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It was selected following a wide ranging review of ERM systems and will be rolled out in the coming months. The first phase of implementation is due for completion by the end of April. Paul Clift, head of risk management, says: “Active Risk Manager has outstanding capability in terms of flexibility across all areas of the business and risk profiles. By using this powerful system we will see greater efficiency as a result of its ability to collect and consolidate risk information. We also believe that it will enable us to achieve greater consistency of approach and content in our enterprise risk management processes.”
According to Clift, the existing risk management systems based on spreadsheets and other standard office systems were becoming too resource intensive to support. “We intend to use Active Risk Manager to reinforce the principles that already apply within the Partnership - for example, that the responsibility for risk is owned by the management. It will also be a method of providing an appropriate level of governance oversight, an auditable risk environment and most importantly hierarchical reporting to the board. All of this will be made possible in a far more efficient and timely fashion using Active Risk Manager.”
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