Enterprise risk management for utilities

  • Project
  • ERM
Enterprise risk management for utilities HERO

BBA worked with CEATI on a research, benchmarking and workshop study to identify the leading and best practices for implementing enterprise risk management (ERM) programs in utility environments. The goal was to provide utilities with recommendations to improve the overall maturity of their ERM practices.

  • Region Central Canada
  • Client CEATI

  1. Our experts' solutions 

    The study included surveying and conducting workshops with multiple participants, focusing on the four major phases of ERM implementation: context and objective setting, risk assessment, risk treatment and monitoring, and communication and reporting.

    The project outputs provided recommended best practices for ERM implementation. With the study now complete, BBA provides insights to utilities to successfully integrate corporate risk frameworks into their business operations.

    • A few major findings include

      ±60% of utilities follow the ISO 31000 Risk Management Framework
    • 45% of surveyed utilities assess their corporate risks on a quarterly or more frequent basis
    • 65% of utilities are not currently using key risk indicators (KRIs) to track different risk categories
    • 30% of change management programs alone were considered fully successful implementations
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