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Elk River <br /> Municipal Utilities COMMISSION POLICY <br /> Section: Category: <br /> Governance Delegation to Management Policies <br /> Policy Reference: Policy Title: <br /> G.4m Corporate Risk Management <br /> PURPOSE: <br /> With this policy,the Commission sets forth its expectations for the General Manager <br /> concerning ERMU's corporate risk management. <br /> POLICY: <br /> The General Manager shall not allow ERMU to operate without a corporate risk management <br /> program which both identifies and assesses the risks which ERMU faces, and then prudently <br /> manages and mitigates risks which could negatively affect achievement of the Results Policies. <br /> Consistent with the preceding general statement,the General Manager shall: <br /> 1. Conduct, at least once every five(5) years, a risk identification and assessment that <br /> describes significant risks in terms of the cause or type and estimates ERMU's exposure to <br /> each including the potential range of financial loss (See Protection of Assets Policy). <br /> 2. Maintain, communicate and enforce an active risk management, mitigation and reporting <br /> program, including policies and practices. <br /> 3. Prudently protect ERMU,the Commission, management, and staff from claims of liability. <br /> 4. Protect ERMU against significant risks of loss using prudent levels of insurance coverage <br /> (See Protection of Assets Policy). <br /> 5. Maintain and comply with the Financial Reserve Policy(See Reserve Funds Policy) in <br /> conjunction with the Annual Business Plan. <br /> 6. Maintain an emergency/disaster preparedness and business restoration plan that is <br />� reviewed annually and adjusted as needed to cover changing risks and business <br /> requirements. <br /> Page 1 of 2 <br /> 52 <br />