1 Corinne Berinstein
A Practical Approach to
Risk Management
Financial Management Institute,
Toronto Chapter
February 17 2010
Corinne Berinstein, BPT, MBA, MHSC, CA, CFI
Health Audit Services Team
Ontario Internal Audit Division
1
Contact Info:
Corinne Berinstein, BPT, MBA, MHSC, CA, CFI, Certificate in Risk
Management (Canadian Health Care Association
Senior Audit Manager
Health Audit Services Team
Ontario Internal Audit Division
Province of Ontario
Office: 4163277798 eMail: corinne.berinstein1@ontario.ca
2
Basic Concepts
3
Outline
Objectives of today’s session
Basic principles, concepts, definitions
A simple framework
Stocking your toolkit – education, job aids, templates
What are you going to do back in the office?
Q &A’s
A case – Let’s practice!
4
Objectives
Give you a practical approach, framework and tools so you can start implementing ERM when you get back to the office.
Share some lessons learned. Share some tips and tricks.
Practice concepts and tools with a case study so that you practice 5
Why do we need Risk Management?
The only alternative to risk management is crisis management and crisis management is much more expensive, time consuming and embarrassing. JAMES LAM, Enterprise Risk Management, Wiley Finance © 2003
Without good risk management practices, government cannot manage its resources effectively. Risk management means more than preparing for the worst; it also means taking advantage of opportunities to improve services or lower costs.
Sheila Fraser, Auditor General of Canada
6
Why bother with RM?
Increase risk awareness – What could affect the achievement of objectives? What could change? What could go wrong? What could go right?
Increase understanding of risk – sensitivities. What makes my risks increase/decrease/disappear?
Promote a “healthy” risk culture – It’s safe to talk about risk. Open and transparent.
Risk Management
Financial Management Institute,
Toronto Chapter
February 17 2010
Corinne Berinstein, BPT, MBA, MHSC, CA, CFI
Health Audit Services Team
Ontario Internal Audit Division
1
Contact Info:
Corinne Berinstein, BPT, MBA, MHSC, CA, CFI, Certificate in Risk
Management (Canadian Health Care Association
Senior Audit Manager
Health Audit Services Team
Ontario Internal Audit Division
Province of Ontario
Office: 4163277798 eMail: corinne.berinstein1@ontario.ca
2
Basic Concepts
3
Outline
Objectives of today’s session
Basic principles, concepts, definitions
A simple framework
Stocking your toolkit – education, job aids, templates
What are you going to do back in the office?
Q &A’s
A case – Let’s practice!
4
Objectives
Give you a practical approach, framework and tools so you can start implementing ERM when you get back to the office.
Share some lessons learned. Share some tips and tricks.
Practice concepts and tools with a case study so that you practice 5
Why do we need Risk Management?
The only alternative to risk management is crisis management and crisis management is much more expensive, time consuming and embarrassing. JAMES LAM, Enterprise Risk Management, Wiley Finance © 2003
Without good risk management practices, government cannot manage its resources effectively. Risk management means more than preparing for the worst; it also means taking advantage of opportunities to improve services or lower costs.
Sheila Fraser, Auditor General of Canada
6
Why bother with RM?
Increase risk awareness – What could affect the achievement of objectives? What could change? What could go wrong? What could go right?
Increase understanding of risk – sensitivities. What makes my risks increase/decrease/disappear?
Promote a “healthy” risk culture – It’s safe to talk about risk. Open and transparent.