6.1 STAKEHOLDERS AND THEIR RESPONSIBILITY

• Board of Directors (BOD)

  Provides an oversight role to risk management activities including the periodic review and approval of the ERM Policy, ERM Framework and ERM Process through the BROC.
• Board Risk Oversight Committee (BROC)

  • Assists the Board in fulfilling its responsibility for oversight of the organization’s risk management activities.

  Sets the risk appetite of the organization.
• Chief Executive Officer (CEO)


  The ultimate risk executive and is essentially responsible for ERM priorities, strategies and policies
• Heads of the RMET


  1. Sets the direction

  2. Leads the decision-making

  3. Recognition of risk priorities

  4. Alignment of business objectives and risk strategies, action plans and policies

  5. Settlement of conflicts regarding ERM strategies and action plans
• Risk Management Executive Team (RMET)

  • The ERM think tank;

  Defines risk priorities; and

  Aligns risk policies and strategies with overall company plan.

  They are the primary risk owners.
• Chief Risk Officer (CRO)

  Is the champion of the ERM process in the organization;

  Develops, implements risk management process, tools and methodologies;

  Analyzes, develops and executes policies and report risks;

  Submits risk report to the RMET and BROC; and

  Monitors the implementation of the risk management strategies and action plans.
• Risk Management Unit (RMU)


  Composed of the different Risk Leaders and Risk Owners that support the Risk Management Executive Team (RMET) in the implementation of the ERM process
• Responsibilities of the RMU


  1. Suggest to the RMET the development of additional ERM Policies and other related guidelines

  2. Supervises, supports, and incorporates the ERM processes across the organization in coordination with the RMET, Risk Leaders, and Risk Owners

  3. Gathers and evaluates the risk reports provided by the Risk Leaders and Risk Owners and monitors the status of risk management strategies and action plans

  4. Organizes the sharing of best practices across the organization

  5. Supports the Chief Risk Officer (CRO) in preparing the ERM reports and materials to be presented to the RMET and the Board Risk Oversight Committee (BROC)

  6. Drives the continuous improvement of the organization's current ERM Process
• Risk Leaders

  Leads the Risk Owners under each identified risk in the consistent execution and continuous improvement of the risk mitigation strategies in the ERM processes.

  Constantly reviews and provides updates in the behavior of the critical risk and ensures that emerging risks are identified and included.

  Guides the Risk Owners in making reports to be forwarded to the CRO and RMET.
• Risk Owners

  Has the responsibility for and ownership of the assigned risk and interrelated risks.

  Actively participates in the risk identification process of the organization.

  Performs risk prioritization, analysis, development of strategies and action plans, and coordinates with other Risk Owners

  Assesses and communicates the progress of the risk management strategies and action plans to the Risk Leaders and CRO.
• All Personnel

  Maintains awareness of and the consciousness about ERM, as well as how the identified risks will impact their roles and responsibilities in the organization.

  Embeds risk management as part of their everyday activities.

  Executes the formulated risk management strategies to ensure the achievement of the organization’s objectives and the successful execution of its strategies.

  Communicate to their immediate superiors any risk that they cannot manage.

  Reports emerging risks/opportunities to the Risk Leader in the course of the risk management execution. 
• Internal Audit

  Provides an independent assessment of the effectiveness of the ERM framework, processes, and the strategies formulated to treat the risks identified.

  Gives assurance to the risk management process and assurance that the risks are correctly evaluated.