals. As well, it was also necessary for allocating scares resources efficiently with a view of mitigating associated risks. In 2003, the city auditor implemented the start of an ERM program but it was later realized that it did not incorporate into the city's business plans. Therefore, in 2012, an ERM program manager was hired by the city's management to help in the ERM at the city's strategic position. Together with the city's management, the ERM manager conducted various workshop pilot programs were conducted to study the
Running head: ENTERPRISE RISK MANAGEMENT AT EDMONTON CITY 3 possible frameworks and models for risk management in support of the strategic plan. The risk scorecard model was used in measuring the implementation progress. As a result, there has been noted improvements and development in the city starting from 2013 with a population of over 800, 000 people. Moreover, the economic growth has also improved and there was an expectation that by 2018 the population would have reached 900, 000 people ("Embedding ERM into Strategic Planning at the City of Edmonton", 2019).
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- Fall '19
- Management, Enterprise risk management