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<br />______________________________________________________________________________ <br /> <br />Page 1 of 2 <br /> <br /> <br /> <br /> <br />COMMISSION POLICY <br /> <br />Section: Category: <br />Governance Delegation to Management Policies <br />Policy Reference: Policy Title: <br />G.4m Corporate Risk Management <br /> <br />PURPOSE: <br /> <br />With this policy, the Commission sets forth its expectations for the General Manager <br />concerning ERMU’s corporate risk management. <br /> <br />POLICY: <br /> <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 /> <br />Consistent with the preceding general statement, the General Manager shall: <br /> <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 /> <br />2. Maintain, communicate and enforce an active risk management, mitigation and reporting <br />program, including policies and practices. <br /> <br />3. Prudently protect ERMU, the Commission, management, and staff from claims of liability. <br /> <br />4. Protect ERMU against significant risks of loss using prudent levels of insurance coverage <br />(See Protection of Assets Policy). <br /> <br />5. Maintain and comply with the Financial Reserve Policy (See Reserve Funds Policy) in <br />conjunction with the Annual Business Plan. <br /> <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 />187