Winner: Manila Water Company
Manila Water Company Inc operates in a regulated and dynamic business environment where uncertainties, both detrimental and opportune to the company, abound.
Manila Water recognised the need for the active management of risks inherent in its business, involving the entire organisation.
To aid in the quantification of risks and determine risk management plan effectiveness, Manila Water utilises key risk indicators (KRIs) with regular monitoring and reporting to management. The status of the KRIs is discussed at the Risk Management Executive Committee and reported to the Risk Committee. Risk tolerance statements have been established for certain processes.
The ERM maturity rating continues to be part of corporate and group targets. Penalties in the Total Management System (TMS) will be incurred whenever there is a non-compliance to ERM requirements. A minimum ERM maturity rating has also been set for business units across the Manila Water enterprise.
In 2017, the ERM department carried out activities to improve the risk management system of Manila Water:
• An ERM curriculum at Manila Water University, in coordination with the corporate HR group, conducted a series of training sessions. By the end of 2017, the Enterprise Risk and Insurance Management (ERIM) Department had trained more than 1,000 employees.
• Manila Water enhanced its ERM communications program and held its second ERM Week with the theme ‘I am Riskponsible’, increasing awareness on ERM and its significance in the organisation.
• To increase stakeholder engagement, they enhanced the Risk Management Excellence Awards Program, resulting in the highest participation turnout to date.
• The ERIM Department had a breakthrough in Manila Water’s Vietnam affiliates as risk management became part of top management meeting agenda. In addition, risk management exercises were conducted with regular monitoring of risk mitigation strategies.
WHAT THE JUDGES SAID
“… has managed to integrate risk awareness and responsibility into each level of management activities.”
This award was sponsored by Zurich.