Risk Management Award for MidCoast Council
MidCoast Council was recognized in the Statewide Mutual Risk Management Excellence Awards, as a winner in the Strategic / Enterprise Risk category.
“The Board won the award for its innovative risk management roadmap that provides the commitment and direction of risk management for our organization both at the strategic and operational level,” said the CEO of Advice, Adrian Panuccio.
“This award is an endorsement of our best practice implementation of a single risk management vision and solution after the Board merger. I congratulate our Risk and Insurance team for their quest for excellence and their hard work to obtain this well-deserved distinction.
“I am also very proud of the involvement of a large number of employees throughout the organization, in the commitment to a culture of risk management and in the implementation of this decentralized risk management model.
The roadmap encompasses the organizational arrangements, strategies and practical activities that the Board will undertake to integrate risk management throughout the organization. The roadmap also sets out how the Board will measure its success, identify opportunities for improvement and ensure it delivers the desired results.
The roadmap includes a risk management framework and policy, as well as an innovative risk management center that sits on the Board’s intranet and provides employees across the organization with easy access to tools, resources and procedural guidelines for implementing risk assessments.
The roadmap also guarantees effective review and reporting systems for risk management. Risk reports incorporate a dashboard-style report card with an analysis of key risks, allowing management to monitor risk management across the organization.
An assurance toolkit is in the final stages of development and will provide guidance to staff to ensure that the appropriate assurances are in place, verified and reviewed as part of the procurement processes and event management activities of the Advice. The Toolkit enhances the protection of the Council’s insurable interests.
“The main benefits of effective risk management for the Board and our community are that we are a more efficient organization, with lower operating costs, better use of resources, less waste and more effective governance,” Mr. Panuccio added.