This provides the helicopter view in terms of where resources, spending and focus is being applied to manage specific risks. Importantly, this provides a level of comfort that we are knowledgeable about our risks and can consider opportunities and areas for innovation for the future. As part of our ERM model, we have given considerable thought to automation and data integration.
This has resulted in an ERM data model that incorporates granular risk profiling that is integrated with internal audit issue log information and the Bank’s incident reporting records. In practice, any incident or audit issue arising is mapped to an enterprise risk, and over time a comprehensive view can be formed on how certain risks are manifesting themselves and being managed.