Enterprise Risk Management Ontario Group

Level Five Strategic Partners has partnered with PRA Group (specialists in Enterprise Risk Management (ERM) and Internal Audit) to deliver a comprehensive, customized and proven ERM process to the ERM OG.  This process has been mapped to the requirements of DICO to ensure full compliance with the requirements under by-law 5.

The ERM OG Includes:

Bayshore Credit Union, Buduchnist Credit Union, Education Credit Union, Fort Erie Credit Union, Ganaraska Credit Union, Italian Canadian Savings & Credit Union, Lambton Financial Credit Union, Member Savings Credit Union,Mennonite Savings & Credit Union,Motor City Community Credit Union, St. Stanislaus - St. Casimir's Polishes Parishes Credit Union,The Toronto Municipal Employees' Credit Union,Your Credit Union

The deliverables:

• Board risk management policy design and review
• Roles and responsibilities
• Risk Management Oversight Committee and Executive Level Team terms of reference
• Risk Identification, assessment and measurement
• Risk appetite and risk tolerance
• Risk response and action
• Risk trending
• Risk reporting to management and the board
• Key risk indicators and qualitative risk assessments
• The Risk Dashboard and much more

The process will establish a practical, operationally based work plan for implementation of ERM.  In addition a network of ERM specialist is created from all 13 credit unions, Level Five and PRA to assist in the implementation and ongoing development of ERM within the credit union.

The ERM OG will be able to bringing ERM expertise at a fraction of the cost through the sharing of expenses and the building of a network.  The process is delivered in various forms including face to face meetings, webinars and conference calls.   The ERM OG is a way of ensuring that ERM will be implemented correctly and with the right degree of complexity for each of the individual credit unions.