Becky Merritt, Risk Director, joined the CII last year in a new role reporting to Melissa Collett, Professional Standards Director. She is a Chartered Certified Accountant who has extensive risk experience and has predominantly worked in financial services FTSE 100 companies, in hands on risk management roles.
2018 has been a year of implementing and delivering our transformation programme and continuing to deliver benefits and value to our members, learners and other key stakeholders. We have continued to identify, assess, manage and monitor our key risks in this changing landscape and have strengthened our risk governance and risk management framework.
The CII board has overall responsibility for risk, delegating risk management activities to the Audit and Risk Committee and Management. Every CII employee has a responsibility for managing risk within their respective area. In 2017 the duties of the Audit Committee were expanded to incorporate risk.
In 2018, the Audit and Risk Committee, supported by the Risk Director and Business Risk Group, has played a key role in shaping the development of our risk framework. This has been achieved by enhancing the review of the CII top risks, ensuring risk is an integrated part of the business planning process including stress and scenario assessment and introducing an Enterprise Risk Management policy, that includes a risk appetite framework. We also have ensured risk review and oversight of large change projects, enhanced our enterprise wide project office and new product processes and are refreshing our internal policy framework.
The risk management framework will continue to be enhanced in 2019, which will be a year of implementing and embedding risk standards.
This year we have redefined our risk appetite framework, ensuring it is practical, adds value and is incorporated into decision making. The CII board agreed our risk appetite statement, that sets out our general approach to risk, this being:
- The CII will make considered risk-based decisions, to build and grow into new and existing sectors by developing relevant learning, engaged membership and insightful leadership for members and stakeholders. We will do this by living our values of being visionary, open and seeking excellence.
- We will minimise risk by balancing cost and control, in core areas. These being the CII brand, quality of qualifications and services, member proposition and promoting professionalism.
In 2019 this will be supported by measurable risk appetite limits linked to our key risks and strategic measures, that will be reviewed on a monthly basis. This will ensure that where necessary early actions can be identified and taken.
She has three main objectives in the new role:
- Oversight and assurance of the key risks– Firstly, to provide oversight and assurance of the key risks and risk-related issues to the Audit and Risk Committee and then up to the board.
- Decision-making– Secondly, to ensure that risk is incorporated and considered into decision-making, and;
- Internal control and governance – Thirdly, to facilitate the consistent identification, assessment, management, monitoring and reporting of the CII’s key risks and ensuring there is an effective system of internal control and governance.
“This year we have redefined our risk appetite framework, ensuring it is practical, adds value and is incorporated into decision making”