Applying ERM Principles to Optimize Risk Management & Insurance Strategies for Power Generators
July 13, 2018 | Denver, CO
If you are interested in this course you may also be interested in Fundamentals of Enterprise Risk Management Principles, July 12 in Denver. Attend both courses and save $95 per attendee!
This training program is designed for Risk Managers and others concerned with managing risk and insurance for the power generation industry and will provide an overview of how Enterprise Risk Management (ERM) principles can be applied to optimize risk management and insurance programs for organizations.
Attendees will review and discuss the key risks and controls within power generating operations and learn how to conduct an enterprise risk assessment utilizing a consistent and objective risk assessment approach. Attendees will learn how to develop a risk register and utilize its findings to optimize how capital is deployed to address competing risk priorities across the organization and to optimize corporate insurance programs.
The training will include exercises and case studies to achieve a practical understanding of how ERM can be applied to better align an organization’s risk management strategies with its risk appetite.
Too often organizations develop risk management strategies in silos and have a difficult time prioritizing their efforts in a holistic manner. All organizations have limited capital and many competing risk priorities, this course will provide attendees with a structured approach to optimize its risk management efforts and specifically provide insights as to how an ERM approach can support the design / redesign of an organization’s insurance program strategies.
- Identify key risks and controls within power generation operations
- Conduct an enterprise risk assessment
- Develop a risk register
- Leverage ERM to optimize risk management and insurance program strategies
EUCI has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET). In obtaining this accreditation, EUCI has demonstrated that it complies with the ANSI/IACET Standard which is recognized internationally as a standard of good practice. As a result of their Authorized Provider status, EUCI is authorized to offer IACET CEUs for its programs that qualify under the ANSI/IACET Standard.
EUCI is authorized by IACET to offer 0.7 CEUs for this event.
Requirements for Successful Completion of Program
Participants must sign in/out each day andbe in attendance for the entirety of the course to be eligible for continuing education credit.
Case Studies and power point presentations will be used for the entire course
Thursday, July 13, 2018
8:00 – 8:30 a.m. :: Registration & Continental Breakfast
8:30 – 10:30 a.m. :: Risk Identification Exercises & Risk Assessment Workshop: Converting ERM Principles into Practice for Power Generating Facilities
This interactive session asks attendees to identify enterprise risks and key controls in hydro, thermal, wind, and solar power generating operations. The activities include:
- Brainstorming sessions to identify strategic, operational, financial and compliance risks; key controls; and risk assessment criteria
- Facilitated risk assessment group exercises for each power generating group
9:30 – 10:30 a.m. :: Overview of ERM Framework Components
- Overview of ERM Frameworks / Standards (ISO 31000 & COSO) to develop bespoke approach for power generating facilities
- ERM / Risk governance – Overview of ERM policy & procedures and ERM responsibilities within organizations
- Risk Appetite – How does an organization determine its risk appetite, who sets it and how is it managed?
10:30 – 11:00 a.m. :: Networking Break
11:00 a.m. – 12:00 p.m. :: Risk Identification Exercises & Risk Assessment Workshop Continues
12:00 – 1:00 p.m. :: Group Luncheon
1:00 – 2:30 p.m. :: Development of Key Controls and Risk Treatment Strategies for Top Priority Risks
This session will provide attendees with tools and an overview of processes used to analyze risks; develop key controls and risk treatment strategies; and support monitoring and reporting on risk treatment strategies.
- Key controls and risk treatment strategies will be identified and analyzed using a bow-tie risk analysis tool
- Risk treatment strategies will be developed using a standardized template which will establish the risk governance structure for each strategy and the priority of each strategy
- Development of risk treatment dashboard tool which will enable management to monitor and report on the status of risk treatment strategies
2:30 – 3:00 p.m. :: Afternoon Break
3:00 – 4:00 p.m. :: Overview of Key Insurance Coverages / Policies for Power Generation Operations
This session will review details and important concepts surrounding the different kinds of insurance policies required for power generators.
- Property exposures such as fire, natural hazards, weather, etc.
- Casualty exposures
- Boiler & Machinery
- Workers Compensation
- Directors & Officers
4:00 – 5:00 p.m. :: Leveraging ERM to Optimize Power Generation Insurance Strategies
Many organizations manage their insurance programs in a silo and do not take into consideration the competing risk priorities across an organization. This session will enable participants to leverage a stronger understanding of an organization’s risk profile to optimize its insurance program strategies.
- Analysis will insurance program with enterprise risks
- Evaluating insurance program cost / benefits against competing risk priorities
5:00 p.m. :: Applying ERM Principles to Optimize Risk Management & Insurance Strategies for Power Generators Concludes
Jerry Chien, Eastern Canada Leader Risk Solutions, Aon Risk Solutions
Jerry Chien is an enterprise risk management and insurance professional with 20+ years of broad leadership and consulting experience.
He has successfully implemented enterprise risk management frameworks / programs within two complex fast growing multi-national publicly traded companies from ground zero (D+H – Banking & Technology; and AQN – Power Generation & Utilities). In both roles he presented to the Board on a quarterly basis; chaired executive risk committee meetings; facilitated risk and control assessments/audits across business units; and developed ERM policies, procedures and tools in alignment with best practices and the organization’s risk appetite.
In 2016, AQN’s ERM program was recognized by the Risk and Insurance Management Society (RIMS) for achieving “Advanced Leadership in ERM”.
Prior to his roles with D+H and AQN, he spent 11 years with AON providing ERM and risk management consulting to over 100+ organizations across a wide range of industries including: Banking/Insurance / Energy / I.T. / Food / Pharma / Mining / Forestry / Mfg. / Government / Real Estate / Retail. He was responsible for launching and leading AON’s ERM consulting practice in Canada and was part of AON’s global ERM leadership team.
At D+H and AQN, he effectively restructured and managed the corporate property & casualty insurance portfolios for both of these organizations generating $10+ million in insurance premium savings and recovering $35+ million in insurance claims. At AQN, he developed and launched a captive insurance company with a innovative product line to manage earnings volatility risk due to adverse weather conditions.
During his years with AON Jerry was a licensed commercial insurance broker for 10 years (BC – Level 2 License and ON – RIBO) and helped a wide range of clients build, optimize, and effectively manage their insurance programs.
Hyatt Place Denver Tech Center
8300 E Crescent Parkway
Denver, CO 80111
To reserve your room, please call 1-303-804-0700
Please indicate that you are with the EUCI group to receive the group rate.
The room rate is $159.00 single or double plus applicable taxes.
Room Block Dates:
A room block has been reserved for the nights of July 11 – 12, 2018.
Rate Available Until:
Make your reservations prior to June 13, 2017. There are a limited number of rooms available at the conference rate. Please make your reservations early.