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Managing Risk and Liability

Managing Risk and Liability. Sponsored by: Campus Y – Social Innovation Incubator UNC-Chapel Hill Division of Finance April 13, 2012. Topics of Discussion. Liability Theory of Negligence Managing Your Risks Governance, Risk & Compliance Enterprise Risk Management

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Managing Risk and Liability

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  1. Managing Risk and Liability Sponsored by: Campus Y – Social Innovation Incubator UNC-Chapel Hill Division of Finance April 13, 2012

  2. Topics of Discussion • Liability • Theory of Negligence • Managing Your Risks • Governance, Risk & Compliance • Enterprise Risk Management • Building Your Risk Management Program • Keys to Success • Getting it Started

  3. The Titanic A One Hundred Year Old Case Study in Risk Management 1912 - 2012

  4. Theory of Negligence • A duty of care is owed • That duty is breached • The breach causes some type of harm • There’s direct causation between the duty and harm

  5. Governance, Risk & Compliance (GRC) • Governance • Describes the overall management approach through which senior executives direct and control the entire organization • Risk Management • The process through which management identifies, analyzes and responds appropriately to risks that might adversely affect the organization's business objectives • Compliance • Conforming with stated requirements

  6. Risk Categories

  7. Risk Management Process Follow the basic risk management process: • Identify, classify and assign ownership to your risks • Examine your options for handling these exposures • Select the best techniques • Implement the techniques • Monitor, measure and improve Risk management is not the same as risk avoidance. Weigh the costs and benefits of the risk and make responsible decisions.

  8. Mapping Your Risks • Risk can be categorized by its: • Likelihood • Severity of Impact • Where it falls on your risk • map affects how you manage it

  9. Keys to Success • Support from the top is a necessity • Determine your risk appetite • Embed risk management into your organization’s fabric • Link risk management to your strategic plan and growth • Become risk intelligent • Risk is fluid, so this is a continuous process

  10. Getting Started • Seek the involvement of senior management • The “Tone at the Top” drives successful risk management • Establish a risk management committee • Representation from all areas of your enterprise • Conduct an enterprise-wide risk assessment • Focus on the most significant risks at the strategic level • Build your program in incremental steps • Focus initially on a small number of top risks; and gradually develop a more mature program

  11. Questions & Comments Steve Kenny Director of Risk Management Services Treasury & Risk Management Services University of North Carolina at Chapel Hill Campus Box 1100, 104 Airport Drive Chapel Hill, NC 27599-1100 t. 919.962.7360 steve.kenny@unc.edu

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