What Are the Key Takeaways from the Hydro one Case?What are the key takeaways from the Hydro One case?1. Involve employees in risk management processRisk management will not be successful without the participation of all the employees. While it is important for the top management to emphasize and support the implementation of risk management, the role of ordinary employees are equally important. While it may be the top management that are more capable of assessing the impacts or likelihood of potential risks, it is usually the employees that are able to identify risks inherent to the company. No matter how well the top management has identified or assessed the potential risks, controls or measures that mitigate cannot function effectively without the full support of employees.
2. Have managers and team leaders use a safe, effective, accountable and effective security plan with the objective of maximizing team cooperation and success1. There is an active risk management program in place that is designed to minimize the need for the formation of a risk management program. This program, which involves managing risk in such a way as to increase team effectiveness, can be considered to be “risk management.” The risk management programs are designed to provide a risk management approach to ensure that risk and risk management remain balanced, coordinated and effective during the entire project. These programs are designed for single and joint-purpose, multi-agency or interagency use. This makes them valuable for the organization as a whole in managing the risk at hand. For example, if only 3% of the people responsible for the project use a risk management program, or at minimum 1.5% of the people to perform the risk assessments, the risk managers can perform many more and, in time, will work together against a larger team of risk management employees.
3. The organization needs to provide employees and other people with information that will help them understand how risk is related to organization performance, employee satisfaction, organization function, the risks described to them, the overall needs of an organization, and the results of those evaluations.
4. This article is intended to cover risk management techniques and risks in the organization. This paper will be based on what I have already referred to above. In this section, I will describe risks and the methods utilized in conducting and testing the risks for the following two scenarios: 1. The high-risk scenario.2. The low-risk scenario.The high-risk scenario.The low-risk scenario
In the high-risk scenario, the risk managers use the public information tool, The Risk Assessment Tool, which uses the method of risk management to assess the risk factors for high risk organizations. It has a unique approach and is designed for risk management, in the absence of other risk management practices. Therefore, it provides a high-risk risk management methodology that will allow a risk manager to identify and implement steps to maximize company performance without interfering with existing risk policies.
The key takeaways from the Hydro one case:
1. What is risk management? A great deal can be said for risk management and risk management has much to offer. In many contexts, risk management provides the knowledge of an organization’s risk environment. At a high enough level, all the risk-management strategies that the organization should employ will be effective, efficient and consistent. The risks that the organization has identified and implemented must be considered when making decisions. Risk management is important in protecting our employees the same way that protecting our nation’s nuclear energy industry is essential. That being said, there must be a level playing field between the managers and the employee that will allow the members of a risk management team to learn the skills necessary to provide protection in an organization and achieve the goals and objectives required to achieve these goals. In most cases, the risk managers at each organization should work together as a team, which will permit them to identify their individual members, assess them individually, and evaluate effectiveness through the
2. Have managers and team leaders use a safe, effective, accountable and effective security plan with the objective of maximizing team cooperation and success1. There is an active risk management program in place that is designed to minimize the need for the formation of a risk management program. This program, which involves managing risk in such a way as to increase team effectiveness, can be considered to be “risk management.” The risk management programs are designed to provide a risk management approach to ensure that risk and risk management remain balanced, coordinated and effective during the entire project. These programs are designed for single and joint-purpose, multi-agency or interagency use. This makes them valuable for the organization as a whole in managing the risk at hand. For example, if only 3% of the people responsible for the project use a risk management program, or at minimum 1.5% of the people to perform the risk assessments, the risk managers can perform many more and, in time, will work together against a larger team of risk management employees.
3. The organization needs to provide employees and other people with information that will help them understand how risk is related to organization performance, employee satisfaction, organization function, the risks described to them, the overall needs of an organization, and the results of those evaluations.
4. This article is intended to cover risk management techniques and risks in the organization. This paper will be based on what I have already referred to above. In this section, I will describe risks and the methods utilized in conducting and testing the risks for the following two scenarios: 1. The high-risk scenario.2. The low-risk scenario.The high-risk scenario.The low-risk scenario
In the high-risk scenario, the risk managers use the public information tool, The Risk Assessment Tool, which uses the method of risk management to assess the risk factors for high risk organizations. It has a unique approach and is designed for risk management, in the absence of other risk management practices. Therefore, it provides a high-risk risk management methodology that will allow a risk manager to identify and implement steps to maximize company performance without interfering with existing risk policies.
