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Posted: September 6th, 2023

Strategy: Preparing a Board Report with your pre-existing framework

Value: 30%
Strategy: Preparing a Board Report with your pre-existing framework
Evaluators: Instructor
Time Commitment: 6 – 10 hours to complete
Overview
The purpose of this assignment is to have you practice developing an ERM board report for senior leaders in an informative and concise manner. Real data has to be showcased and there is no room for filler information or words.
Learning Outcome
• Apply appropriate risk management framework for the organization
• Utilize risk management tools and techniques to identify, assess, manage, and monitor risks
• Create a risk management report to support the organization’s management
Directions
Step 1 – Analyze all risks presented and use a risk register to formulate the top material risks.
List all the risks that are material to the board and provide a comprehensive description of the risk and state how it will impact the University. Do not comment on the risks that are not material to the University – but all risks must be listed as part of the risk register – as an appendix to the board report. Note, make sure you have values (times and dollars) on the x and y axis of your heat map. These should match the values on your risk register. Review the Risk Register video in the course make sure you have all of the correct elements in your risk register and heat map.
Click here to get the list of risks that may be used for the Board report. Similar to the risks you used earlier.
Step 2 – Write the report, as the risk manager, as if you are writing it for the Board of a University.
It must be complete, clear, concise, and must not reference other materials that the Board has not seen. You may make assumption, but you must list your assumption in the Board report or in the risk register. The expectation is that you will have a risk register with all 15 risks graded and the top risk details will be expanded in the board report as its own paragraph. All 15 risks will be placed in the heat map (make it look good) and the top risks will of course be in the top right quadrant (red zone) of the heat map.
Use the framework that you developed in assignment #2 to inform what information should be in the board report. You will need to describe the risks, as well as the category of risk (as a minimum you must show one strategic, operations, finance and hazard risk) to the University in your board report, suggest ways to manage the risk and in some circumstance you will be able to recommend insurance as a risk finance measure but not in all cases!
You will need to put your material risks (less than 15) on the dashboard (only the top risks make it to the dashboard) and you are expected to put all 15 risks on your heat map – which will show the risks with the greatest impact in the top right corner of the heat map. You will need to assess the frequency and severity of all 15 risks and will need to determine the inherent risk grade which will be used in your heat map.
10 – 15 Page report, double spaced, 11 Point Times New Roman, in a word document format. You may embed information in your report (excel spreadsheet, pictures, etc.) but it must be in Word. Make sure you have a cover page and put your name on the report.
Step 3 – Complete self-assessment
Use the rubric below to self-assess your ERM Board Report draft. Revise your work if necessary.
Step 4 – Submit your report
Submit a final copy of your report in word format to your instructor via the Brightspace Assignment Dropbox for feedback and evaluation by the due date. Late submissions will be penalized 10 % for each 24 hour period the assignment is late.

List of risks that may be used for the Board report
1. The University experienced a fire five years ago and the loss was $5,000,000, 25% of the University was out of service for 6 months due to fire, water and smoke damage. Insurance paid for the entire building loss except for the deductible of $100,000. The University had to withdraw University entrance for 2,500 students for two semesters. The University does not purchase business interruption insurance.
2. The University has experienced 3 water losses (frozen pipes) within the last 10 years with each water claim being $500,000.
3. The University was a victim of a cyber Ware ransom attack, last year. The attacker prevented access to all of the University student records unless $500,000 in bitcoins was paid to the attacker within Seven days. The ransom was paid.

4. The university’s 3,000 computers both student and staff are all over five years old and can no longer be upgraded with security patches. The cost to replace all the computers and the software is $3,000,000. The University wants to delay purchases of these computers for two years.

5. The University employs 2000 people and each year 100 people suffer a mild to moderate work injury. On average each of these people will be off work for 10 days.

6. The University has a bar on the premises that is run by the student’s union. The bar is very popular on Thursday nights and there are often severely intoxicated students on campus and oftentimes fights will break out. The student’s union is a separate legal entity, but it does not buy liability insurance.
7. The University has lost power four times in the last 10 years. Each time they lost power to the campus they were out of business for Seven days and classes had to be cancelled. The university’s customer service score went down 20% each time they lost power.

8. The government has reduced the university’s budget ($200mm) by 10% this year ($20mm). The University wants to build student residences to improve their revenue and surplus. The cost of the new residence is 100 million dollars and it will take two years to build. They expect the residences to generate $25,000,000 in rents which would equate to $10,000,000 in surplus (profit)
9. The University is worried about their ability to respond during a time of a pandemic. They do not have the money or resources to develop a business continuity plan.
10. The University teaches all of their classes face to face. The University has 10,000 students and 500 faculty members. All of the University classes are run between the hours of 10 AM and 3:00 PM. The University wants to build a new building to house their classrooms because they are currently at 98% classroom occupancy. They’re planning to build a 100 million dollar Business School within the next two years.
11. The University is worried about their ability to respond to an emergency situation. They do not have the money or resources to develop an emergency response plan.
12. The University is very worried about the safety of its students. It employs 200 security officers to patrol the buildings 24/7. The security budget is $10,000,000.
13. The University is very involved in students going off campus and having experiential learning opportunities. Each year 10 students of the 10,000 experience a mild or moderate injury during an activity or learning off campus. One student each year dies while on an off campus activity. The University does not track, manage or monitor off campus activity because they consider the students adults and do not want to intrude on their learning.
14. The University is considering buying emergency backup generators. Due to budget cuts they want to hold off on buying the generators for two years.
15. The University owns 20 – 15 passenger vans to transport their students to off campus events which includes within the city, within the province and outside of the country. Each year they have at least three traffic accidents with the vans for an average damage of $5000 to the van. Each year at least five students are injured in one of the three traffic accidents. The University allows these students to drive the other students on off campus activities. The majority of the students at the University are under the age of 22.

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Review the risk register video and use it to develop your own risk register. List all the risks that are material to the board, provide a comprehensive description of each risk, and state how it will impact the university. Ensure that you have values (times and dollars) on the x and y axis of your heat map.

Develop a framework for your board report based on the previous assignment. Determine what information should be in the board report and ensure that it is complete, clear, concise, and does not reference other materials that the board has not seen.

Create a risk management report that supports the university’s management. Describe each risk and the category of risk (show at least one strategic, operations, finance, and hazard risk), suggest ways to manage the risk, and determine the inherent risk grade which will be used in your heat map.

Put your material risks (less than 15) on the dashboard, and put all 15 risks on your heat map. Assess the frequency and severity of all 15 risks, and determine the top material risks.

Write the report as if you are writing it for the board of the university. Make assumptions if necessary, but list your assumptions in the board report or in the risk register.

Embed information in your report such as excel spreadsheets, pictures, etc. but ensure that it is in Word. Make sure you have a cover page and put your name on the report.

Use the rubric provided to self-assess your ERM board report draft. Revise your work if necessary.

Submit a final copy of your report in Word format to your instructor via the Brightspace Assignment Dropbox for feedback and evaluation by the due date. Remember that late submissions will be penalized 10% for each 24 hour period the assignment is late.

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