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The Enterprise Risk Management Unit (ERMU) at the PMA identifies, assess and evaluates risks across the entity, investigates in the controls exists to mitigate the potential risks, and serve as a centralized coordinating point to facilitate and coordinate enterprise risk management activities across the PMA in order to facilitate the achievement of the strategic objectives through efficient and effective use of resources
Risk management responsibilities should be immersed in every department/office of the PMA as an element of daily operation. Each organizational level at the PMA has certain risk management responsibilities as follows:
- Board of Directors: Provide oversight in relation to risk management
- Governor: Has the ultimate responsibility for risk management
- Function Managers (Process owners) : Manage risks related to their functional areas
- Internal Auditors: E valuating the effectiveness of the risk management function and recommending improvement where needed.
The role of the ERMU is to promote risk education and awareness at the enterprise level, facilitate implementation of the enterprise risk management activities, develop a broad standardized risk management framework across PMA to help departments/offices identify, evaluate and mitigate their risk environment, develop standardized enterprise risk management policy, methodology and implementation tools, perform follow-up to assess that risk custodians ( i.e. process owners) implement agreed risk management actions, validate that the enterprise risk management processes are adequate and effective, and comply with widely accepted risk management frameworks and facilitate standardized and integrated reporting .
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