The key takeaways from the Hydro one case:
1. What is risk management? A great deal can be said for risk management and risk management has much to offer. In many contexts, risk management provides the knowledge of an organization’s risk environment. At a high enough level, all the risk-management strategies that the organization should employ will be effective, efficient and consistent. The risks that the organization has identified and implemented must be considered when making decisions. Risk management is important in protecting our employees the same way that protecting our nation’s nuclear energy industry is essential. That being said, there must be a level playing field between the managers and the employee that will allow the members of a risk management team to learn the skills necessary to provide protection in an organization and achieve the goals and objectives required to achieve these goals. In most cases, the risk managers at each organization should work together as a team, which will permit them to identify their individual members, assess them individually, and evaluate effectiveness through the
2. Have managers and team leaders use a safe, effective, accountable and effective security plan with the objective of maximizing team cooperation and success1. There is an active risk management program in place that is designed to minimize the need for the formation of a risk management program. This program, which involves managing risk in such a way as to increase team effectiveness, can be considered to be “risk management.” The risk management programs are designed to provide a risk management approach to ensure that risk and risk management remain balanced, coordinated and effective during the entire project. These programs are designed for single and joint-purpose, multi-agency or interagency use. This makes them valuable for the organization as a whole in managing the risk at hand. For example, if only 3% of the people responsible for the project use a risk management program, or at minimum 1.5% of the people to perform the risk assessments, the risk managers can perform many more and, in time, will work together against a larger team of risk management employees.
3. The organization needs to provide employees and other people with information that will help them understand how risk is related to organization performance, employee satisfaction, organization function, the risks described to them, the overall needs of an organization, and the results of those evaluations.
4. This article is intended to cover risk management techniques and risks in the organization. This paper will be based on what I have already referred to above. In this section, I will describe risks and the methods utilized in conducting and testing the risks for the following two scenarios: 1. The high-risk scenario.2. The low-risk scenario.The high-risk scenario.The low-risk scenario
In the high-risk scenario, the risk managers use the public information tool, The Risk Assessment Tool, which uses the method of risk management to assess the risk factors for high risk organizations. It has a unique approach and is designed for risk management, in the absence of other risk management practices. Therefore, it provides a high-risk risk management methodology that will allow a risk manager to identify and implement steps to maximize company performance without interfering with existing risk policies.
The key takeaways from the Hydro one case:
1. What is risk management? A great deal can be said for risk management and risk management has much to offer. In many contexts, risk management provides the knowledge of an organization’s risk environment. At a high enough level, all the risk-management strategies that the organization should employ will be effective, efficient and consistent. The risks that the organization has identified and implemented must be considered when making decisions. Risk management is important in protecting our employees the same way that protecting our nation’s nuclear energy industry is essential. That being said, there must be a level playing field between the managers and the employee that will allow the members of a risk management team to learn the skills necessary to provide protection in an organization and achieve the goals and objectives required to achieve these goals. In most cases, the risk managers at each organization should work together as a team, which will permit them to identify their individual members, assess them individually, and evaluate effectiveness through the
2. Alignment of COSO Framework/ ISO 31000.Hydro One employs a similar concept as the COSO Framework or ISO 31000 to manage its risks. This shows the effectiveness of employing the COSO framework or ISO 31000 in real life example. A comparison between the steps employed by the management and the proposed guidelines by COSO framework is done.
Firstly, they identify their strategic objectives in the company by engaging the top management. This is essentially the objective setting of the COSO framework. After which, they went on to the event identification stage to identify possible events that might occur through polling of managers. Following that, they moved on to the 3rd stage of COSO framework which is risk assessment process. This was done through the Delphi-method for voting to establish the impacts of the risks on each strategic objective. From there, they will proceed on to creating an appropriate risk response and controls while ensuring information and communication are being managed properly. Then they can continue monitoring the changing circumstances faced by Hydro One.